Assignment 1..

What is business..? 

---> Business is an organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Business can be privately owned, not for profit or state owned.

and what is the ethics..? 

---> The word ethics refer to set or system of moral ideals. Ethics is the basic concept and fundamental principles of right human conduct. Ethics is concerned with distinguishing between good and bad in the world, between right and wrong human actions, and between virtuous and non virtuous characteristics of people, and ethics is beyond law.

Business ethics is the examination of the variety of problem that can arise from the business environment, and how employees, management, and the corporation can deal with them ethically. Problems such as fiduciary responsibility, corporate social responsibility, corporate governance, shareholder relations, insider trading, bribery and discrimination are examined in business ethics. Other than that, business ethics is the study of business situation activities and decision where issues or right and wrong are addressed.

Why business ethics is considered “ oxymoron “ ?

Oxymoron is the phrase "the same difference." This phrase qualifies as an oxymoron because the words "same" and "difference" have completely opposite meanings.

Businesses can and do act ethically. And they do so because good, ethical behavior is the best long-term strategy for a company. That’s not to say that ethical behavior always pays off financially or that unethical behavior is always punished. Actually, doing the right thing can sometimes is quite costly for a business, and doing something unethical may pay off, at least in the short term. What we mean by "the best long-term strategy" is that for the most part and over the long run, acting ethically can give a company a significant competitive advantage over companies that do not act ethically.

What is the Corporate Governance..?

Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is all about balancing individual and societal goals, as well as, economic and social goals. Other than that, corporate governance is the process and structure to build up an element of trust and confidence, and to enhance corporate performance and accountability.It ensures organization in managed in a manner that fits the best interests of all.

REFERENCE FROM http://www.businessdictionary.com/definition/business.html AND NOTE BUSINESS ETHICS CHAPTER 1.