The thesis that common moral agreement about right and wrong actions and behaviors across multiple cultures and countries form the basis for universal ethical standards applicable to the members of all societies, all companies, and all businesspeople is associated with O integrative social contracts theory. o the Code of Ethical and Moral Behavior adopted by the United Nations and ratified by a majority of member nations. the school of ethical universalism. o the widely used and authoritative Statement of Universal Ethical Principles developed by the Global Center for Universal Ethical Standards in Brussels, Belgium. o the school of ethical relativism. According to the ethical relativism school of thought, o it is up to each business to set its own standards for deciding whether the use of underage labor is ethically acceptable or not. whether the use of underage labor is ethically acceptable or not hinges upon the ethical standards that each industry establishes for its member businesses. o it is very clear and well-established that the use of underage labor is ethically impermissible, even in those countries and situations where it is the local custom to utilize child labor. if the use of underage labor is legal in a particular country, then it is ethical for a company to use underage labor in conducting its business activities in that country, no matter what the legality of using underage labor happens to be in other countries. O if the use of underage labor is acceptable in a particular culture/society/country, then it is ethical for a company to use underage labor in conducting its business activities in that culture/society/country. The notion of social responsibility as it applies to businesses concerns a company's duty to observe high ethical standards and conduct its business in a manner that benefits society at large. the responsibility that all businesses have to operate in a manner that promotes environmental sustainability and the overall best long-term interest of society. a company's duty to put the public interest and the well-being of society ahead of shareholder interests. societal expectations that a company will charge fair prices and pay fair wages. a company's duty to operate in an honorable manner, provide good working conditions for employees, be a good steward of the environment, and actively work to better the quality of life in the local communities where it operates and in society at large