Final answer:
Metaethics involves understanding the foundations of moral reasoning. Ethical relativism and objectivism are two opposing meta-ethical theories that can be applied to business ethics, with the former focusing on cultural context and the latter on universal standards.
Step-by-step explanation:
Metaethical Theories in Business Ethics
Within the field of ethics, metaethics involves the examination of moral values and the foundational aspects of moral reasoning. Two major meta-ethical theories are ethical relativism and ethical objectivism. Ethical relativism posits that moral values and judgments are not absolute but are relative to the cultural, societal or individual contexts in which they occur. An example in business could be varying standards of labor practices seen as acceptable in different countries.
On the other side, ethical objectivism holds that moral truths are independent of individual beliefs and cultural context, asserting that there are universal moral standards. In a professional setting, this might manifest in a company adhering to uniform ethical guidelines globally, regardless of local practices or beliefs.