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Ethics in Business Negotiation

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Compare ethics versus prudence. Compare practicality versus legality. Is it ever legal to lie?

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Solution Summary

Honesty and uprightness during bargaining is explained in a structured manner in this response. The answer includes references used.

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Prudence refers to caution with regards to practical matters and the use of discretion. Prudence also means having regard to one's own interest. From another perspective it also means being careful in the management of resources.
Ethics however refers to a system of morality. This system impacts the manner in which people make decision. In contrast with prudence which is related to individual interest, ethics relates to what is good for ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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