Q.3:- What is business ethics? Mention the basic elements of business ethics.
‘Ethics’ is a Greek word meaning character; norms, ideals or morals prevailing in a group or society. Business ethics refers to the relationship between business objectives, practices, techniques and the good of society. It is concerned with the socially determined moral principles which should govern business activities. The basic elements of business ethics are
(i) Top management commitment
(ii) Publication of a ‘Code’
(iii) Establishment of compliance mechanism
(iv) Involving employees at all levels
(v) Measuring results