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Question

Which of the following is feature of business ethics ?
(1) Business ethics has a universal application.
(2) It is a relative norm. It differs from business to business.
(3) Business ethics is based on well accepted moral and social values.
Selectthecorrectanswerfromtheoptionsgivenbelowβˆ’

A
(1)
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B
(2)
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C
(3)
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D
All of the above.
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Solution

The correct option is C All of the above.
Ethical principles are universal in nature. They prescribe obligations and virtues for everybody in a society. They are important not only in business and politics but in every human endeavour.
Ethics relates to the formalised principles derived from social values. It deals with the moral choices that we make in the course of performing our duties with regard to the other members of society. Hence, it is relevant in the context of a society only.
Ethics refers to well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues. Thus, ethics relates to the standards of conduct and moral judgements that differentiate right from wrong. Ethics is not a natural science but a creation of the human mind. For this reason, it is not absolute and is open to the influence of time, place and situation.

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