Ethical relativism represents the position that there are no moral absolutes, no moral right or wrong. This position would assert that our morals evolve and change with social norms over a period of time. This philosophy allows people to mutate ethically as the culture, knowledge, and technology change in society. Slavery is a good example of ethical relativism. Repeatedly the value of a human being is determined by a combination of social preferences and patterns, experience, emotions, and “rules” that seemed to bring about the most benefit.
Discuss the relationship between economics and management functions. How does the former contribute to the latter?
Economics and Management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilize the other. Economics provides the broader understanding of economic activity within which all organizations function; management in turn analyses the character and goals of that functioning. The management economics is often a subsection of the economic science and thus in broader sense a special form of the social, culture and Geisteswissenschaften. Like the economic science it is based in principle on the fact that most goods are limited and must by the participants be managed. It describes the economic functions of the enterprise within a national economy. In addition above all the optimal organization of the factors of production belongs apart from the company targets and the economical functions. In the broader sense also all households are enterprises.
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