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2. What Are “Ethics”? • . moral principles that derive from beliefs about
right and wrong used to judge concrete actions . . . • Ethics is the moral
values and behavioral standards business and people draw on as they
make decisions and solve problems. • “The owner’s value system is
critical to the ethical considerations that surround a business decision”
(Hornsby et al., 1994: 14)
5. Legal vs. Ethical • The law provides boundaries for defining what
activities are illegal • The law, however, does not necessarily outline
what is “ethical.”