New Definitions

MORALITY

Morality is seen as the standards that an individual or a group has about what is right and wrong, or good and evil.

Moral Standards
The norms about the kind of actions believed to be morally right or wrong as well as values placed on the kinds of objects believed to be morally good or bad.

Non Moral Standards- The standards by which we judge what is good or bad and right or wrong in a non-moral way.

The Five Characteristics

Five characteristics of non-moral standards are : 1. Involved with serious injuries or benefits; 2. Not established by law or legislature; 3. Should be preferred to other values including selfinterest; 4. Based on impartial considerations; 5. Associated with special emotions and vocabulary.

Ethical Relativism
A theory that there are no ethical standards that are absolutely true and that apply to the companies and people of all societies. Moral Reasoning: Refers to the reasoning process by which human behaviors , institutions, or policies are judged to be in accordance with or in violation of moral standards. Moral reasoning always involves two essential components: 1-understanding of what moral standards require, prohibit, value, or condemn;2-Evidence or information that shows that a particular person, policy , institution , or behaviour has the kind of features that moral standards require, prohibit, value or condemn.

Ethics
Ethics is the discipline that examines ones moral standards or the moral standards of a society. It asks how these standards apply to our lives and whether these standards are reasonable or unreasonable that is, whether they are supported by good reasons or poor ones. Business Ethics is a specialised study of moral right and wrong. It concentrates on moral standards as they apply to business institutions , organizations and behaviour.

Ethical Issues
Systematic- social systems or institutions within which businesses operate; Corporate- an individual co. taken as a whole;
Individual- a particular individual or individuals within a co. and their behaviors and decisions.