ECONOMICS

Detailed explanation-1: -A person’s principles or standards of behavior; one’s judgment of what is important in life.

Detailed explanation-2: -Value: The principles or standards of behaviour; one’s judgement of what is important in life.

Detailed explanation-3: -Your values are also your company’s values and should reflect as such. Principles translate values into actionable choices, strategies and practices. Standards set the bar and, arguably, raise the bar. If the CEO does not enforce the standards for quality, performance and value, then they will not be set.

Detailed explanation-4: -Ethics is based on well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.

Detailed explanation-5: -Values tell us what’s good – they’re the things we strive for, desire and seek to protect. Principles tell us what’s right – outlining how we may or may not achieve our values. Purpose is our reason for being – it gives life to our values and principles.