Final answer:
Business ethics is the application of moral and ethical principles in business contexts, involving the creation of codes of ethics and addressing issues like product safety and privacy.
Step-by-step explanation:
The application of moral and ethical principles to the marketplace and workplace is known as business ethics. This field involves systematizing, defending, and recommending concepts of right and wrong behavior within the business context. It attempts to establish moral principles that may guide behaviors and decisions in businesses and corporations. Business ethics is integral to applied ethics, focusing on normative ethical theories and how they apply to business practices. It includes the creation of codes of ethics, like those issued by professional organizations for nurses and teachers or the Software Engineering Code of Ethics and Professional Practice by the IEEE-CS. These ethical codes address issues such as product safety, privacy, environmental impact, and quality of life, reflecting broader moral theories and political debates.