Breeding Ethics go past implementing the good breeding practices you should be applying. Breeding Ethics also have to do with how you deal with the people you come in contact with as a breeder - those who are buying your puppies and other breeders breeding within your same breed or in other breeds.
Breeder Ethics in dealing with buyers
There is a whole area of ethical breeding, aside from the actual act, that includes breeders dealing ethically with buyers by choosing to act in a manner that is right and good, before, during and after money has transferred hands.
Sometimes a breeder can be a 'good' theoretical breeder of dogs but a 'poor' ethical breeder with buyers. Both of these parts of breeding ethics are critical for a breeder to be considered a 'good' overall breeder. In other words, as noted below, in the end it is "the best way for people to live" and whether "actions are right or wrong" that tend to over-ride the actual act of breeding itself in determining a breeder of quality.
Breeder Ethics in Dealing with Other Breeders
Let's take this one step further. If you are a 'good' theoretical breeder of dogs, that is, your COI's stay below 15 and you produce healthy puppies, but your dealings with your breeder colleagues are 'bad', that is, you threaten, attack, bully, undermine, ridicule and bad-mouth them, this is not "the best way to live". As such, you are not an ethical breeder.
Exactly What are Ethics?
"Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct."
"As a branch of philosophy, ethics investigates the questions: "What is the best way for people to live?" and "What actions are right or wrong in particular circumstances?"
"In practice, ethics seeks to resolve questions of human morality, by defining concepts such as good and evil, right and wrong, virtue and vice, justice and crime."