Which term best describes the moral principles concerning right and wrong actions in business?

The term that best describes the moral principles concerning right and wrong actions in business is ethics. Ethics serves as a framework that guides individuals and organizations in determining what is considered acceptable behavior in the business environment. It encompasses the values, norms, and standards that shape the decisions made by businesses and their impact on stakeholders, including employees, customers, and the community.

Ethics in business involves analyzing and resolving dilemmas where the right course of action may not be immediately clear. It focuses on promoting fairness, integrity, and accountability within organizational practices, which ultimately fosters trust and a positive reputation among stakeholders.

Corporate governance refers to the systems and processes by which businesses are directed and controlled, focusing more on the structure and regulations than on moral principles. Social responsibility relates to the obligations an organization has towards society and the public, emphasizing the broader impact of business actions rather than the individual moral considerations within those actions. Compliance outlines the adherence to laws and regulations but does not inherently address the moral dimensions of decision-making. Thus, ethics specifically captures the essence of moral principles in business contexts.