Final answer:
The question pertains to the field of business ethics, a branch of applied ethics focused on right and wrong in professional settings. It involves the ethical cycle of identifying, analyzing, and resolving ethical issues within business practices in accordance with normative ethics and professional codes of conduct.
Step-by-step explanation:
The ethical cycle mentioned in the book Absolute Essentials of Business Ethics correlates to the discipline of business ethics, which is a subset of applied ethics. Applied ethics is concerned with the practical application of ethical principles to real-world situations, particularly in professional settings. In business ethics, professionals engage in a process of moral inquiry, where they assess moral dilemmas related to business practices and apply ethical principles to come up with morally acceptable actions.
Within this ethical cycle, components such as moral problem statement, problem analysis, options for actions, and ethical judgment are crucial steps for identifying, analyzing, and resolving ethical issues. This process is grounded in the broader field of normative ethics, which examines moral standards that regulate right and wrong conduct. Through dialectical inquiries and reflection, professionals ensure that their decisions are consistent with ethical norms and contribute positively to society and their professional community.
The process of moral inquiry in business ethics often involves examining and adhering to codes of ethics provided by professional organizations, which outline obligations and expected standards of conduct. These codes not only offer guidance but also stimulate reflection on larger moral questions that tie into normative theories and current political debates. Issues such as the environmental impact of business operations, fair treatment within the workplace, and corporate responsibility are central to the practice of business ethics.