Final answer:
A 'code of ethics' represents the professional standards or codes of conduct that individuals in a specific occupation are expected to follow. This ensures professional integrity and is often tied to larger moral and political issues.
Step-by-step explanation:
The term that describes the standards or codes of conduct formally adopted by a group of people sharing the same occupation is known as a code of ethics or professional ethics. These are sets of guidelines that govern the behavior of professionals in various fields and are essential for ensuring that their actions meet the expected standards of conduct within their profession. For instance, the IEEE Computer Society has a Software Engineering Code of Ethics which software engineers are expected to follow, ensuring that their work does not diminish quality of life, impinge on privacy, or harm the environment. Codes such as these tie in with larger moral questions and political debates regarding what constitutes ethical behavior in society.