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22 Cards in this Set

  • Front
  • Back
Describe homo economicus and human behavior (3 points)
Humans are self interested, rational, and learn from their mistakes and change their behavior if a choice fails to improve their well-being
Adam Smith beliefs
All human behavior was actuated based on 6 motives: self-love, sympathy, desire to be free, sense of propriety (ownership), habit of labor and a tendency to truck
Adam Smith Book
Wealth of Nations (1776)
Adam Smith contribution to economics
invisible hand and supply & demand
David Ricardo book
The Principles of Political Economy and Taxation (1812)
David Ricardo contributions to ecnomics
diminishing returns and comparative advantage
comparative advantage (David Ricardo)
a country should produce a certain good that they are good at and trade instead of producing everything
Thomas Malthus book
Essay on the Principle of Population (1798)
Thomas Malthus contribution to economics
theory on population
Theory on Population (Thomas Malthus)
unless you institute some type of controls, poverty and famine will become epidemic and wipeout the human species
Things consumers need
competition, knowledge of the market
The market place responds to what?
demand
Desribe what is wrong with the characterization of man in homo economicus.
These are all assumption that sound good but have their limitations; some actions counter the descriptors
Define microeconomic theory
Details of the "big picture" in the economy, consists of austrian and neoclassical schools of thought, focuses on economic actors with a specific interest in the behavior of individual economic actors.
Explain 2 practical shortcomings of microeconomical theory (Vasquez)
1. Exclusion of segments of society
2. Injurious hazards
3. Absence of Competitive markets
Explain 2 theoretical shortcomings of microeconomical theory (Hosmer)
1. Minority is ignored
2. People become means to an end
Explain 2 combined shortcomings of microeconomical theory (Melendez)
1. The overreliance/ use of the cost benefit analysis
2. The law of supply and demand
List 4 benefits of business ethics
1. Employee Commitment
2. Investor Loyalty
3. Customer Satisfaction
4. Profits
Who is Amy Domini?
stockbroker is 1980's, gave investors a choice to see if there was value in investing in socially responsible companies
Explain the Domini 400 exclusionary screen
companies in industries where their product or services do not contribute to welfare or goodwill of people (do social harm) ex. cigarettes, porn, alcohol
Explain the Domini 400 qualitative screen
tracks companies records with the environment, demonstration of customer and employee satisfaction and involvement in philanthropy
Explain 6 reasons why business should pursue sustainable development.
1. self interest
2. prudent long term strategy
3. unmet market potential among world's developing countries
4. cost savings
5. competitive advantage
6. risk management strategy