Ethical theories are frameworks that help us understand what is right and wrong, guiding our moral decisions. They can be broadly categorized into three main types: consequentialism, deontology, and virtue ethics. Each theory offers a different perspective on how to evaluate actions and their moral implications. For instance, Consequentialism focuses on the outcomes of actions, suggesting that the best action is the one that produces the most favorable results. In contrast, Deontology emphasizes the importance of rules and duties, arguing that some actions are inherently right or wrong, regardless of their consequences. Understanding these theories can enhance our moral reasoning and decision-making skills.