The essential elements of business ethics are as follows:

(i)    ‘Business ethics’ is an umbrella term which covers all business practices which are desirable form the point of view of the society.

(ii)    Ethics coexist with law, but have a much broader coverage. Ethics aim at perfection in the conduct of life. Thus, it guides the law-makers to have perfect rules for all human behavior.

(iii)    The concept of equity is implied in ethics. Its aims at fair and reasonable treatment to all.

(iv)    Business ethics emphasize making a business honest, just and responsible citizen.

(v)    Business ethics create self-imposed discipline on the part of the business firms.

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