ECONOMICS

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: -Answer and Explanation: Ethics means the group of moral principles; discipline that guide about what is right or what is morally wrong. Ethics are based on standards of social right or wrong. It helps in preventing conflicts of interest.

Detailed explanation-3: -Ethics is based on well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.