Q.State any four elements/principles of business ethics.

These elements are the practical standards used to judge whether a specific business practice is ethical.

Business ethics is judged in practice not by a single rule but by a recognised set of elements or principles, each addressing a different dimension of "doing business the right way." Four of the most commonly cited are:

1. Honesty: Being truthful in all business dealings — accurate advertising, honest financial reporting, and truthful representations to customers, investors and regulators, rather than deliberately misleading anyone the business deals with.

2. Integrity: Acting consistently according to one's stated ethical values, including under pressure or when no one is watching, rather than adjusting ethical standards situationally to suit convenience or short-term gain.

3. Fairness: Treating all stakeholders — employees, customers, suppliers, competitors — justly and equitably, without exploiting a position of relative bargaining power or informational advantage over them.

4. Transparency: Being open about business practices, financial performance and decision-making, so that stakeholders can make properly informed judgments rather than being deliberately kept in the dark about matters that affect them.

Other recognised elements include accountability (being answerable for the consequences of business decisions), respect for law as a minimum floor rather than a ceiling of acceptable conduct, and genuine concern for stakeholders beyond shareholders alone. Together, these elements give practical content to the general idea of ethical business conduct.

Listing vague values ("being good") instead of the specific, recognised elements — honesty, integrity, fairness, transparency, accountability — that examiners expect named individually.