Define ethics, and discuss some conflicts over the ethical nature of decisions.
What will be an ideal response?
ANSWER: In a broad sense, ethics are rules or parameters for conduct in any activity as long as it is done in an "acceptable" manner. Ethics can also be described as a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong. Even though society is in an ever-changing state, this definition implies that universal principles remain intact. An entrepreneur faces many conflicts for many reasons. One conflict arises as a business is faced with outside as well as inside interests. Some examples are stockholders, the community, the government, employees, and unions. Also, as society changes, the values and mores of society must change.
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