Explain the relationship among 'Business Ethics' and 'Corporate Social Responsibility'
Ethics may be viewed as a set of moral principles that guide behaviour, based on what is felt to be "right". As opinions may vary over what is "right" and what is "wrong" ethics is in many ways a subjective concept. Individuals have their opinions over "right" and "wrong" and ideas can vary enormously among different national and even organisational cultures.
Business ethics comprises the principles and standards that govern behaviour in the world of business. The factors that affect ethical obligations in business are the law, government regulations, social pressures and tensions among personal standards and the goals of the organisation, and ethical codes (e.g. the code developed by CIMA).