Final answer:
The 'moral minimum' for ethical business behavior is false; ethical standards often exceed mere legal compliance, encompassing societal values and broader impacts on stakeholders and the environment.
Step-by-step explanation:
The statement that the "moral minimum" for a standard of ethical business behavior is to follow existing state and federal law is false. Ethical standards in business often go beyond legal requirements. While the law provides a baseline for acceptable behavior, ethical business practices involve considering broader impacts on society and the environment, and acting in a manner that promotes trust, fairness, and social responsibility. Following the law is necessary, but it may not always be sufficient to meet ethical standards. For instance, some laws regulate disclosure of information like nutritional facts on products or advertising by lawyers, but ethics in business may dictate even greater transparency and honesty with consumers. Moreover, concepts like the Golden Rule or the ethical teachings found in religious texts further extend the notion of moral behavior beyond legal compliance.
Philosophers and moral thinkers argue that ethical behavior often encompasses principles that reflect societal values, which can include treating others as we would want to be treated, honesty, and promoting the general welfare of the community. Additionally, businesses might choose to adopt ethical guidelines that advance environmental sustainability, social equity, and philanthropic initiatives that are not explicitly mandated by law.