The Market System and Need For Ethics In Business

Need For Ethics In Business

Discuss the market system and the need for ethics in business and distinguish it from the law and concepts of virtue and morality.

A market system can be defined as a network that involves the buyers, the sellers and other stakeholders who confine together to carry out trade on a particular product. The market system has its participants who are classified as direct market players, suppliers of supporting goods and services and the entities who are influential in the business arena. Direct market players in this case include buyers, consumers, and the producers who are the main architects in the market. The suppliers of the supporting documents are the vendors offering financial services, business consultancy and equipment while the entities influencing business environment are infrastructure providers, the regulatory agencies and the business association (Ferrell,2011)/

Ethics in business is very important in that, it portrays a positive image of the business to the outside world. It also helps in improving the confidence and the loyalty of the customers in a business. Survival of a business to some extent depends on the ethics depicted. Consequently, it facilitates the smooth operations as well as developing a good relationship between the organization and the customers.

Virtue ethics on the other hand concerns the principal of pursuing a morally exclusive excellence in an organization. It is more focused about agent’s character and motivation as opposed to material goals of the agent. Reputation is the asset of an organization and that, it will be difficult to regain after it is damaged. Thus, virtue ethics concerns the reasons for one to act as opposed to the actions performed by a person.

Morals on the other hand refer to whether something is good or bad. However, in some quarters they amount to the same thing.

Discuss ethics in the context of relativism, psychological egoism, utilitarianism, deontology, and virtue ethics

Ethics in the context of ethical relativism implies the theory where it points out that, morality according to an individual’s culture s relative. This means that, in case an action is right or is otherwise wrong, it depends on the norms of that society. Such actions include polygamy, homicide and racism. In the context of psychological egoism, ethics implies that, humans are more motivated by self interests even if the interests are castigated by altruism. The voluntary action of an individual is moved by the welfare of the individual.

Utilitarianism theory explores ethics in a normative perspective where ethics is a course of action that which maximizes utility while deontology defines ethics as the normative ethical move of which judges morality on the basis of action and the adherence to the rules. This theory emphasizes the duty to rules. Finally virtue ethics defines ethics as the role of one’s character which embodies an ethical behavior (Ferrell,2011

Discuss the ideas of character ethic, female ethic, human rights, and ethical action.

Character ethic being a moral in your character which refers to the moral and characteristics in you, it simply emphasizes on the principles of effective in the sense of integrity, courage humility patience et al.

Feministic ethic emphasizes the ideas of gender equality and dignity which should be accorded to women. This is in the field of politics, education and economy of the society

Human rights emphasize on the moral principles which relate to certain standards that a human behavior should uphold and it protects it in the form of legal rights.

Ethical action emphasizes on the initiatives that expresses our belief, the potential of other human beings in the society in regards to our commitment to a build a better world to both ourselves and the generations to come (Ferrell,2011).

Discuss the factors influencing employee issues including the right to work, employment at will, due process and employee participation, health and safety standards, family responsibilities, the right to privacy, and substance abuse testing.

Right to work is an employee issue covered in the fair work system which covers the safety and good working conditions to an employee in the national working standards. Employment at will is the right of an employee to accept or decline the work offered. Another employee issue is the due process and the employee participation. This is an issue related to disciplining the employees where procedures should be followed. The employee is at liberty to participate in all activities pertaining its employment terms within their jurisdiction.

The safety and health and health of an employee at a workplace should be guaranteed by the employer. Safe and health working environment should be provided by the employer. Employees should be insured as well as given medical allowances for them and their families.

All employees have families and they are tasked with responsibilities of taking care of them. The employees should schedule their work terms such that, employees have sufficient time to look after their families.

All employees should be guaranteed their right to privacy. This is in the form of exclusive family relations, wealth, and change rooms. Finally, substance abuse testing has been a controversial right in work places. The employer should seek permission to carryout out drug testing of its employees without harassing them. The process should be voluntary and the results kept secret to the employee disposal alone (Ferrell, 2011).

Discuss the professional ethics and responsibilities of intermediaries, managerial responsibility and loyalty, and employee responsibilities to the community

Professional ethics pertains adherence to the professional codes of work environment without favors or prejudice. One should administer his/her responsibilities diligently without intimidation to the fairness of all. Intermediaries are there to provide advice and support to all without making any favors or intimidation. Mangers should adjudge their responsibilities for the common good of the organization while remaining committed to all operations and activities of the organization. Employees should exercise diligent service delivery to the community while exercising ethics which concern respect for all to enhance customer satisfaction.

Discuss how the traits of ethical leaders and the influence of the group affect moral responsibility. Provide an example in your writing.

Ethical leaders and influence group affect moral responsibilities in that, some elements of wisdom are at times abandoned in order to exercise certain responsibilities. For example, having a qualified brother or cousin whose qualifications exceed a said post in an organization. It looks like an element of nepotism but the guy qualified for it.

Discuss how this class has changed your behavior as it relates to ethical business decisions.

This class has taught me that, decisions based on business should be guided by ethics and morals. The success of the business will be determined by the customer satisfaction. Thus, employees in a business organization should exercise good customer-employee relations and good morals that will depict the image of the organization on the outside spectrum.


Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business ethics: Ethical decision making and cases. Cengage Learning.



Posted on: October 14, 2018, by :

Leave a Reply

Your email address will not be published. Required fields are marked *