Market System and Ethics

421 Words2 Pages
Ethics part 2 Market system and ethics Market system involves a systematic process that enables the players in the market to bid and make inquiries on their problems. From a public policy point of view, ethical consideration in a market deals with competition nature. There should be legislation on false advertising, competition practices that are unfair such as fixed pricing or monopoly creation. Ethical behavior is very important for business operations as they shield the customers from unfair practices .Ethical behavior in business keeps the business running efficiently. For healthy business operations there should be trust when it comes to their reliability and fairness. Virtues, morals, laws and ethics Virtues, morals, laws and ethics are all terms of good or bad deeds of an individual and their behavior or attitude towards what is wrong and what is right .Ethical practices in business are distinct from laws, virtues and morals .laws are set rules and regulations which govern business operations. Any business operates under laws set by a government. Virtues are positive attitude or god deeds that become part of their habit in life. Morals are the right deeds and concepts of an individual. Ethics on the other hand is a branch of philosophy that studies the behavior of humans. Ethics in different context Relativism Ethical relativism refers to the viewing of particular form of behavior as wrong in specific cultures that prohibit it whereas the same behavior is
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