Personal Vision of Ethical Business Behavior

 

Through this two-part project you will develop your personal ethical vision statement. Over the course of several units, you will construct your ethical vision statement to assist you in future and present encounters you are faced with in both your personal and professional life.

Part 2. Discovering Your Beliefs and Practices and Clarifying Why

Identify your beliefs and how these beliefs impact your ethical behavior.
Identify what the most important five beliefs you have are.
Clarify your belief and practices in terms of acting ethically.
Present an argument why you chose these ethical principles.
What makes these important to you and in your future business dealings.
Identify what your core values are that guide the way you work and make decisions.
What challenges you face or anticipate facing in living these beliefs.
The statement should articulate what you strive to be as a business professional, including:

What influences your actions and interactions with others and your organization;
Demonstrate how you would put these guiding ideals into practice; and
How this statement will serve as a guidepost for decision making

Sample Solution

It is significant for businesses to conduct themselves professionally to best serve their customers and employees. Operating by a list of ethical standards helps businesses navigate challenges, provide exceptional service and retain quality employees. In this article, we explain what business ethics are with examples of common professional codes of conduct. Ethics is having a sense of what’s right and wrong, evaluating situations, and making smart decisions based upon your personal and/or professional values. The same set of ethics can be applied to both personal and professional situations and environments, but do not need to be. You can, for example,

anise money, industry or trade activities in a society. Economics deals with the production, distribution as well as consumption of wealth with the problems related to labour, and finance of the country.

Section 1.2: Scarcity and choice:

Scarcity and choice are considered as two major problems in economics. Scarcity refers to the term in, which there is a shortage of the supply of good and materials for the people, whereas choice refers to the term in, which the people produce goods and services in order to fulfil the basic needs of the consumers (Gillespie, 2011). The requirements of the people are not unlimited, but the resources that are available to fulfil the requirements of the people are limited. Furthermore, the factors, which are used for producing the goods and products are labour, capital, and equipment. These factors are directly dependent on the available resources, which are limited to utilise (Baumol and Blinder, 2015).

Section 1.3: The price mechanism:

The price mechanism is the system in, which the demand and supply forces of the consumers determine the costs of the goods and products that are produced. The price mechanism has its impact on both the buyers as well as the sellers in the market due to, which the decisions related to the economy are taken by considering price mechanism. Moreover, the price mechanism system would also be beneficial in explaining the ways in, which the free market economy distributes the resources as well as helps in analysing the prices of the products and services developed in the industry (Meade, 2013).

Section 2: Pure Market Economy

Section 2.1 Introduction:

Hummel and Stringham (2010) argued that the pure market economy has been determined as an economic system which depends heavily on markets for assigning resources as well as for addressing all queries regarding their allocation. In the pure market economy, the markets are used by buyers as well as the sellers in order to sell or exchange the products and services. In these types of economies, the potential markets are utilised by sellers as well as buyers for willingly exchanging services, goods as well as resources (Hummel and Stringham, 2010).

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