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Ethical Philosophies: Knowing the Difference

To understand business ethics, you must first recognize that most people do not have a specific definition they use to define ethics or to solve ethics related issues. The terms morals, principles, values, and ethics are often used interchangeably. Business ethics comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from legal systems that primarily guide individual and group behavior in business. To help you personally classify the difference and select on a philosophy that you will favor most, use the “Ethical Theories Comparison Table” to outline and distinguish between the different categories. Please include a summarized definition and state the benefits/shortcomings of each philosophy.