Which of the following best describes the distinction between ethics and business ethics?

• A. There is no difference; ethics and business ethics are interchangeable terms.
• B. Ethics is only concerned with legal compliance, whereas business ethics focuses on personal values.
• C. Ethics refers to general moral principles that guide behavior, while business ethics applies these principles specifically to business situations and decisions.
• D. Ethics is a subset of business ethics that deals only with financial reporting.

Answer: (C)

Verified step by step guidance

1. Understand the concept of ethics: Ethics refers to general moral principles that guide behavior in various aspects of life, including personal, social, and professional contexts.
2. Understand the concept of business ethics: Business ethics applies these general moral principles specifically to business situations and decisions, focusing on how businesses should act responsibly and ethically in their operations.
3. Compare the definitions: Ethics is broader and encompasses all aspects of moral behavior, while business ethics is a subset of ethics tailored to the business environment.
4. Evaluate the options provided in the problem: Analyze each statement to determine which one accurately reflects the distinction between ethics and business ethics.
5. Select the correct answer: Based on the analysis, the correct answer is the statement that explains ethics as general moral principles and business ethics as their application in business contexts.