An ethics is a set of moral canons that are based on well-established moral standards and tell people

what they should do, usually about rights, obligations, benefits to society, justice, or unique
qualities. On the other hand, ethical theories are attempts to clearly articulate our ethical obligations
and requirements. In an effort to figure out what people ought to do in light of the circumstance and
moral dilemma, various theories are tested. The question of whether ethics is a science or an art
arises. According to the author Scott B. Rae, ethics is both an art and a science.

When a person is making a decision, different ethical theories offer a unique perspective for ethical
analysis. Deontology, utilitarianism, rights, virtue, morality, justice, and care are major ethical
theories.

Principles and values that guide business behavior and decision-making are known as business
ethics. It is a moral code that should be followed by businesses in order to keep the environment
healthy and successful. Respect for people, the environment, and society are at the heart of business
ethics. In all interactions, honesty, integrity, and accountability are emphasized by business ethics
principles. This means taking into account how decisions and actions affect stakeholders, clients,
suppliers, workers, rivals, the environment, and the community.

Business ethics are, in some ways, governed and mandated by law. The Sarbanes-Oxley Act of 2002,
for instance, was enacted to prevent accounting fraud and enhance corporate governance.
Corporate behavior is also governed by other laws, like environmental regulations and labor
standards. But business ethics go beyond what the law requires. By establishing ethical codes and
guidelines, many businesses go above and beyond the law. Several different theories are used in the
practice of business ethics. For instance, a company may choose not to engage in legal but unethical
activities like deceptive advertising and marketing, discrimination, or environmental destruction.
Utilitarianism, rights theory, and justice theory are three business ethics theories that are frequently
utilized. The ethical conduct of business is addressed in a different way by each of these theories,
each of which has its philosophical foundation in a different place. When it comes to addressing
specific ethical issues, organizations sometimes employ multiple theories.

The theory of utilitarianism is based on examining the effects and outcomes of specific decisions.
Immanuel Kant, one of its early proponents, is referred to as "Kantianism" on occasion. According to
this theory, the best decision is one that brings the most pleasure or benefit to the most people. The
goal of business ethics, according to utilitarianism, is to develop a system of rules, regulations, and
practices that will provide the greatest overall utility or benefit to all stakeholders.

A company's implementation of a health and safety policy for the workplace is an illustration of
utilitarianism in business. This plan will reduce the likelihood of workplace injuries for employees if
implemented correctly. By keeping people safe and shielding the business from liability, this plan
maximizes overall utility. This theory can be applied to a variety of ethical dilemmas, including
marketing practices and product safety.

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