BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Ethical relativism is the theory that holds that morality is relative to the norms of one’s culture. That is, whether an action is right or wrong depends on the moral norms of the society in which it is practiced. The same action may be morally right in one society but be morally wrong in another.

Detailed explanation-2: -Cultural Relativism is the claim that ethical practices differ among cultures, and what is considered right in one culture may be considered wrong in another. The implication of cultural relativism is that no one society is superior to another, they are merely different.

Detailed explanation-3: -The most generally accepted concept is that culture is a key determinant of an individual’s ethical ideology, which affects an individual’s inclination to behave ethically. In other words, culture acts as a guideline in determining whether certain practices are appropriate and acceptable.

Detailed explanation-4: -The different values of individuals and cultures affect the way they perceive situations and how they create ethical criteria for certain situations. This leads to ethical decision making which is seen worldwide in not only the business world but also in a vast majority of transnational relations.

Detailed explanation-5: -Ethical decisions are based on reason rather than emotion. Ethics values one person or group more than another. Impartiality forces a person to balance self-interest with the interests of others. Business ethics are the ethical principles used in making business decisions.