Ethics has to means One's moral values, the moral beliefs one holds and lives by. The study of moral values, the study of right and wrong, good and bad, rules and virtues; the deliberate process of thinking through one's moral values, defending them, and revising them. The study of ethics provides people with a better understanding of ethics and helps them develop the vocabulary with which to discuss and explain themselves and their actions. This is especially helpful for situations where what is ethically defensible is not already obvious to us. Ethics is very important when it comes to business. Business ethics are implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses. The three levels of business ethics are the following: At the highest (macro) level, we ask the fundamental question of the role of business in society and what governance model works best to deliver the most benefits in a moral and responsible way. The role of business in the national and international organization of society. At the corporate level, the interpretation of those rules and standards is often what defines business ethics, affected by the specific circumstances and socio-cultural context in which the business or public sector organization is operating. Corporate social responsibility ethical issues facing individual corporate entities (private and public sector) when formulating and implementing strategies. At the individual level, this separation creates a distinct ethical model - business ethics - which, depending on factors like personality, peer pressure and the socio-political environment, can be closer or further away from the individuals own moral/ethical code of conduct. The behavior and actions of individuals within organizations.
References:
Business Ethics (Stanford