Final answer:
Acting ethically in business goes beyond just following the law and involves considering moral values and principles.
Step-by-step explanation:
In order to act ethically in business, it is not only necessary to follow the law but also to go beyond legal requirements. While following the law is important for any business, ethical behavior requires consideration of moral values and principles that may not be explicitly outlined in legislation.
For example, a business may comply with the law by meeting minimum environmental standards, but ethical behavior would involve taking additional steps to reduce their carbon footprint and promote sustainability.
Additionally, following the law does not guarantee ethical behavior in areas where the law may be lacking or inadequate. Ethical decision-making requires evaluating the impact of one's actions on various stakeholders and considering the broader social and moral implications.