Business Studies

Which of the following is a feature of business ethics?
(1) Business ethics has a universal application.
(2) It is a relative norm. It differs from business to business
(3) Business ethics is based on well accepted moral and social values.
Select the correct answer from the options given below-


ANSWER

All the above


SOLUTION
Ethical principles are universal in nature. They prescribe obligations and virtues for everybody in a society. They are important not only in business and politics but in every human endeavor.
There exist no sharp boundaries between ethical and non-ethical. Therefore, people often face ethical dilemmas wherein a clear cut choice becomes very difficult. 
Ethics relates to the formalized principles derived from social values. It deals with the moral choices that we make in the course of performing our duties with regard to the other members of society. Hence, it is relevant in the context of a society only.
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