Relative ['re-l&-tiv] adjective
1 : introducing a subordinate clause qualifying an expressed or implied antecedent
3 : not absolute or independent : COMPARATIVE

rel•a•tiv•ism noun
1 a : a theory that knowledge is relative to the limited nature of the mind and the conditions of knowing
b : a view that ethical truths depend on the individuals and groups holding them

(Source: Websters Dictionary)

Relativism (philosophy)
Relativism consists of various theories each of which claims that some element or aspect of experience or culture is relative to, i.e., dependent on, some other element or aspect. For example, some relativists claim that humans can understand and evaluate beliefs and behaviors only in terms of their historical or cultural context. The term often refers to truth relativism, which is the doctrine that there are no absolute truths, i.e., that truth is always relative to some particular frame of reference, such as a language or a culture.

Moral relativism is the position that moral or ethical propositions do not reflect objective and/or universal moral truths, but instead make claims relative to social, cultural, historical or personal circumstances. Moral relativists hold that no universal standard exists by which to assess an ethical proposition's truth. Relativistic positions often see moral values as applicable only within certain cultural boundaries or in the context of individual preferences. An extreme relativist position might suggest that judging the moral or ethical judgments or acts of another person or group has no meaning, though most relativists propound a more limited version of the theory.

Some moral relativists — for example, the existentialist Jean-Paul Sartre — hold that a personal and subjective moral core lies or ought to lie at the base of individuals' moral acts. In this view public morality reflects social convention, and only personal, subjective morality expresses true authenticity.

In popular culture people often describe themselves as "morally relativist," meaning that they are accepting of other people's values and agree that there is no one "right" way of doing some things. However, this actually has little to do with the philosophical idea of relativism; relativism does not necessarily imply tolerance, just as moral objectivism does not imply intolerance. These people's moral outlook can be explained from both theoretical frameworks.

(Source: Wikipedia)