Describe the meaning and elements of business ethics

Business ethics refers to a set of moral values or standards or norms which govern the activities of a businessman. Ethics defines what is right and what is wrong.Elements of business ethics :
Elements of business ethics :

  1. Ethical thinking : The business must develop
    ethical imagination and thinking when it is taking decisions.
  2. Ethical ranking : The business must rank its decisions on the basis of ethics.
  3. Tolerance of ethical disagreement and ambiguity : Whenever a businessman takes ethical decisions, there may be some opposition. The businessman must accept this opposition in a healthy manner.
  4. Ethical management : The businessman must assess ethical competence of managers along with their managerial ability.