Ethics Can Be Defined As

question 2

Multiple Choice

Ethics can be defined as:

• A)a set of principles prescribing a behavioural code that explains what is good and right or bad and wrong
• B)a set of principles for behaving in a bad or wrong manner
• C)a set of principles that staff must undertake,excluding managers
• D)None of these choices

---

Definitions:

Maximum Profit

The highest possible financial gain a business can achieve from its operations, given its costs and revenue structure.

Minimum Loss

The lowest possible amount of financial detriment that a business or individual can incur under given circumstances.

Rent-seeking

An economic concept describing the practice of gaining wealth without any contribution to productivity, typically by manipulating the social or political environment.

Market Protection

Measures implemented by a government to shield domestic industries from foreign competition, often through tariffs, quotas, or subsidies.