1. Business ethics is a group of standardized guidelines which ensure that individuals in organizations can identify conduct which is considered acceptable in the environment of business. The ethical nature of a business activity can be determined by the general public. It can also be determined by interest groups. It can be determined by the regulators of the government. It can be determined by the competitors of a business organization. It can be determined by the customers of a particular business. It can also be determined by the organization. Unethical conduct might not be illegal always because there can be times when unethical conduct can save the job of an individual in the workplace. 2. In case of ethics, there are individuals external to the scope or infrastructure of the organization establishing the standards. However, in case of social responsibility, the organization must be able to create a positive image for the general public and customers to believe about the organization’s concern for the human environment. 3. There can be trust on the company lost by customers if ethics is not practiced by the company. If loss of trust is present, there can be loss of sales and eventual downfall of the economic conditions of the area of operations of the company. 4. Ethical issue implies that there will be an individual facing a dilemma in choosing between or among actions considered to be either good for the individual and the society or good for the individual and not for the other societal members. Some of the ethical issues named in the textbook are conflict of interest, misusing of resources of the organization, behavior which can be considered to be intimidating or provoking as well as abusive, and misusing of the time of the organization. These are ethical issues because they are morally, socially and professionally inappropriate and do not comply with the principles or guidelines of business ethics and personal ethics. 5. Code of ethics are standardized rules which have been made formalized for declaring to the employees about the expectations of the organization from every employee. There can be training programs conducted on ethics to make the employees differentiate between ethical and unethical behavior in the workplace. There can be identification of penalization which can be imposed on employees violating code of ethics.