Define Ethics and Values. What are four approaches to deciding ethical dilemmas? Solution ETHICS Ethics, sometimes known as moral philosophy, is a branch of philosophythat involves systematizing, defending and recommending concepts of right and wrong conduct.[1] The term comes from the Greek word ?????? ethikosfrom ???? ethos, which means \"custom, habit\". The superfield within philosophy known as axiology includes both ethics and aesthetics and is unified by each sub-branch\'s concern with value.[2] Philosophical ethics investigates what is the best way for humans to live, and what kinds of actions are right or wrong in particular circumstances. Ethics may be divided into three major areas of study:[1].