Final answer:
The statement that business ethics are the ethical principles used in making business decisions is true. Business ethics guide corporate responsibility, relationships with stakeholders, and conduct in the face of emerging technologies. It involves the application of ethical frameworks like pluralism, realism, and utilitarianism.
Step-by-step explanation:
Business ethics are indeed the set of ethical principles that are used in making business decisions. This statement is true. The discipline of ethics is concerned with establishing what is good and what constitutes right behavior. In the business context, these principles form a framework that helps guide decision-making processes and the conduct of business activities.
Business ethics cover a range of issues including corporate responsibility, the relationship between firms and stakeholders like employees and shareholders, and also touch upon the ethical challenges posed by emerging technologies such as artificial intelligence. Ethical pluralism, realism, and utilitarianism are among the different theories that inform these principles.
When ethical principles are applied to specific situations in the business environment, we are engaging in applied ethics. The aim is to ensure actions are consistent with ethical norms and standards, thus being morally right. In a broader context, metaethics discusses the foundations of ethical theories and language, distinguishing ethics from morality.