Business ethics Essay Example | Topics and Well Written Essays - 2000 words - 4

Business ethics - Essay Example The latter was a conspiracy to fix price but against which Virgin Atlantic blew an early whistle to stop prematurely. As one will notice, airline industry is full of stiff competition that takes all forms of unethical practices despite heavy fines that perpetrators are usually aware of (Fisman et al., 2005, p. 56). Ethical theories have majorly made general observations that the foundation of ethics is motivate by human desire to do good. It is a desire to good in the sense that the wish and the necessary action to accompany the wish are not usually mutually inclusive. Ethics therefore comes out as a concern on the way in which people apply moral principles to life. In other words, ethics is concerned with what s just, fair or acceptable by applying the fundamental that guide societal values. Business ethics is therefore guidelines that come out of concerns on how best a firm should relate with the society in a manner likely to promote the principles of justice and responsibility. Justice and responsibility come in the sense that business as a legal entity in its name or in the shareholders name, has a duty to make sure that its pursuit for profits is not motivated greed (Bob, 2006, p. 23). Business ethics therefore act to ensure that elements in business external environment are used in a manner likely to sustain their continued existence without any harm. Such a duty involves having to care for the environment and the community in which the business interacts with in the course of its daily activities. One should also note that business ethics also guide how a business firm will operate internally. In short, ethics in business is about applying all the values, principles, and regulations with the aim of being responsible to the welfare of the public (Hsieh, 2009, p.259). Business ethics is important majorly because it offers guidelines on how best