For a Firm to Become a Highly Ethical Organization,it Must

question 100

Essay

For a firm to become a highly ethical organization,it must have several key elements: role models; corporate credos and codes of conduct; reward and evaluation systems; and policies and procedures.Explain briefly each of these elements.

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Definitions:

Rival

In economic terms, a good or service that cannot be enjoyed or consumed by more than one person at the same time.

Artificially Scarce Good

A product or service whose supply is deliberately limited, often to maintain high prices or for other non-market reasons.

Excludable

Excludable describes a good or service that one can prevent others from using unless they pay for it, characterized by the ability to exclude non-payers.

Nonrival

A characteristic of a good whereby one person's consumption does not reduce availability to others, often associated with public goods.