A business has an ethical issue when
A business has an ethical issue when it is not giving equal opportunity of employment to all the people who are applying to the job. A business might not be legally responsible to employee people from all ethnicities but the business should self-regulate and be open to embrace people without any discrimination.
An ethical dilemma is when
An ethical dilemma is when a situation arises where there is a choice to be made between two conditions which are both ethical but in conflict with each other. For example when you are required to disclose private information about someone due to law. Protecting the privacy of others is an ethical responsibility, so is helping the law.
Is it important for students of business to study business ethics? Can it be taught to those old enough to be at college?
Yes, in my opinion business students should study business ethics. The main reason is that there is a greater chance for them to choose a career related to business. Therefore, they must be aware of business ethics. I do believe that business ethics can be taught to everyone from any age group. Ethics are an important part of our life. In spirit, business ethics are not different than the general ethics important in our life.