The framework for thinking ethically involves understanding various ethical standards and approaches to guide decision-making. It identifies five key sources of ethical standards: the Common Good Approach, which emphasizes the welfare of the community; the Virtue Approach, focusing on moral character; the Rights Approach, prioritizing individual rights; the Fairness or Justice Approach, which stresses equality and impartiality; and the Utilitarian Approach, aiming for the greatest good for the greatest number.