Ethics in general is an individual’s moral choice between “right and wrong”.
Business ethics or corporate ethics, as it is called sometimes, is a combination of various moral principles that show the way a business behaves. Just like ethics for individuals, business ethics involves choice between “right and wrong”. It can be explained as the study of ethical dilemmas concerning production, distribution, sale, advertisement marketing of the company, etc.
In order to manage ethics in the workplace, a company can establish ethics management program. Generally ethics programs include corporative values in ethical dilemmas. It concerns modern standards and sets of values that govern an individual’s actions and behaviour in the business environment.
Interest in business ethics rose in the end of the 20th century. The term was first used in the USA in the 1970s.
Nowadays most major corporates promote their commitment to non-economic values. Business ethics is a part of philosophy of economics that deals with philosophical, political and ethical issues in business and economics.