what do you mean by the principles derived from social values which guide and govern the conduct of businessmen?Explain the factors governing these principles and values

Dear student,

Business Ethics refers to a code of conduct that a business must follow and is desirable from the viewpoint of overall social welfare. 

The factors governing these principles and values are:

1) Personal code of ethics: A person's own code of conduct is foremost responsible for influencing his behaviour.

2) Government rules and regulations: Government's enacted laws and rules and regulations provide guidelines to business managers that what is acceptable standards and practices.

3) Ethical code of company: When a company grows in size, its ethical conduct tends to rise. Any unethical behaviour on company's side shall endanger its goodwill.

4) Social pressure: Social forces has considerable influence on business ethics, if a company gets involved in unethical practices, the society may turn against it.


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