What do you mean by business ethics?

The term 'ethics' has been derived from the Greek word 'ethos' which means character. Ethics may be defined as the science of morality. It is concerned with the study of what is right conduct or behaviour in a society.

Business ethics means a set of moral standards which businessmen are supposed to follow in their business activities. It involves principles like honesty, fairness, transparency, accountability, and respect for stakeholders. Business ethics requires that management speak truthfully, act fairly, and deal honourably with the public.