QUESTION 1 : ~What Is The Definition Of “Business Ethic” And Why Business Ethics Is Considered “OXYMORON”~

QUESTION 1 :

~What Is The Definition Of “Business Ethic” 

And
Why Business Ethics Is Considered “OXYMORON”~

When a company's ethics will determine its reputation. Good business ethics are essential for the long-term success of an organization. implementing an ethical program will foster a successful company culture and increase profitability. Developing a business ethics program takes time and effort,but doing so will do more than improve business, it will change lives.

"ethics" can be defined as the critical, structured examination of how we should behave,in particular, how we should constrain train the pursuit of self interest when our actions effect others.Business ethic is the study of proper business policies, business situation ,activities and decisions where issue of right and wrong are addressed.

When business people speak about “business ethics” they usually mean about things :-

(1) avoid breaking the criminal law in one’s work-related activity
(2) avoid action that may result in civil law suits against the company
(3) avoid actions that are bad for the company image.

Business ethic can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. in particular, it involves examining appropriate constrains on the pursuit of self-interest, or profits, when the actions of individuals or firm affects other

Business ethic is not law. it is ethic in the business life "structured examination of how people and institutions should behave in the world of commerce" but business ethics are often guided by law, while other times provide a basic framework that business may choose to follow in order to gain.

By oxymoron, that mean the bringing together of two apparently contradictory concepts like cheerful pessimist of deafening silence.

The main purpose of a business activity is to maximize profit. Many cases have been recorded till date on how ethics cannot be applied in business. Some of the famous cases on wrong conduct of business are the cases of Franklin Jurado guilty to money laundering and the cases of bribery in Malaysia.

In 1996, Franklin Jurado pleaded guilty to laundering $36 million on behalf of Colombian drug lord Jose Santacruz Londono. Using his economic smarts, Jurado moved the cocaine profits far and wide in an effort to make them seem like legitimate earnings.After being funneled through various European banks and companies, the funds would eventually make their way back to Santacruz Londono's businesses in Colombia. He was sentenced to seven-and-a-half years in jail.