Business Studies

Which of the following are sources of ethics?
(i) Religion
(ii) Legal system
(iii) Economic system
(iv) Culture
(v) Family system
Select the correct answer from the codes given below.


ANSWER

$$(i), (ii), (iv), (v)$$


SOLUTION

Ethics in general refer to a system of good and bad, moral and immoral, fair and unfair. It is a collection of codes of conduct that are supposed to align behaviors within an organization and the social framework.
Religion
It is one of the oldest foundations of ethical standards. Religion wields varying influences across various sects of people. Ethics draw a line between the good and the bad in the society.
Legal System
The legal system of any country acts as a guiding source for the human behavior in the society. It is expected that the rules laid down by these Laws are followed strictly.
Culture
Culture is a pattern of those behaviors and values that are considered as ideal or within the acceptable limits which are transferred from one generation to another. It is the culture that defines certain behavior as acceptable and others as unacceptable.
Family system
Family system or values, are traditional or cultural values that pertain to the family's structure, function, roles, beliefs, attitudes, and ideals. Hence family system becomes a source of ethics.
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