Review of CHAPTER 2

2. Business Ethics and Social Responsibility

Business ETHICS are the standards of conduct and moral values involving right and wrong actions in the workplace. Businesss that set high ethical standards avoid public image problems, costly lawsuits, customer mistrust, and other expensive problems. They can also offer CODE OF ETHICS and guidlines for (ex. executives and employees. SOCIAL RESPONSIBILITY is a management philosophy that highlights the social and economic effects of business decisions and actions. Social responsible firms give back to their communities, customers, and employees.