NATURE OF ETHICS

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 Nature of Ethics refers to the normative standards of behavior pertaining to the ideal code of conduct of human beings. This is substantially different from that of our feeling. Ethical choices get affected significantly by our feelings. Highly developed habits of some people make them feel guilty after doing something wrong while others might seem unperturbed by any form of wrongdoing. Ethicists have identified the following nature of ethics:

(a) Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of society.

(b) Business ethics is based on moral and social values. It contains moral and social principles (rules) for doing business.

(c) Ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc.

(d) It provides a basic framework for doing business. It gives the social cultural, economic, legal, and other limits of business.

(e) Businessmen must be given proper education and guidance before introducing business ethics.

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