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Question:

Elaborate on the concept and elements of business ethics.

Answer:

Business ethics refers to the application of moral principles in business operations to ensure that organizations act in a fair, honest, and transparent manner. Key elements of business ethics include integrity, which emphasizes truthfulness and fairness in dealings, and accountability, where businesses take responsibility for their actions and outcomes. Transparency ensures that organizations provide clear and accurate information to stakeholders. Fairness involves equitable treatment of employees, customers, and partners. Respect for laws ensures compliance with regulatory norms, while corporate social responsibility reflects a commitment to community welfare. Together, these elements create a framework for ethical conduct in the business world, fostering trust and credibility.


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  • Answered by Ekta Mehta
  • 4 months ago

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