'Business Ethics' is the study of business situations, activities and decisions where issues of right and wrong are addressed. It acts as guidelines for the way a business conducts itself and its transactions. In this co

The salient features of business ethics are as under: Code of Conduct - Business ethics is actually a form of codes of conduct. It lets us know what to do and what not to do. Businesses must follow this code of conduct. Based on Moral and Social Values - Business ethics is a subject that is based on moral and social values. It offers some moral and social principles (rules) for conducting a business. Protection to Social Groups - Business ethics protect various social groups including consumers, employees, small businesspersons, government, shareholders, creditors, etc. Offers a Basic Framework - Business ethics is the basic framework for doing business properly. It constructs the social, cultural, legal, economic, and other limits in which a business must operate. Voluntary - Business ethics is meant to be voluntary. It should be self-practiced and must not been forced by law. Requires Education & Guidance - Businessmen should get proper education and guidance about business ethics. Trade Associations and Chambers of Commerce should be active enough in this matter. Relative Term - Business ethics is a relative term. It changes from one business to another and from one country to another. New Concept - Business ethics is a relatively newer concept. Developed countries have more exposure to business ethics, while poor and developing countries are relatively backward in applying the principles of business ethics.