A market system is the interaction of the seller and buyer for trading a product

Question

A market system is the interaction of the seller and buyer for trading a product or service. The players in the market system are buyer, seller, producer and the consumer. It is pertinent that all the players in the market system make ethical decisions. Ethics is judging what is good or wrong. It is the sole responsibility of all the individuals involved in the market system to have business ethics so that they make fair decisions. Morality is the application of the ethical decisions in the business. Virtue is the moral behavior that guides other individuals to also behave morally. Organizations have values, mission and code of conduct. The individuals applying these values in their day-to-day activities are morality. Being virtuous is having a moral behavior which makes other employees follow in the same direction. For example, a manager is virtuous in his role and inspires others to be virtuous for the fair functioning of the business environment.

Explanation / Answer

Question Completion Status: Moving to another question will save this response. Question 1 of 7 Question 1 12.5 points Save Answer Discuss the market system and the need for ethics in business and distinguish it from the law and concepts of virtue and morality 3(12pt) M Arial Path: Words:0

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