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Model Paper 2 — Business Studies STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceBusiness StudiesModel Paper 24 Marks
Question
What is business ethics? Mention the basic elements of business ethics.
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Answer

Business ethics refers to a set of moral values or standards pr norms that govern the activities of a businessman. Ethics defines what is right and what is wrong.
Elements of business ethics:
i. Identification: It means that businessmen should be competent enough to rank and identify the ethical issues in order of importance.
ii. Evaluation: It means that businessmen must develop the rules and regulations in order to evaluate the ethical issues of the business.
iii. Imagination: A businessman should be imaginative enough that he should think about society before taking any decision about the business. He must be aware of the areas towards which people are sensitive.
iv. Tolerance: Businessmen must have the quality to tolerate ethical disagreement.
v. Obligations: The business decision taking process should be evaluated so that it must fulfill ethical obligations.

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