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Microeconomics > ADMS 1010 Midterm (06-25-2024) > Flashcards

ADMS 1010 Midterm (06-25-2024) Flashcards

1
Q

Critical thinking is

A

explicit and conscious

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2
Q

Critical thinking is an approach to

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reading, thinking, and learning

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3
Q

Critical thinking involves

A

asking question, examining assumptions, and weighing the validity of arguments

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4
Q

Critical thinkers are

A
  • self-aware (introspective, know personal biases, strategic)
  • curious (explore beneath the surface of the issue, try new approaches, and seek new viewpoints)
  • independent (listen and learn from others, develop opinions, make judgements)
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5
Q

Business Corporation is the

A

dominant institution today.

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6
Q

Business Corporation main discourse

A

economic performance, productivity, global markets, financial investments

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7
Q

Business values are spreading

A

into non-business sphere (universities, health-care, government)

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8
Q

Business corporation current affairs

A
  • corporate scandals (2000), where companies faced serious ethical and global issues (Enron’s fraud case)
  • Global financial crisis (2008) resulted in an economic downturn due to financial system failures
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9
Q

Business corporations developed

A

ethics, CSR, governance, sustainability, age of experts

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10
Q

Trouble with experts

A

noise (uncertainty) in business world

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11
Q

Experts stepped in to fill the void

A

often wrong and disagree with each other

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12
Q

Trouble with experts results in people having the

A

need to develop procedures to assess the validity of different ideas due to fake experts

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13
Q

Bulldoze the business school?

A
  • b-schools teach students how to get money from ordinary people
  • b-schools teach Capitalist Market Managerialism
  • Financial strategies to maximise returns from investment exacerbates social and economic inequalities.
  • Human resources are exploited to maximise returns
  • Ethics, CSR, and sustainability are seen as window dressing.
  • Capitalist Market Managerialism is promoted as desirable, inevitable, and taught as a science rather than an ideology
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14
Q

School of Administrative Studies

A

Administrating/Managing…
* Focuses on business, government (public administration), non-profits, disasters and emergencies

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15
Q

Early Years of B-Schools

A

First U.S. B-schools were established around 1900 (turn of the century)
* Commerce de Paris
* Wharton UPenn
* U of Chicago Graduates.
Became common with publicly-traded corporations

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16
Q

B-Schools aim

A

to develop a professional degree similar to law and medicine
* manage corporations in the interest of stakeholders (shareholders, employees, customers, society).
* Code of ethics and standardise body of knowledge.
The education was neither rigorous nor effective

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17
Q

B-Schools Growth

A

Growth of B-Schools following WWII…
* returning soldiers needed jobs
* Public policy goal = have 0 unemployment

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18
Q

Carnegie and Ford Foundations commission studies of business education in 1950

A

Critical of B-school students, faculty, curriculum…
* resulted in traditional academic curriculum, with specialised functional disciplines
*led to legitimacy and power within universities

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19
Q

B-SChools Characteristic Friedman’s view

A

Goal of business is to maximise profit
* Teaching methods include traditional skill-base, lecture style, case-method

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20
Q

Dilbert View

A

Managers do not to actual work, because all the decisions are made above and the work is done by the people below.

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21
Q

Case method (harvard)

A
  • no textbooks when Harvard was founded (1908)
  • Harvard interview leading practitioners and wrote what they did are the best practices while lacking criteria to judge whether their actions were good or bad.
  • Instead, read the case -> discuss in class -> offer recommendations with students taking on the role on manager.
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22
Q

Critical Discourse: Classical View (Rational – Henry Fayol)

A

Managers plan, coordinate, organise, and control

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23
Q

Manager Myth: Planning

A

Folklore: Managers are reflective and systematic planners.

Fact:
- Managers work unrelentingly.
- Manager activities are varied, discontinuous, and brief (brevity).
- Managers prefer actions, and avoid reflection.

Evidence:
- ½ of their activities lasts < 9 minutes.
- Average of 583 activities in 8 hours shift (1 every 48 seconds).
- Work for 30(+) minutes every 2 days.

24
Q

Manager Myth: Duties

A

Folklore: Effective managers have no regular duties.

Fact: Regular duties include..
- Ritual and ceremonial.
- Negotiations.
- Procession of soft information, linking organisation to its environment.

Evidence:
- Managers in small companies step in to fill the gap of staff specialists.
- See important customers.
- Ceremonial duties are part of managers work (meeting dignitaries, rewarding watches, christmas dinner).

25
Q

Manager Myth: Information

A

Folklore: Managers need aggregated information provided by a formal management information system.

Fact: Managers favour verbal media, calls, and meetings over documents.

Evidence:
- 66%-80% of time in verbal communication.
- Treat mails/reports a burden.
- Prefer soft information (gossip, hearsay, speculation) for speed.

26
Q

Manager Myth: Science and Profession

A

Folklore: management is a science and profession.

Fact:
- Managers’ programs remain locked in their mind.
- Rely on judgement and intuition for ignorance.

Evidence:
- Managers verbally communicate and make decisions
- Managers cannot easily delegate tasks.
- Managers’ work is superficial, brief, and fragmented.

27
Q

Manager’s Roles (Formal authority and status)

A

Interpersonal Roles: Figure Head, Leader, Liaison.
Informational Roles: Monitor, Disseminator, Spokesperson.
Decisional Roles: Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator

28
Q

EFfective Management

A

Managers need to be introspective to learn on the job.

29
Q

Managing Oneself

A

Compare yourself to yesterday.

Importance:
- Knowledge workers must be their own CEO’s.
- Companies do not manage their employees careers.

30
Q

Knowing Oneself

A

What are my strengths?
- Feedback analysis (when making a decision, create a forecast of 9/12 months and compare).
- Knowing one’s strengths encourages performance, results, and remedies bad habits.
- Implications are to improve strengths, do not focus on weakness, and root out intellectual arrogance.

How do I perform?
- Reader or Listener?
- Do I learn by writing, acting, talking, or reading?
- Do I work well in groups?
- Am I a decision maker or adviser?
- Am I uncertain or structured?
- Big organisation or small?

What are my values?
- Not just about ethics (mirror test).
- Values alignment.

Where do I belong?
- Most do not know until past 25.
- Knowing strengths, performance, values, and where you do not belong helps.

What should I contribute?
- What does the situation require?
- What results should be achieved to make a difference? (look 12-18 months ahead).
- Goals should be challenging and achievable.
- Contributions should be meaningful, visible, and measurable

31
Q

Claims

A

Major conclusion that the author is trying to persuade you to accept.

32
Q

Identifying Claims

A

First step in evaluating an argument
- Are the claims explicit or implicit?
- Claims may be in the title, introduction, or conclusion.
- State the claim in your own words fairly.
- Claim indicators: therefore, thus, in summary, I believe that, clearly, in short, the data shows that, as a result, in fact

33
Q

Tips on Identifying Claims

A
  • Avoid referencing just the title, being distracted by a strong opening statement, latching onto a secondary claim.

Steps to identify the Primary Claim:
- Read the entire article, review the title, intro, and conclusion, and ask yourself, “What is the main point the author is trying to convince me?”

34
Q

Representing Claims

A
  • Present main ideas with clarity and emphasis
  • Place claim near the beginning or end, using cue words
  • Use titles effectively and create a memorable claim
  • A concept map
34
Q

Types of Claims

A

Uncontested Claims:
- Consistent with experiences and observations, and includes facts that are independent of interpretation.
- Agreed amongst experts and can be technical or mathematical claims.

Contestable Claims:
- Questionable validity of claim that must be justified with evidence, and with forceful rhetoric (“the fact is…”, “There is no doubt…”).

35
Q

Chandler – Big

A
  • Logic of managerial enterprise is growth and competition.
  • Large companies can be bought, sold, split up, and recombined.
  • If managerial firms fail to maintain and nourish their competitive advantage, they will lose markets and profits.
  • Primary Claim: Bigger is better (business/industry).
  • Large firms are able to capitalise on economies of scale and scope.
  • Caveat: unrelated diversification is bad.
36
Q

Schumacher – Small

A

Primary Claim: Small is beautiful (people/society).
One size does not fit all, both are needed.
People who favour smallness without considering its purpose will oppose anything large.
Some endeavours require: Order for large scale unity and coordination.
Other endeavours require: Freedom for small autonomous units (i.e.: entrepreneurship, innovation, and action).

37
Q

Organisations: Primary Characteristics

A
  • Social entities are made up of people, pursuing a common goal
  • Linked to the external environment
38
Q

Traditional Organization Type

A
  • Business: for-profit/private
  • Government: public
  • Non-profit (NGO): civil society
39
Q

Organisational Theory

A
  • Study of structures and operations of organisations (businesses, and bureaucratic institutions), and its relationship with the environment.
  • Size (big or small).
  • Strategy (relationship with environment).
  • Structure (relationships, groupings, designs).
40
Q

Evidence

A
  • Response to the question: Why is it true?
  • Argument = Claim + Evidence
  • Quality of evidence should be accurate, precise, sufficient, representative, and authoritative.
  • Insufficient evidence results in the fallacy of hasty generalisation.
  • Accepting a claim because an authoritative figure says so, results in the fallacy of false appeal to authority.
  • Claiming a truth because many people think so, results in the fallacy of argumentum ad populum (appeal to people/ bandwagon effect).
41
Q

Corporate Social Responsibility

A

Use its resources and engage in activity in order to maximise profits.
- Only people can have social responsibilities (corporations are legal entities and cannot have social or moral responsibilities).
- Corporate executives (agents) are employees of shareholders (principals).
- Agents must act in the interest of the principals and generate profit.
- CEO’s can choose to spend their money however they want (i.e.: social causes).
- As agents, CSR expenditures equate to spending someone else’s money (taxes, spending proceeds).

42
Q

Social Responsibility of Business

A

Private competitive enterprise forces people to be responsible for their actions and make it difficult for them to “exploit” others.

43
Q

Backstory

A
  • Environmental Protection Agency (EPA): First government department to mandate natural environment.
  • Organization of the Petroleum Exporting Countries (OPEC): Created oil embargo and introduced fuel efficiency standards.
  • Stakeholder Approach: Firms perform better if they focus on stakeholders rather than shareholders.
  • Sustainable Development: Development that meets the needs of the present without compromising the ability of future generations to meet their needs.
  • ISO: Environmental standard for industrial firms.
  • Triple Bottom Line (TBL): Economic, social, and environmental performance is the dominant concept of business and sustainability.
  • Energy Company Enron collapses amidst corporate fraud, along with Arthur Andersen (resulted in a new focus on ethics and corporate governance).
  • Roundtable stated, the purpose of a corporation is to serve shareholders, deliver value to their customers, invest in employees, deal fairly with suppliers, and support the communities they operate in.
44
Q

Disparate View

A

Business (most important system) is separate from society and nature.

45
Q

Intertwined View

A
  • Concept of CSR/Sustainability
  • Doing well by doing good (social and environmental initiative generate profits)
  • Create simultaneous value in all dimensions.
46
Q

Embedded View

A
  • Business is the most dependent system (cannot exist without society and nature).
  • Finite system.
47
Q

IPCC 6

A
  • Primary Claim: Human activities change the earth’s climate and threaten the livability of the planet.
  • Despite combating climate change, GHG emissions are high.
  • Immediate action to limit the rise in temperature to 1.5-2 degrees C.
  • Energy is responsible for ⅓ and industry for ¼ of GHG.
  • Impacts include the increasing water cycles, changes in sea levels and frozen regions, and increased extreme weather.
48
Q

Wealth of Nations

A
  • Division of Labour: Specialising tasks to increase productivity.
  • Factors of Production: Land, Labour, Capital.
  • Self-interest: Individuals pursue their own advantage in economic decisions.
  • Invisible Hands: Self-interest in markets promotes social benefit.
49
Q

Marginalist Revolutionaries

A
  • Marginal Utility: Increase/decrease in value from a marginal consumption.
  • Diminishing Marginal Return: Increase in additional units leads to less value.
50
Q

Homo Economicus (Behavioural Assumptions)

A
  • Self-interested Utility Maximizer: Decisions are made to benefit oneself.
  • Rational: Preferences are known and stable.
  • Independent: Agents act independently and can compete.
  • Perfect Competition.
51
Q

Neoclassical Economics (Unrealistic Assumptions)

A
  • Rational or ‘bounded rationality’
  • Over-dependence on complex mathematical models.
52
Q

Heuristics and Biases

A
  • Representative Heuristics: Objects of similar appearance are assumed (can neglect relevant base rates).
  • Availability Heuristics: Judgement is based on how easily we remember an event, rather than complete data.
  • Framing Effect affects decisions
  • Loss Aversion (Prospect theory): Individuals prefer to avoid losses than making gains.
  • Risk-seeking when choices are framed as gains and risk-averse when choices are framed as losses.
53
Q

Neoliberal Claim

A
  • Competition is the Only means of coordination that does not require coercion.
  • Money is an instrument of freedom, allowing people to make a choice.
  • Market is capable of coordinating activities (free market = better society).
54
Q

Underlying Assumptions

A
  • Fills the gap between evidence and claim.
  • What must be true if the claim is to follow from this evidence?
  • What principle might link this particular claim to this particular evidence?
  • What beliefs might I expect from this type of person?
  • Could someone believe this evidence and still disagree with the claim? Why?
  • Reality Assumptions: Beliefs about reality (positive) and changes with information.
  • Value Assumptions: Moral/ethics (normative) and resistant to change.

Microeconomics (2 decks)

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