Final answer:
Ethics in business refers to the moral principles and values that guide behavior and decision-making in organizations.
Step-by-step explanation:
Ethics in business refers to the moral principles and values that guide the behavior and decision-making of individuals and organizations within the business context. It involves determining what is right and wrong, and acting in accordance with ethical standards.
For example, ethical business behavior may include being honest and transparent with customers, treating employees fairly, respecting the environment, and avoiding actions that could harm stakeholders. Codes of ethics are often established by businesses to provide guidelines for acceptable behavior and to ensure ethical conduct.
These codes address specific issues such as bribery, discrimination, and environmental responsibility. They help businesses maintain trust, establish a positive reputation, and minimize legal and reputational risks.