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Ethics is a branch of philosophy that deals with standards for right and wrong behaviour of individuals. Learn about the different branches, characteristics, nature, sources, dilemmas and examples of ethics in business and personal life. Ethics , the philosophical discipline concerned with what is morally good and bad and morally right and wrong. Its subject consists of fundamental issues of practical decision making, and its major concerns include the nature of ultimate value and the standards by which human actions can be morally evaluated. Ethics is the foundation of knowledge that describes right/wrong or better/worse. It applies to issues of harm/care and fairness/reciprocity. It is universal. It transcends culture, religion, and time. It is conditional; not to be confused with relative. Ethics is based on well-founded standards of right and wrong that prescribe what humans ought to do. Ethics also refers to the study and development of one's ethical standards and the effort to ensure that they are reasonable and solidly-based.