Business Studies

________ refers to the code of conduct.


ANSWER

Business ethics


SOLUTION
Business ethics refers to a ‘code of conduct’ which businessmen are expected to follow while dealing
with others. ‘Code of conduct’ is a set of principles and expectations that are considered binding on any
person who is member of a particular group. The alternative names for code of conduct are ‘code of
ethics’ and ‘code of practice’. 
Business ethics comprises of the principles and standards that guide behaviour in the conduct of
business. Businesses must balance their desire to maximize profits against the needs of the
stakeholders. Maintaining this balance often requires tradeoffs. To address these unique aspects of
businesses, articulated as well as implicit rules are developed to guide the businesses to earn profits
without harming individuals or society as a whole. 

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