Lecture 1 Ethics: Study of rules of right & wrong Study of obligations to others → concerned with what obligations you have to those beyond yourself and how those obligations arise. Why study ethics Not every decision you will face has an obvious solution. Even when people agree on the facts, they won’t always agree on what to do in many situations. Study it to broaden your understanding of ethics. Common ethical rule you’re allowed to do whatever you can getaway with not a valid rule Golden rule do unto others Business the exchange of goods/services between parties, where each party is seeking to improve their welfare. Business firm a group of people working together to provide goods/services to people or firms. Market a forum designed to facilitate the exchange of goods and services between parties. Individual, firms & markets are subject to business ethics inquiries.