Ethics Reflection Paper Term Example | Topics and Well Written Essays - 500 words

Ethics Reflection - Term Paper Example This situation does create the impressions that businesses do not really have a set of ethical principles to follow as it conducts it operations and that these do not feel any responsibility toward society. Such notions may be the result of certain corporations that are indeed callously advancing activities that negatively affect people while reaping great profits at the same time. One proof is the prevalent concept that, â€Å"from an economic point of view, one can only afford to be ethical as long as one remains competitive† (Duska 2007, p.62). In order to reduce the intensity of the conflict between business and other sectors of society, as well between it and the employees, there is a need to focus on the education and reeducation of the management and the owners on business ethics and social responsibility. Ferrell, Fraedrich, and Ferrell explain that â€Å"business ethics comprises the principles and standards that guide behavior in the world of business† (2010, p. 6). This definition emphasizes the need for companies to refer always to such moral precepts and standards as they embark on activities related to their respective businesses.