Ethics (also moral philosophy) is the branch of philosophy that involves systematizing, defending, and

recommending concepts of right and wrong conduct.[1] The term ethics derives from the Ancient
Greek word ethikos, which is derived from the word ethos (habit, custom). The branch of
philosophy axiology comprises the sub-branches of Ethics and aesthetics, each concerned with concepts
of value.[2]
As a branch of philosophy, ethics investigates the questions What is the best way for people to live? and
Whatactions are right or wrong in particular circumstances? In practice, ethics seeks to resolve
questions of human morality, by defining concepts such as good and evil, right
and wrong, virtue and vice, justice and crime. As a field of intellectual enquiry, moral philosophy also is
related to the fields of moral psychology, descriptive ethics, and value theory.
The three major areas of study within ethics are:[1]
1. Meta-ethics, concerning the theoretical meaning and reference of moral propositions, and how
their truth values(if any) can be determined
2. Normative ethics, concerning the practical means of determining a moral course of action
3. Applied ethics, concerning what a person is obligated to do in a specific situation or a particular
domain of action[1]

Ethical Standards
Principles that when followed, promote values such as trust, good behavior, fairness, and/or
kindness.
There is not one consistent set of standards that all companies follow, but each company
has the right to develop the standards that are meaningful for their organization. Ethical
standards are not always easily enforceable, as they are frequently vaguely defined and
somewhat open to interpretation ("Men and women should be treated equally, " or "Treat
the customer with respect and kindness."). Others can be more specific, such as "Do
not share the customer's private information with anyone outside of the company."

Good ethics make good business sense. Your company stands to profit from a reputation for acting with
honesty and integrity.

Having a code of ethics helps your company define and maintain standards of acceptable behavior. A
good ethical framework can help guide your company through times of increased stress, such as rapid
growth or organizational change, and decreases your firms susceptibility to misconduct. Ensuring ethical
practices in the workplace, such as with personnel policies, can stave off expensive litigation or fines in
the future. Last but not least, it can translate to great PR for your business.
What makes for good business ethics? A few examples:

Treat your employees well. Pay fair wages, and keep your promises. Act quickly to put an end
to any kind of harassment, and show the same high level of respect for all your employees. Payof: Low
turnover, high employee motivation and productivity. Commitment to growing your company.
Be honest in all business dealings. Pay suppliers the amount agreed upon, and on time. Be
fair with customers, not over-charging and not inflating the quality or potential of your products or
services. Payof: A sterling reputation that will help sustain your company even when times are tough.
Be socially responsible. Dont pollute the environment; recycle when possible. Heed protests
of company policy or actions. Give back to the community through charity fund-raising or other worthy
causes.Payof: Goodwill that enhances your reputation as a positive force in the community.
Back up your products and services. Provide what you promise on your service contracts
and in your advertising. Example: A Canadian roofing company wont accept payment on roof
replacement or repair until after a rainfall proves the roof doesnt leak. Payof: Repeat business as
customers learn they can trust you not to cheat them and these people tell their friends.
Here are two proven ways to ensure that ethical conduct holds sway at your company:

1.

Adopt a code of ethics. This is a formal statement that sets standards of behavior for everyone
in the company. Your code can range widely, from confidentiality (keeping trade secrets) to dealing with
sexual harassment. Specify any penalties for violations. If the company goals in your long-range plan are
respected and referred to frequently, add following the ethics code to them.
2.
Do a quick "ethics check" when necessary. If youre not sure whether a decision or action
would be ethical, ask yourself:

Is it legal? Would I be violating federal, state or municipal law?

Is it in accordance with company policy?

Is it fair? Would anyone lose out?

Would I be proud of my action? How would I feel if my family and friends read about
it on the front page of the newspaper?

How would our customers react? Would they be more inclined to trust us, or feel
cheated or betrayed?

The role of business in an open market economy system is to create wealth for shareholders, employees,
customers and society at large. No other human activity matches private enterprise in its ability to marshal
people, capital and innovation under controlled risk-taking, in order to create meaningful jobs and produce
goods and services profitably profit being essential to long-term business survival and job creation.