ABSTRACT
Business ethics is the study of morally right or wrong decisions in a managerial context. Business ethics supports a concise reflection of what the business is doing, what it should or should not do, and, therefore, builds the foundation for any subsequent business activity, from mainstream management to the implementation of responsible business policies. Ethics is based on often philosophical decision-making schemes, while morality is the application of these schemes to concrete situations. The terms “ethics” and “morality” are often used interchangeably, which, from a conceptual perspective, is wrong. Ethics and morality are two mutually affecting components of the same reasoning and decision-making process. The philosophical foundation of ethics provides the tools for determining right from wrong in an ethical dilemma. Morality without ethics is a static product of rules, which may become out of date. The main streams of ethical reasoning can be divided into consequentialist and non-consequentialist ethics.
