What are the four fundamental principles of Business Ethics? Highlight benefits of Business Ethics.

Four Fundamental Ethical Principles: The Principle of Respect for autonomy Autonomy is Latin for "self-rule" We have an obligation to respect the autonomy of other persons, which is to respect the decisions made by other people concerning their own lives. This is also called the principle of human dignity. It gives us a negative duty not to interfere with the decisions of competent adults, and a positive duty to empower others for whom we're responsible. Corollary principles: honesty in our dealings with others & obligation to keep promises. The Principle of Beneficence We have an obligation to bring about good in all our actions. Corollary Principle: We must take positive steps to prevent harm. However, adopting this corollary principle frequently places us in direct conflict with respecting the autonomy of other persons. The Principle of non-maleficence (It is not "non-maleficence," which is a technical legal term, & it is not "non-malevolence," which means that one did not intend to harm.) We have an obligation not to harm others: Corollary Principles: Where harm cannot be avoided, we are obligated to minimize the harm we do. Do not increase the risk of harm to others. It is wrong to waste resources that could be used for good. Combining beneficence and non-maleficence: Each action must produce more good than harm. The Principle of justice We have an obligation to provide others with whatever they are owed or deserve. In public life, we have an obligation to treat all people equally, fairly, and impartially. Combining beneficence and justice: We are obligated to work for the benefit of those who are unfairly treated. Importance of Business Ethics Business is existing because of society: Philip Kotler had said "we sell products in the society not in the market" it is the society and the values of the people which creates desire. Business relates to people and ethics are essential to people. Ethical practices would result in social contribution. Business malpractices can adversely affect all stakeholders, apart from Govt., environment etc. Business will have positive effects on customers who will have the trust on the brand, either product or service. There will not be any trust unless the company follows ethical standards. Cultivates strong team work & productivity among employees resulting to enhanced employee growth. Helps to build a strong public image.