Chapter two introduces the key concepts and theories associated with ethical relativism, ethical egoism, utilitarianism (giving special weight to this theory's importance because of its influence in many economic matters), Kant's categorical imperative, and virtue ethics, showing how each relates to some of the key ethical issues arising in business operations. Discussion about rights and obligations is initiated within a context of Executive Compensation, an issue that addresses quality of life and business outcomes. This chapter is essential to subsequent chapters in which the value and meaning of work, employee rights and obligations, and corporate social responsibility are discussed.