What Are Business Ethics?

Introduction

First of all...what are business ethics? Business Ethics are the standards for what is morally right and wrong in business. Business Ethics are essential to the business world and also a good tool to help you for your DECA competitions. You may have came across questions related to business ethics. Either way, it’s really important and beneficial to know what exactly business ethics is and how it would be essential to the world.

What are the types of business ethics?

The Types of Business Ethics are:

• Personal Responsibility: Basically means being responsible for your work and completing your work when your manager asks you to.

• Corporate Responsibility: Responsibilities that businesses have to their employees. This could mean commitment to conduct business fairly and to treat people with respect.

• Loyalty: Basically where employees are loyal to their customers. This could mean to speak positively about the company.

• Respect: Employees and businesses should treat people the way you want to be treated. Which means treating them with dignity and respect.

There are many more, however these are some of the most common and most important.

Applying it to the real world

Business Ethics enhance laws by outlining what is acceptable behavior what is not. Businesses establish these ethics to promote integrity and respect. Without the use of business ethics, a business wouldn’t get a positive reputation on their customers and employees. This would result in the business sales to go down leading to bankruptcy. A business with no ethics can also lead to many legal issues. It may cause their business to be shut down or even sued for thousands or even millions of dollars.

How is it useful for DECA competitions?

As mentioned in the introduction, you may see questions in your role-play exam that are related to business ethics. It’s important you have a basic understanding of business ethics so that you can make ethical decisions in the real world and also do good on your DECA competitions. Business ethics can be used as a tool to help you with your role-play presentations as you could make ethical decisions that can benefit the business in your role-play scenario.