Final answer:
The statement that ethics involves a set of principles that guide decision making based on what is considered 'right' and 'wrong' is true. Ethics includes the study of metaethics, normative ethics, and applied ethics.
Step-by-step explanation:
The statement that ethics is a set of principles that guide our decision making based on personal values of what is "right" and "wrong" is true.
Ethics, as a branch of philosophy, is concerned with the systematic analysis of moral values and principles that govern the actions and decisions of individuals and groups. It encompasses various subfields such as metaethics, which explores foundational questions of morality; normative ethics, which seeks to establish the standards for what is morally right; and applied ethics, which deals with the practical application of ethical principles to specific moral issues.
Principles in ethics can lead to different moral rules because they are based on differing moral theories like consequentialism, which assesses the moral rightness of an action by its outcomes, and deontology, which focuses on duty and adherence to moral laws.
Virtue ethics, on the other hand, centers around the development of character traits that constitute a good life. All these contribute to the complexity of ethical decision-making. In essence, ethics is more than just morality; it includes the deliberation and reasoning behind moral judgements and behaviors.