Ethics refers to the principles of and standard of moral behaviour that are accepted by society as right versus wrong. To make the right choice, or at least the best choice from among competing alternatives, individuals must think through the consequences of their actions. Ethics can be defined as a set of principles of right conduct.it can also be defined as a theory or a system of moral values.Business ethics is the the application of moral standards to business situations.
Many firms have a set of policies on business conduct and legal compliance.The policies embrace ethics, internal controls,conflict of interest and a host of other areas , all of which are designed to promote good and ethical business practice.Employees are aquainted with these policies and are made to sign
Undertakings to them maintain. As a matter of policy, the company is ready to concede business opportunity in favour of its code of ethics
Business ethics has been a growth area in the business world in recent times. Before the advent of business ethics, business transactions have largely been conducted on the principle of caveat emptor, meaning buyer beware.Much has changed in recent times. The law is the most important source of ensuring that consumers receive a fair deal from retailers and manufacturers. Some of these laws in Nigeria include the PRICE CONTROL Act of 1970 as amended by the price control Act 1977; Nigeria Standard Organisation of Nigeria ACT OF 1971; National Agency for Food and Drugs Adminstration and control Act of 1974; Weight and measures ACT OF 1974 ETC. These and other laws are essentially an imposition of moral consideration on Business,to ETHICS THEORY.