To understand business ethics, you must first recognize that most people do not have a specific definition they use to define ethics or to solve ethics related issues. The terms morals, principles, values, and ethics are often used interchangeably. Business ethics comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from legal systems that primarily guide individual and group behavior in business.
To help you classify the difference, use the attached “Ethical Theories Comparison Table” to outline and distinguish between the different categories. On the attached document “Ethical Philosophies – Knowing the Difference”, please include a summarized definition and state the benefits/shortcomings of each philosophy.