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30 Cards in this Set
- Front
- Back
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What were the ancient and medieval views of business?
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Historically, business was not viewed as a particularly worthy endeavor. (More worthy occupations would be landownership, the military, or the clergy)
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How does the concept of the "just" price differ from the "market" price?
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Just price: A price giving a moderate profit; one inspired by fairness, not greed.
Market price: A price determined by the interaction of supply and demand. |
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What was the "gentlemanly" way to become prosperous prior to the industrial revolution?
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Prior to the Industrial Revolution, agriculture was considered the gentlemanly way to become prosperous.
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Through what stages has the American economy progressed over the years?
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From agrarian to manufacturing to service, and finally the developing information-based economy.
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Why was the Industrial Revolution important to the study of business?
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Prior to the Industrial Revolution (IR) there was really no reason to study business. Formal business education arguably begins with Frederick W. Taylor and his time and motion (efficiency) studies.
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Why was the Industrial Revolution so revolutionary?
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The IR involved applying machines and factories to the division of labor concept with the result being an explosion of output, which reduced the price of manufactured goods and raised the standard of living for workers.
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What were some major criticisms of the Industrial Revolution?
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The IR was harsh – subsistence-level wages, child labor, dangerous conditions. It also put many artisans out of business – the guild system with its apprentices, journeymen, and masters was rendered obsolete for many by mass production.
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Who were the populists?
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The populists were a political party primarily concerned with social problems on industry and sought radical reforms such as government ownership of railroads.
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Who were the progressives? |
The progressives were not a party, but a twentieth-century movement that sought more democratization in the U.S. Less radical than the populists and was more associated with moderate social reform.
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Define the antiglobalists. |
The modern antiglobalists cross the political spectrum, but tend to also distrust the relationship between big business and politicians, especially as it affects globalization, which the modern antiglobalists oppose.
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Who were the modern antiglobalists? |
Ralph Nader, Ross Perot, and Pat Buchanan.
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What important organization did Mary "Mother" Jones help to establish? |
The International Workers of the World in 1905.
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What are two underlying sources of criticism of business? |
1. The belief that people in business place profit before more worthy values 2.The strain placed on societies by economic development |
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What did Greek and Roman philosophers think about business? |
That profit seeking was an inferior motive and that commercial activity led to excess, corruption, and misery.
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What is usury? |
The lending of money for interest.
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Define protestant ethic. |
The belief that hard work and adherence to a set of virtues such as thrift, saving, and sobriety would bring wealth and God’s approval.
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Who is the originator of the modern socialist doctrine? |
Francois-Noël Babeuf (1764-97). He advocated seizing the possessions of the wealthy and giving them to the masses.
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What is an NGO? |
Nongovernmental organization: A term for voluntary, nonprofit organizations that are not affiliated with governments.
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What is neoliberalism? |
A word denoting both the ideology of using markets to organize society and a set of specific policies to free markets from state intrusion
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What is liberalism? |
The philosophy of an open society in which the state does not interfere with rights of individuals.
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What is economic liberalism? |
The philosophy that social progress comes when individuals freely pursue their self-interests in unregulated markets.
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Define Keynesianism. |
An economic philosophy of active state interventionto stabilize the economy and stimulate employment
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he political reform movement that arose among farmers in the late 1800s was the:
A) global justice movement. B) socialistic movement. C) populist movement. D) progressive movement. |
C) populist movement.
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Socialism is a(n):
A) economic system in which the means of production are privately owned and operated for profit. B) political philosophy which considers the state undesirable, unnecessary, and harmful. C) doctrine that seeks to organize a nation according to corporatist perspectives, values, and systems. D)doctrine of a classless society in which property is collectively owned and income from labor is equally divided among members. |
D)doctrine of a classless society in which property is collectively owned and income from labor is equally divided among members.
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_____ is a term that denotes both the ideology of using markets to organize society and a set of policies to free markets from state intrusion.
A) Populism B) Neoliberalism C) Embedded liberalism D) Capitalism |
B) Neoliberalism
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The philosophy of an open society in which the state does not interfere with rights of individuals is known as:
A) federalism. B) radicalism. C) embedded liberalism. D) liberalism. |
D) liberalism.
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Economic liberalism is:
A) a word that denotes both the ideology of using markets to organize society and a set of specific policies to free markets from state intrusion. B) the philosophy that social progress comes when individuals freely pursue their self-interests in unregulated markets. C) the philosophy that active state intervention can stabilize the economy and stimulate employment. D) the philosophy of an open society in which the state does not interfere with rights of individuals. |
B) the philosophy that social progress comes when individuals freely pursue their self-interests in unregulated markets.
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_____ argued that markets could be managed to dampen business cycles and promote full employment.
A) John Maynard Keynes B) Milton Friedman C) Friedrich Hayek D) Margaret Thatcher |
A) John Maynard Keynes
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The name given to Milton Friedman, his colleagues, and to the free market doctrine they taught is:
A) Austrian School. B) positivist school. C) conflict school. D) Chicago School. |
D) Chicago School. |
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What is a boycott?
A) A command, directive, or order. B) A domestic penalty applied by one country on another for a variety of reasons. C) A call to pressure a company by not buying its products and services. D) An authoritative order having the force of law. |
C) A call to pressure a company by not buying its products and services.
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