Question

Explain about moral and ethical explanation of firm's responsibility.

Answer 1

Moral and ethics are two different terms, morals are the values that are attributed to a system of belief and ethics is how you apply those beliefs.

Moral responsibility of the firm is to define what the business stands for. It accounts for issues like honesty, accountability, transparency, fair and equal treatment no discrimination based on religion, sex, color. These issues should be well defined by the firms.

After defining its moral responsibility, firm shoul undertake actions to make sure that the morals are met. Such actions come under ethical explanation.