Business ethics can be considered as a tool for social development.

Answer: The statement is correct.

Business ethics means the moral principles and code of conduct that guide businessmen to do business fairly and honestly.

1. Fair dealing with consumers: Ethical business supplies quality goods at fair prices, avoids adulteration, black marketing and misleading advertisements, which protects society.
2. Welfare of employees: It provides fair wages, safe working conditions and avoids exploitation, improving workers’ standard of living.
3. Protection of environment: It avoids pollution and wasteful use of natural resources.
4. Honest payment of taxes: It helps the government to spend on public welfare.
5. Trust and goodwill: It builds mutual trust between business and society and promotes healthy competition.

Thus business ethics helps in the overall development of society.