1CH1 : What is the difference between Ethics and Morals?
Ethics is law, and Morality is a personal belief
2CH1 : Who is the honest merchant? What question did he ask?
Cicero.
Should you tell the customers all the information you have?
3CH1 : What is the theory of Amorality?
Morality should have no say in business decisions.
4CH1 : Define moral unity.
The moral and ethical should be uniform.
5CH1 : What is the supreme law of the land?
The Constitution.
6CH1 : Who interprets the constitution?
The Supreme Court (Marbury v. Madison)
7CH1 : Define good samaritan.
Someone who does good.
8CH1 : What is good samaritan law?
"The good samaritan is protected from lawsuits unless they were grossly negligent"
9CH1 : Define ethical relativism.
Whatever a particular society happens to believe.
10Define groupthink.
When pressure for unanimity overwhelms its members.
You can't think differently, only the same way.
11CH1 : Summarize "Made in the USA" as discussed in the text.
Exporters bought banned merchandise (in USA) to dump in overseas markets. (Tris PJs)
12CH2 : Summarize Maddoff as discussed in the text.
Bernard Madoff, former NASDAQ president, admitted to operating a fraudulent hedge fund during the 2008 financial crisis, claiming he had embezzled funds from investors who had redeemed their shares, despite the law not requiring transparency in hedge funds.
13CH2 : Summarize Ponzi.
Charles Ponzi, a 1920s con artist, promised investors a 90-day money-doubling scheme by buying postage coupons in other countries, but kept the money and paid early investors.
14CH2 : Define consequentialist.
Right and wrong are determined by the result.
15CH2 : Define non consequentialist.
Right and wrong is defined by the act.
16CH2 : Give and example of a non consequentialist.
Emmanuel Kant.
17CH2 : Define deontological.
Non consequentialist.
18CH2 : Define egoism.
Morality refers to self interest.
To do something for your own selfish interest.
19CH2 : Who wrote the Wealth of Nations?
Adam Smith (1776).
20CH2 : Define utilitarianism.
The greatest good for the greatest number.
21CH2 : Who are two names associated with utilitarianism?
Jeremy Bethan and John Stuart Mill.
22CH2 : Define eminent domain.
The gov't may take your property for public use.
23CH2 : Which amendment deals with eminent domain?
5th Amendment.
24CH2 : What are the two elements for eminent domain in the 5th amendment?
Public purpose and must pay you a FMV (Fair Market Value).
25CH2 : Define negative rights and give an example.
Free from outside interference.
Ex. Freedom of speech.
26CH2 : Define positive rights and give an example.
Expectations to receive benefits.
Ex. Primary schools.
27CH2: Summarize "The Ford Pinto" as discussed in the text.
Ford continued to knowingly manufacture a defective vehicle resulting in multiple fatalities and lawsuits.
28CH2 : Summarize "Blood for Sale" as discussed in the text.
Plasma International profited from acquiring blood from West African tribes, raising ethical concerns due to shortages and affordability issues for impoverished individuals.
29CH3 : Which amendment of the constitution allows to tax income?
The 16th Amendment.
30CH3 : What are the four elements of justice?
Fairness, Equality, Dessert, Rights.
31CH3 : Define what is a libertarian.
Minimal gov't interference.
32CH3 : Who wrote Anarchy State and Utopia?
Robert Nozick.
33CH3 : Define the entitlement theory.
You are entitled to keep what you get.
34CH3 : Define laissez faire.
Let people do as they choose
35CH3 : Who wrote a Theory of Justice?
John Rawls.
36CH3 : Define the original position.
When we get together to createse society that we think is fair and just.
37CH3 : Define the veil of ignorance.
Rawls's original position suggests that individuals with no knowledge about themselves or their situation may argue from a partial or biased perspective.
38CH3 : What are Rawl's two principles?
Have to have rights.
Gov't acts should be the greatest benefit to the poor.
39CH3 : Summarize "Eminent Domain" as discussed in the text.
The use of eminent domain to transfer land from one private owner to another private owner to further economic development does not violate the Fifth Amendment.
40CH3 : Summarize "Battling over Bottled Water" as discussed in the text.
Nestle attempted to pump 400m gallons a minute of water; Michigan makes it impossible to pump more than 100,000 gallons per day
41CH3 : Summarize "Poverty in America" as discussed in the text.
American poverty worsens due to recession, flawed aid, and societal perceptions of poverty as a result of laziness, contrasting with global views.
42CH4 : Which month is considered a bad month for stocks?
October
43CH4 : Define socialism.
Public ownership of property and partially planned economy.
44CH4 : Define mercantile capitalism.
Maximize exports and minimize imports.
45CH4 : Define bullion.
Precious golds and metals.
46CH4 : Define state welfare capitalism.
Gov't plays an active role in the economy.
47CH4 : What are the four features of capitalism?
Companies/Corporations, Profit, Competition, Private property
48CH4 : What are two characteristics of a corporation?
It's a person, it has limits of liability, it has a perpetual life, it has double taxation.
49CH4 : Define oligopoly.
When the market is controlled by a few buyers or sellers.
50CH4 : Define the dominance theory.
Business is preeminent in American society, primarily because of its control of wealth, and that its power is both excessive and inadequately checked
51CH4 : What is the pluralist theory.
Suggests that there is more than one source of power in the relationship between workers and business leaders.
52CH4 : Define corporate welfare.
Gov't handouts to corporations.
53CH4 : Define outsourcing.
Someone else makes the parts.
54CH4 : Define offshoring.
Moving facility elsewhere, still manufacturing.
55CH4 : Define comparative advantage.
Economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
56CH4 : Summarize "Licensing and Laisse Faire".
57CH4 : Summarize "One Nation Under Walmart".
58CH4 : Summarize "Paying College Athletes".
59CH5 : What is the holding of "Citizens United".
You, as a person are allowed to give as much as you want to a candidate/campaign. Protected under the First Amendment.
60CH5 : Which amendment gives us freedom of speech?
First Amendment.
61CH5 : How do corporations act?
Through employees/agents.
62CH5 : Define diffusion of responsibilities.
Assigning individual responsibility for corporate outcomes is difficult, raising the possibility of actions for which no one is responsible
63CH5 : What does CSR stand for?
Corporate Social Responsibility.
64CH5 : Define CSR.
Obligation to create wealth while protecting social assets.
65CH5 : Define Friedmanism.
Maximizing wealth while obeying law.
66CH5 : Define ultra vires.
Acting beyond your authority.
67CH5 : Summarize Barlow.
CEO gave profits to Princeton and was sued by shareholders. The court agreed with the CEO.
68CH5 : Define social contract.
Agreement between society and business; on the duties that business have towards society.
69CH5 : Define externality.
Unintended cost out of a contract.
70CH5 : Define fiduciary duty.
The agent must act in the best interests of the corporation.
71CH5 : Who controls the corporations?
Upper management/the board.
72CH5 : Who wrote "The New Industrial State" and "The Affluent Society"?
John Kenneth Galbraith.
73CH5 : Summarize "Free Speech or False Advertising"
Nike, despite allegations of unethical outsourcing, defended its humane labor standards and settled a lawsuit with Marc Kasky for false advertising under California's consumer protection law.
74CH5 : Summarize "Corporations and Religious Faith"
75CH5 : Summarize "Corporate Taxation"
76CH6 : What are two definitions of consumerism?
An ideology that what you buy defines you
A movement to protect the consumer
77CH6 : Summarize "Mcphearson v Buick"
In 1916, Mr. McPherson sued Buick for a faulty Buick, but the Supreme Court ruled that privity was no longer necessary for a lawsuit.
78CH6 : Define privity.
A contractual relationship.
79CH6 : Define caveat emptor.
Buyer beware.
80CH6 : Define torts.
A civil wrong.
81CH6 : Name three different types of torts.
Intentional - on purpose
Negligence - not careful
Strict Liability - products
82CH6 : Summarize "Greenman v Yuba Power"
83CH6 : Define legal paternalism.
Laws made to protect us from ourselves.
Ex. Seatbelts
84CH6 : Summarize JCPenny as discussed in the text.
85CH6 : Summarize "Gore v MBW".
86CH6 : What are the two types of damages?
Compensatory - Actual losses
Punitive - to punish the person
87CH6 : Which amendment deals with cruel and unusual punishment?
8th Amendment
88CH6 : Define warranties.
A guarantee from the manufacturer that the product works.
Express - the manufacturer promises to fix it.
Implied - imposed by the court.
89CH6 : Define horizontal price fixing.
When competitors agree to keep prices high.
90CH6 : Define vertical price fixing.
When the manufacturer and retailers agree to keep prices high.
91CH6 : Define gouging.
The action of charging someone too much money for something, in a way that is dishonest or unfair
92CH6 : What are the three elements of gouging?
Necessities
State of Emergency
Above 10% increase
93CH7 : Define Kuznet's as it relates to the environment.
94CH7 : When was the clean water act passed?
1972
95CH7 : When was the clean air act passed?
1970
96CH7 : Define ecology.
The interrelationship between organisms and their environment.
97CH7 : Define ecosystem.
The total ecological system of the living and nonliving.
98CH7 : Who wrote "The Tragedy of Commons"?
Garrett Hardin
99CH7 : Summarize "The Tragedy of Commons".
If we do not regulate our resources, we will deplete them.
100CH7 : Who said we have the right to a livable environment?
William Blackstone
101CH7 : Define ecological economics.
102Ch7 : Who wrote "A Ride on the Bus"?
Joel Feinburg
103CH7 : What did Feinburg say regarding future generations?
We today, owe them a livable environment.
104CH7 : Who said, "The question is, not can they reason but can they suffer?"
Jeremy Bethen
105CH7 : Summarize "Poverty and Pollution"
106CH7 : Summarize "Fordasuras".
107CH8 : Summarize "Republic Windows and Doors."
108CH8 : Define employment at will.
At will = released from job at will as well you can quit a job at will.
109CH8 : Which state is not employment at will?
Montana.
110CH8 : What is the holding of Coppage v Kansas (1915)?
Unless told otherwise, we are employees at will.
111CH8 : What did the Civil Rights Act prohibit?
Firing someone based on their protected class.
112CH8 : What does ADA stand for?
Americans with disabilities act.
113CH8 : What size company does the ADA apply to?
15 or more people/employees.
114CH8 : What is the holding of Griggs v Duke?
Tests for promotion are illegal if it is unrelated to the job.
115CH8 : Define situational interview.
Roleplay interview.
116CH8 : What is inbreeding in a corporation?
When you promote within the corporation.
117CH8 : Define nepotism.
Giving a preference to family.
118CH8 : Define cronyism.
Giving a preference to friends.
119CH8 : What is the difference between just cause and due process?
"Just cause" is the reason and "due process" is the fairness in the procedure.
120CH8 : Define living wage.
To afford the necessities, support a family and live above poverty.
121CH8 : What is the first national trade union?
Knights of labor.
122CH8 : Summarize "Have Gun, Will Travel...to Work".
123CH8 : Summarize "Union Discrimination".
124CH9 : Define Polygraph.
125CH9 : Is a polygraph test admissible in court?
No.
126CH9 : What is the employee polygraph protection act?
Can not use it to hireeject people.
127CH9 : What does OSHA stand for?
Occupational Safety and Health Administration
128CH9 : What is the purpose of OSHA?
Work place safety.
129CH9 : What is the Hawthorne effect?
If you give attention to a group saying they are better or "it", they will become better.
130CH9 : Summarize "She Snoops to Conquer"
131CH9 : Summarize "Swedish Daddies"
132Summarize what happened to Enron Corporation
Financial statement fabrication
133What method of fraud did Enron Corporation commit?
Mark to market fraud.