QUARTER 3- WEEK 2- LESSON 2

I. TOPIC

CONTINUATION OF LESSON1- BUSINESS ETHICS

II. INTRODUCTION

Business ethics ensure that a certain basic level of trust exists between
consumers and various forms of market participants with businesses. For
example, a portfolio manager must give the same consideration to the
portfolios of family members and small individual investors. These kinds of
practices ensure the public receives fair treatment.

The concept of business ethics began in the 1960s as corporations became

more aware of a rising consumer-based society that showed concerns
regarding the environment, social causes, and corporate responsibility. The
increased focus on so-called social issues was a hallmark of the decade.

Since that time period, the concept of business ethics has evolved. Business
ethics goes beyond just a moral code of right and wrong; it attempts to
reconcile what companies must do legally versus maintaining a competitive
advantage over other businesses. Firms display business ethics in several ways.

https://www.investopedia.com/terms/b/business-ethics.asp

III. LESSON PROPER

What is Business Ethics?

 “ In its simplest form, business ethics can be defined as a systematic study

of ethics as applied to the issues arising in business” ( McDonald 2007 )

 “ Business ethics is the study of good and evil, right and wrong, and just
and unjust actions in business” ( Steiner and Steiner 2003 )

 “Business ethics involves the application of standards of moral behavior to

business situations “ ( Ghillyer 2012 )
  “ Business ethics is concerned with good and bad or right or wrong
behavior and practices that take place within a business context.
Concepts of right and wrong are increasingly being interpreted today to
include the more difficult and subtle questions of fairness, justice, and
equity. “ ( Carroll & Buchholtz 2009 )

 Business ethics is a study of moral standards and how these apply to the
social systems and organizations through which modern societies produce
and distribute goods and services and to the behaviors of the people who
work within the organizations. It is a form of applied ethics. It not only
includes the analysis of moral norms and moral values but also attempts to
apply the conclusions of this analysis to that assortment of institution,
organizations, activities, and pursuits that we call business” ( Velasquez
2006 )

Three ( 3 ) Subfields of Ethics

1. Metaethics focuses mainly on the investigation of the sources of our ethical

principles.

2. Normative Ethics attempts to come up with those ethical principles that we

can use to judge whether our actions are right or wrong.

3. Applied ethics investigates morally debatable issues such as death penalty,

the use of artificial contraceptives, euthanasia, and others.

 Business ethics is an applied ethics because it generally talks about the

morally debatable issues in the field of business and commerce.

 Other applied ethics include

 Journalism ethics
 Ethics in finance
 Bioethics
 Legal ethics
 Advertising ethics
 Ethics of health care
  Accounting ethics

Importance of Studying Business Ethics

“ Values are caught and not taught”

According to Marlene Caroselli ( 2003 ) “ To be sure, no course, no book, no

training activity can convert an unethical person into an ethical one. You
cannot teach ethics “

According to Thomas Donaldson (1994) “ Ethics may not be teachable in the

same way as astronomy or psychology, but it can be taught. Part of teaching
strategy involves drawing lessons from the humanities, which resuscitate habits
of the mind and of the heart, both too often suffocated by mere technical
training.”

 To provide a venue and avenue for learners to intelligently discuss various

principles and theories.
 To have an accurate and clear understanding of the ethical theories
 To correctly apply the said theories in concrete ethical situations in the
business world.
 It would be dangerous for your business to rely on intuition and plain
honesty.
 To debate, deliberate, and clarify the common notion that business and
ethics are concepts that are oxymoronic or contradictory.
 This would give us the opportunity to analyze and understand a kind of
religious and moral “ schizophrenia” that Gaudium et Spes has rightly
called one of the more critical errors of out times- “ the split between the
faith which may profess and their daily lives “
 To appreciate the unique status of the business institution in influencing
and transforming the many structures of our society.

Considerations in Ethical Decision-Making ( Nash, Wallace, and Peckel )

1. Know all the facts and circumstances

2. Identify the other needed information and find ways to attain them.
3. Identify the ethical problems and issues involved.

4. Identify those who will be affected by any decision that you will make. Picture
the possible reactions, feelings and insights of those who will be affected.

5. Consult the various ethical principles that you studied in your Ethics subject.
But remember that these ethical theories are not the end-all and be-all of
correct ethical reasoning.

6. Consult people especially those whom you trust much and those who believe
to embody firm values and moral principles.

7. Think of your family and whether that will agree and support you on your
decision.

8. Think of your personal relationship with your God and how this will factor in
your decision.

9. Ask yourself whether your decision contributes to your overall idea of a

meaningful life, a worthwhile living, and a virtuous person.

10. Make a decision and own it.

11. Always remember that your final decision may be revised in the vent that
new circumstances or insights enter the picture. This means that when it comes
to resolving an ethical dilemma, a final decision will never remain final after all.

Resources

1. Business Ethics and Social Responsibility ( Franz Giuseppe F. Cortez , Vibal )

2. https://www.investopedia.com/terms/b/business-ethics.asp

3. Business Ethics

https://www.youtube.com/watch?v=PTp08MeQCoU

4. Business ethical Dilemmas and stakeholders

https://www.youtube.com/watch?v=ahH_P_5yVSo
5. Top Ethical Companies

https://www.youtube.com/watch?v=VDpDPZnpAQo

6. "It's not worth it" - Micro Film Series on Business Ethics

. https://www.youtube.com/watch?v=qlo1WyvCjQo