Meaning of Ethics
The word ethics is derived from the Greek word ‘ethos,’ meaning ideals, norms, morals, or character of an individual or a group of individuals prevailing in a society. Therefore, ethics can be defined as a study of moral behavior and defining what is right and what is wrong in the behavior of an individual by judging them on the basis of the standards of moral conduct, expressed and established by the society in a specific field of activity. Ethics can be seen as moral values attached by society to the actions of human beings, and they can be seen as codes or a system of control as they serve human ends. Usually, ethical standards are enacted in laws; however, ethical behavior is more than that and goes beyond government regulations and laws. It means that an individual or a group of individuals has to adhere to moral principles and behave ethically. Every profession has its own moral behavior or ethics. For example, legal ethics, medical ethics, business ethics, etc. Today we will discuss business ethics.