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Understanding the Legal and Ethical Environment of Business

This week introduces you to different theories of ethical thought and five theories of social responsibility. Define the concept of ethics and discuss how the ethical conduct of employees affects the productivity and profitability of an organization. We are going to look at ethics and how it relates to today's business leaders and employees and consequently to its impact on productivity and and profitability. Here is a summary of an article that explains the difference between ethical and legal issues.

Summary:

1. Ethics are rules of conduct. Laws are rules developed by governments in order to provide balance in society and protection to its citizens.

2. Ethics come from people’s awareness of what is right and wrong. Laws are enforced by governments on its people.

3. Ethics are moral codes which every person should conform to. Laws are codifications of ethics meant to regulate society.

4. Ethics do not carry any punishment to anyone who violates it. The law will punish anyone who happens to violate it.

5. Ethics come from within a person’s moral values. Laws are made with ethics as a guiding principle.

Difference Between Law and Ethics | Difference Between | Law vs Ethics http://www.differencebetween.net/miscellaneous/politics/difference-between-law-and-ethics/#ixzz2nfBazTnH 

Required

Chapters 2, 3 & 7 in The Legal Environment of Business: A Critical Thinking Approach

Andre, C., & Velasquez, M. (1988). Thinking ethically. Retrieved from http://www.scu.edu/ethics/publications/iie/v1n2/thinking.html

Fuller, L. L. (1949). The case of the speluncean explorers. Retrieved from 

http://www.nullapoena.de/stud/explorers.html

Vohra, N., & Sheel, R. (2012). Corporate social responsibility: Practice, theory, and challenges. Vikalpa, 37(2), 73-76.