Although the length of this class is normal than average,and the teaching is online,but I
feel I learned just as much, if not more. Business ethics is a very essential subject in my
opinion. Although, not all of us will be managers, workers within a company should have
some degree of education on such topics. Some of the situations considered in this class
were difficult to decipher if they were wrong or right. However, now I feel that a fuller
understanding has been accomplished. This class has taught me many concepts,
terminology, and real-life information as well, in this short essay I aim to showcase all that
I have learned.
Ethics is very germin (important)to every individuals and to the society at large. When we
talk about ethics it means what govern a person behaviour or a principle that tell an
individual what is right and what is wrong.
The subject of business ethics is the application of ethical principles to the field of
economic activity. Central values are humanity, solidarity and responsibility. The
justification of ethical standards derives from the consequences of economic action on
other people and the environment. Standards for this are social justice and sustainability.
It is not the task of business ethics to work out instructions. Rather, its function is to guide
current debates through reflection, methodologies and critical analysis.
From what I have learned in chapter 1, an individual’s moral judgments concern both the
right and wrong perspectives. Ethics helps us differentiate what is right from what is
wrong. And in my personal life, I might not give much thought to the importance of ethics
exactly. But I just try to do what’s right. But just like making those moral judgment calls
can have a major impact on my life, they can affect a business’s success in big ways. For
example, my business can offer great service or innovation products, but with
questionable ethics, it might not even matter. Good business ethics are important to
business for several reasons. And what I have understood from my homework on Eli
Lilly’s company I understand that creating a drug that can help peoples is the best thing
but what I’ve noticed that testing it on the homeless peoples was unacceptable morally
and ethically. Why I see it immorally because they were offering compensation to people
that are desperate for the bare necessities of life, in exchange for being “lab rats” these
people display unethical behavior and they were not thinking of the consequences. This
is the reason healthy people are not desperate for food, because they have all the basic
amenities and will not put their bodies down for testing. So this kind of behavior is
unethical because they risking a life of one human to save another, so Eli Lilly’s company
should’ve chosen another method of testing those drugs.
Business Ethics improves my business reputations, business ethics help make sure an
excellent reputation for a company. Not only does it feel good to be part of a company
with a great reputation, but it’s great for business. If I have a reputation for being ethical
in how I source and build products and treat employees, customers, and the community,
more people will want to do business with me. I even believe social media ethics is
important for reputation. Business ethics helps to keep top talent, limit risk with good
business ethics, and so on.
From week 2 lesson what I have learned on Accounting in business is that as a business
student I have a plan on starting my own small business as a start for the future so
accounting is important whether for small or big business owners as it helps owners,
managers, investors and other stakeholders in the business test the financial
performance of the business. Accounting provides vital information on cost and earnings,
profit and loss, liabilities, and assets for decision making, planning, and controlling
processes within a business. And as the purpose of accounting is often referred to as
“language of business”. Since it means of communicating financial information to different
users for decision making.
The primary objectives of accounting are:
RECORDING TRANSACTIONS
The primary role of accounting is to maintain a systematic, accurate, and complete record
of all financial transactions of a business. These records are the backbone of the
