ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Ethical decision-making is based on core character values like trustworthiness, respect, responsibility, fairness, caring, and good citizenship. Ethical decisions generate ethical behaviors and provide a foundation for good business practices.

Detailed explanation-2: -Morally wrong acts are activities such as murder, theft, rape, lying, and breaking promises. Other descriptions would be that they are morally prohibited, morally impermissible, acts one ought not to do, and acts one has a duty to refrain from doing. Morally right acts are activities that are allowed.

Detailed explanation-3: -According to this understanding, “ethics” leans towards decisions based upon individual character, and the more subjective understanding of right and wrong by individuals – whereas “morals” emphasises the widely-shared communal or societal norms about right and wrong.

Detailed explanation-4: -Moral decision making is having the ability to decide which is the right course of action once we have spotted the ethical issue. Sometimes this can be very difficult, as multiple options may seem morally defensible (or, perhaps, no options seem morally acceptable).