Pamela Joyce B. Locsin                                                                              January 22, 2008

ITETHIC OOA/ 10561285/ BS-IM                                                               Mr. Paul Pajo

BUSINESS ETHICS

FERRELL & FRAEDRICH

Chapter 1: AN OVERVIEW OF BUSINESS ETHICS

            Ethics has been defined as “inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards and rules of conduct.” (Page 5)

            Business ethics compromises moral principles and standards that guide behavior in the world of business. (Page 6)

            An ethics is a behavior that is right or wrong. It is very important to know more about Business Ethics because many people believe that if an organization hires good people with strong ethical values, then it will be a good citizen organization.

Chapter 2: ETHICAL ISSUES IN BUSINESS

            Ethical Issues is a problem, situation, or opportunity requiring an individual or organization to choose among several actions that must be evaluated as right or wrong, ethical or unethical. (Page 26)

            Ethical issues arise because of conflicts among individual’s moral philosophies and values, the values and attitudes of the organizations in which they work, and those of the society in which they live.

            Conflict of interest exists when an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group. (Page 29)

            Employees must be able to separate their private interests form their work. There should also be Honesty and Fairness, Communication, Organizational Relationships among co-workers.

Chapter 3: APPLYING MORAL PHILOSOPHIES TO BUSINESS ETHICS

            Moral Philosophy refers in the particular to the principles or rules that people use to decide what is right or wrong. (Page 50)

            Teleology in which an act is considered morally right or acceptable if it produces some desired result. One example of this is Egoism that defines right or acceptable behavior in terms of the consequences for the individual another one is Utilitarianism is concerned with consequences but this seeks the greatest good for the greatest number of people.