Why should an individual study ethics?

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1. Why should an individual study ethics?

In relation to BUSINESS, without ethics in some form, many, if not most, business deals fall apart. That is why it is important for an individual to study ethics, when going into business. At the personal level, it teaches a person how to act in a way that is defined as ethical e.g., honesty, trustworthiness, transparency, goodwill, etc. and also teaches the individual how to use ethical principles, often in a code of ethics that most businesses and professions have, intended to be employed by employees to make all business decisions, and especially when there is an ethical dilemma where there doesn't appear to be a clear cut answer. Some codes also have an ethical inquiry to follow in a step-by-step format to evaluate the alternative actions that exist as well as the consequences of alternative for every stakeholders involved to come up with the best solutions based on this ethical evaluation using the ethical principles that apply to the situation. Therefore, it is the School of Business' task is to prepare students for the business world, so the study of ethic is imperative. In fact, the focus on study and importance of ethics in businesses has risen with the scandals of unethical behavior by such businesses as Enron, Worldcom and many others. Or as Hausman and McPherson (1993, p.673) argues: "the morality of economic agents influences their behavior and hence influences economic outcomes.......Without honesty, trust, and goodwill, economic life would grind to a halt" (as ...