The Business Law Ethics

The Role of Ethics and Law in Business Decision-Making

The video gives viewers a glimpse into how ethics and the law play a role in business decision-making. When making any business decision, it is important to balance legal requirements with ethical standards. The video clearly defines morality and ethics and highlights their differences. In actuality, morality serves as a yardstick for what is good or wrong, whereas ethics is thought of as the socially built rule of conduct. Further examination of the film reveals that laws are only sets of regulations that direct people’s behavior. While the law can impose punishment through a formalized legal system, ethics is primarily concerned with making moral decisions and behaving in the best interests of others (Halbert & Ingulli, 2014). Daily decisions in business management present a dilemma when it comes to reconciling ethics and legal requirements. The video portrays conflicting aspects of law that need creative and critical thinking from the manager. In essence, the video provides a clear picture of the relationship between law and ethics in the context of managerial decision making.

Similarities to Chapter 3: Ethics in Decision Making

The video exhibits significant similarity to chapter 3 in terms of its analysis of ethics in decision making. While laws are in place to guide business practices, ethics take center stage in making desirable and sustainable decisions at the management level. Objective decision-making processes, for example, constitute participation (Halbert & Ingulli, 2014). As such, the policy recommendations that are arrived at as a manager must consider the interest of the society. The video, therefore, shares in the ideas of chapter 3 that ethics provides a base for sustainable business practices and a positive image. In a managerial position, ethics help in upholding integrity, honesty, and justice when executing personal duties. Besides, ethical decision-making promotes accountability. The video reinforces chapter 3 in promoting ethics as a key concept in business decision-making.

Reference

Halbert, T., & Ingulli, E. (2014). Law and ethics in the business environment.

https://www.youtube.com/watch?v=4Vg4dr-laXw&feature=youtu.be