This term is part of our Unit 17: Business Ethics vocabulary list. Please note that pronunciations can vary slightly even in the same dialect.
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UK
a code of conduct, or set of standards that determines what is acceptable or even admirable within a social group, referring to both actions and character
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"When doing business across borders it is important to remember that morality and ethical standards vary across cultures, and what is considered acceptable at home may not be okay abroad, or vice versa."