Define ethics and its types in business organization?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

B Com Exam > B Com Questions > Define ethics and its types in business organ...

Join the Discussion on the App

Define ethics and its types in business organization?

Join for Free

Join for Free

Verified Answer

Define ethics and its types in business organization?

TYPES OF BUSINESS ETHICS

1. Personal Responsibilities: This refers to the personal beliefs of an individual. Every individual has certain firm beliefs on certain matters’ such as honesty, avoiding criminal acts, obedience to elders, willing to perform accepted duties, promptly settling the dues etc.

2. Official Responsibilities: Only persons or human beings occupy positions. A person who-is occupying a certain position should strictly follow certain norms and other standards set for that official capacity.

3. Personal Loyalties: These include loyalties of a subordinate to his superior. So long as the superior is just and honest, the subordinates shall not face any problem.

4. Corporate Responsibilities: Corporations, as separate legal entities, have certain moral responsibilities. The responsibilities may not be identical with the personal moral codes of the managers who run the company. These responsibilities may be internal or external.

5. Organizational Loyalties: Many people develop a deep sense of loyalty towards the organization as an entity that goes beyond their personal interest. This loyalty has arisen out of love and affection. This factor can be stimulated effectively. If so, the employees will work hard and help the enterprise in achieving its objectives.

6. Economic Responsibilities: This type of morality guides the individual actions of an economic nature. For instance, some businessmen think it immoral to borrow. However, this type of people is very rare to see.

7. Technical Morality: Professional people should adhere to certain ethical standards established by competent bodies or persons or by customs. The Code of Conduct set for them by the concerned institutions governing the profession binds lawyers, chartered accountants, doctors etc.

8. Legal Responsibility: It refers to the responsibility imposed by law. What are all illegal are supposed to be unethical also. Everyone should be a law-abiding citizen.

This question is part of UPSC exam. View all B Com courses

View all answers Start learning for free

Explore Courses for B Com exam

Similar B Com Doubts

Business risk is the possibility of occurrence of losses or insufficient profits because of various unexpected events which cannot be controlled by business . explain its types and causes?

View answer

Needed a Document for types of strategic aalternative in business organization? Related: Business Environment - Notes & Videos?

View answer

Define ethics and its types in business organization?

Share with a Friend

Answer this doubt

Question Description
Define ethics and its types in business organization? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Define ethics and its types in business organization? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define ethics and its types in business organization?.

Solutions for Define ethics and its types in business organization? in English & in Hindi are available as part of our courses for B Com. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.

Here you can find the meaning of Define ethics and its types in business organization? defined & explained in the simplest way possible. Besides giving the explanation of Define ethics and its types in business organization?, a detailed solution for Define ethics and its types in business organization? has been provided alongside types of Define ethics and its types in business organization? theory, EduRev gives you an ample number of questions to practice Define ethics and its types in business organization? tests, examples and also practice B Com tests.

Explore Courses for B Com exam