Ethics is a science or a doctrine on morality which represents one of the fundamental ways of one᾿s relationship with the world in which he or she find themselves. Ethics represents a philosophical contemplation of that relationship. The contents of social, communal and political life are determined by the economic structure of society. This partially stated structure also determines the contents of ethical outlooks on particular social formations. The Industrial Revolution, the rapid development of capitalism, the development of news forms of manufacturing institutions, and the amassing of capital, followed by the formation of a free market by means of market competition, supply and demand, as well as all subsequent occurrences of economic development, instigated significant shifts in the ethical understandings of reality. Ethics became a more touched upon subject in companies and among managers. More and more people do not want to work for companies whose policies are at odds with their own stances, for example, companies that produce weapons, test their products on animals, or act harmfully towards the environment through their way of conducting business. A low price is no longer at the forefront of a product, but the quality and the way it is produced. Ethics in economy and entrepreneurship concerns the application of moral standards on economic systems and organizations through which the modern society produces goods and performs services. In addition, these moral standards are also applied to people working in those institutions. Business ethics represents a way business is conceived, conducted, communicated, and executed, in accordance with the spiritual, sociological, biological, and natural laws of man and his surroundings. Business ethics is the natural way of conducting business, i.e. managing it in accordance with nature. In a wider sense, business ethics denotes ethics in business. Such ethics is a branch of applied ethics which studies what is good and right for business.