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BBA 1st Year Business Ethics Very Short Question Answer

Ans. (a) Religion: One of the oldest sources of ethical inspiration is religion. Despite doctrinal differences among a number of religions, the major religions speak on the belief that ethics is an expression of divine will that reveals the nature of right and wrong in business and other areas of life.

(b) Cultural Experiences : Culture, refers to a set of values, rules and standards transmitted among generations and acted upon to produce behaviours that fall within acceptable limits. These rules and standards always play an important role in determining value, because individuals anchor the conduct in the culture of the group.

(c) Legal System: Laws are rules of conduct, approved by legislatures that guide human behaviour in society. They codify ethical expectations and keep changing as new evils emerge. But laws cover the ethical expectations of society. Law is reactive. New statutes and enforcement always lag behind the opportunity for corporate expediency.

Q.6. Define capitalism.

Ans. Capitalism is an economic and social system in which the means of production (also known as capital) are privately controlled; labour, goods and capital are traded in a market, profits are distributed to owners or invested in technologies and industries and wages are paid to labour. However, since prior economic systems have featured all these elements to some degree, capitalism might differentiate itself by the pervasiveness of labour wages in the interdependent social class context of non-labour income derived from property not intended for the owner’s (employer’s) active personal use.

Q.7. Write a short note on the features of business ethics.

Or Write a short brief on the nature of business ethics.

Ans. The main characteristic features of business ethics are as follows:

(a) Ethics is important in all types of businesses : large or small, manufacturing or service.

(b) Business ethics is above law. It requires behaviour which is socially desirable even if not legally binding.

(c) Ethics is a dynamic term and may change over time.

Q.8. Explain the concept of business ethics.

Ans. Following conceptual points are included in business ethics:

(a) Obligation: Obligations can come into being in various ways. They may be incurred, as when a person causes another fellow some harm, thus incurring the obligation to repair the harm done. This may be assumed as when someone promises or undertakes to do something or that may be imposed on others as when someone does with authority to do so; orders someone under his authority to do something within the scope of his authority.

(b) Autonomy-Dependence-Paternalism : Autonomy is either a psychological condition, reached by all normal adults, of being able to make rational decisions about what to do or a right to make and act on such decisions. Dependence is the opposite of autonomy.

(c) Freedom : It is a certain sort of ideal condition on state of affairs, considered by some to be so central to human lives that they are willing to fight in its defence or promotion.

{d) Self-respect and Dignity: Self-respect is normally respect for oneself as a person. A person has respect or is shown respect when his or her interests are taken into account and when his or her rights are honoured.

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