“Business Ethics Ethical Decision Making and Cases”

By Ferrell and Fraedrich

Chapters 1, 2 and 3

Chapter 1

This chapter provides information about business ethics that businesses can apply and help them improve their perspective. Many businesses fail in the business world because of the unethical activity they do which also affects their decision making. Business ethics is a set of moral principles and standards that guide behavior in the world of business. Studying business ethics is important because it helps the business to be guided in making decisions.

Chapter 2

This Chapter discuss about ethical issue in understanding business ethics. It also provides information about accepting the ethical issues in business. Ethical issue is a dilemma, condition, or prospect requiring an individual or organization to choose among several actions that must be evaluated as right or wrong, ethical or unethical. These kinds of issues usually arise because of conflict between individuals’ philosophies and values, and the values and attitudes of the organization.

Ethical issues are best explored in terms of major participants and functions of business. Example when an employee asked to carry out assignments, they consider it unethical and later on became an ethical issue.Ethical issues can be classified into four categories: issues of conflict of interest, issues of fairness and honesty, issues of communications, and issues of organizational relationships.

Chapter 3

This Chapter discuss about moral philosophies in rule and principles of business ethics. Moral philosophy refers to the set of principles or rules that people use to decide what is right or wrong. Moral philosophy provides guiding principle for resolving conflicts of people living in groups.

This book also provides information on how to apply moral philosophy to business ethics. Business people are guided by moral philosophies when they put together business strategies and when they resolve a specific ethical issue.