The document discusses three main theories of ethics: relativism, utilitarianism, and a business issue example. Relativism holds that ethics depend on culture and feelings, with pros being cultural awareness and equality, and cons being bias and open attitudes. Utilitarianism bases decisions on overall consequences, with pros as efficiency and fairness, and cons as ignoring individual rights and obligations. For the business issue, relativism says the company should supply gloves as required, while utilitarianism says the company should find funding to supply gloves for employee safety.