With the lengthy and detailed extensive business textbook, it's often difficult to pinpoint and study what's important and of actual relevance, there notes have been made summarising everything that is important in the business chapter, and will assist you to achieve a distinction.
Chapter 6: Ethics, Professionalism and Social Responsibility Professional Codes
Aims to regulate behaviour of people practicing a particular profession
A job requiring specialised tertiary education qualifying someone to be a professional in a
particular field
[when registered with a professional body, the person must abide by organisation’s professional code,
failure to do so will = fined/suspended/expelled. These includes Law, Education, Charted Accounting, etc]
Good business practice
Definition: Standard of professionalism, accountability, ethics and effective business practice that
should be conducted
BASICALLY= unethical actions are not illegal (selling low quality goods at a high price) but illegal acts
are unethical
Principle- based theory Consequence-based theory
Person’s principles, values, The outcome (consequence) of
morals or ingrained set of rules the action will determine if
about what’s right/ wrong’ll the action is ethical or not.
determine if the person sees Example: “it’s okay to lie to
action as ethical or not. my boss if I know the truth
Example: “life I have a deadline, will upset her”
I can’t fake being sick to avoid
it”
Utilitarian theory
The decision of ethical vs unethical
action is based on what’s best for the
greater number of people
Example: “it helps 9/10 people get
negativity affects 1/10, we’ll go
forward with it”
Ethical behaviour in practice
When a person chooses personal gain over their duties to employer,
Conflict of interest= exploiting their position. Example: if someone is part of recruitment
and selection panel and don’t disclose applicant is a friend
Bribe: when someone is offered a reward to give a third party an unfair
Bribes and corruption= advantage which the business/individual is not entitled to (form of money,
gift, offer of employment, promotion
Corruption: when someone in a position of power abuses power for personal gain (includes consciously
accepting bribe, indirect bribe to supplier, abusing an official position for personal gain)
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