This document provides an overview of ethical theories and their application to business, including: - Utilitarianism as formulated by Jeremy Bentham and John Stuart Mill, which evaluates actions based on their consequences and maximizing happiness. It supports market economics but faces challenges in measurement and balancing individual freedom. - Deontology focuses on duties and obligations over consequences. Divine Command Theory holds that our duty is to obey God's commands. - Both theories can inform business policy, with utilitarianism emphasizing experts, efficiency and aggregate welfare and deontology emphasizing duties to stakeholders. Overall the document examines how ethical theories underpin discussions of business ethics and governance.