What is Business Ethics? What are important ethical business principles?

Business Ethics is the system of moral principles and rules of conduct applied to business. The business should be conducted according to certain self recognised moral standards. Shall not conduct itself in a way detrimental to the interests of the society and the business sector itself. 

Important Ethical Principles

• Do not deceive or cheat customers by selling substandard or defective products.
• Do not destroy or distort competition
• Do not resort to black marketing or unfair profits. 
• Ensure sincerity in advertising, labelling and packaging. 
• Do not tarnish the image of competitors by unfair practices. 
• Make accurate business records available to all authorized persons. 
• Pay taxes and discharge other obligations properly.
• Do not farm cartel agreements
• Ensure payment of fair wages to employees. 
• Ensure fair treatment to employees. 

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