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MGMT 200 > Final > Flashcards

Final Flashcards

1
Q

Ethics

A

Determining the right thing to do

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2
Q

Law

A

Societys codeificaiton of ethics

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3
Q

What are the models of ethics

A
  • freedom make ur own decisions
    -Welfare common good
    -virtue what u know is right
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4
Q

Duty based ethics

A

following rules and existing laws, regardless of the outcome of the action. This approach is focused on the act itself, rather than the consequences.

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5
Q

a moral principle that states that one should only act in ways that they would be willing to have become a universal law.

A

categorical imperative

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6
Q

fairness and impartiality in decision-making processes, rather than the outcomes of those decisions.

A

Procedural Justice

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7
Q

considers the outcome of actions and focuses on the greatest good for the greatest number of people. This approach is focused on the consequences of actions, rather than the act itself.

A

Consequentialism

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8
Q

a type of consequentialism that emphasizes maximizing overall happiness or pleasure. It argues that the best action is the one that produces the greatest balance of good over bad for all affected parties.

A

Utilitarianism

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9
Q

focuses on fairness in the distribution of benefits and burdens among individuals or groups. It considers whether the outcomes of actions are fair and just, rather than the actions themselves.

A

Distributive justice

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10
Q

a method for evaluating the positive and negative impacts of an action, and weighing them to determine the best course of action.

A

Cost-benefit analysis

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11
Q

To conduct a cost-benefit analysis,

A

one must consider who will be affected by the action, how they will be affected, and the relative value or importance of the impacts.

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12
Q

he idea that what is considered ethical varies depending on culture and location. This means that what may be considered right or wrong in one place may not be the same in another.

A

Ethical relativism:

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13
Q

a situation in which a shared resource is overexploited because individuals acting in their own self-interest do not have an incentive to preserve it. This can lead to the depletion or destruction of the resource, to the detriment of all members of the group.

A

Tragedy of the commons:

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14
Q

To avoid the tragedy of the commons

A

it is necessary to establish rules and regulations to ensure that the shared resource is used sustainably and in the interests of the common good

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15
Q

the rights that consumers have to make informed decisions, be protected from harm, and have a level playing field with producers

A

Consumer rights

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16
Q

Consumerism

A

Consumers are empowered to make informed choices and that product be safe

Government passing laws to protect consumers

Leveling the playing field to prevent consumers form being victimized

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17
Q
  • Caveat emptor
A

the principle that the buyer assumes the risk of any defects or problems with a product, unless there is a specific warranty or guarantee

Not so much anymore

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18
Q

laws that are passed to provide consumers with information, protect them from deceptive or unfair practices, ensure product safety, and level the playing field between consumers and producers

A

Consumer protection law

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19
Q

Informed decision-making:

A

the ability of consumers to make decisions based on accurate, complete, and relevant information

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20
Q

advertising that misrepresents or omits important information and is likely to mislead consumers

A

Deceptive advertising:

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21
Q

the idea that a representation or omission in advertising is considered material if it is likely to have an impact on consumers’ decisions

A

Materiality

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22
Q

the federal agency responsible for unfair or deceptive ads

A

FTC

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23
Q

Lanham Act

A

allows competitors sue

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24
Q

Defenses to negligence:

A

showing that the plaintiff was also negligent (comparative negligence), that the plaintiff assumed the risk of the injury (assumption of risk), or that the defendant did not owe the plaintiff a duty of care.

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25
Q

a legal doctrine that allows the court to compare the fault or negligence of the plaintiff and the defendant and allocate responsibility for the injury or damage based on their relative fault.

A

Comparative negligence:

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26
Q

a legal doctrine that bars the plaintiff from recovering any damages if they were also negligent or at fault for the accident or injury. This doctrine is still used in a few states,

A

Contributory negligence:

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27
Q

a defense that can be used if the plaintiff voluntarily assumed the risk of the injury or damage by engaging in a dangerous activity or activity that they knew or should have known was risky.

A

Assumption of risk:

28
Q

: the legal obligation of a person to exercise reasonable care to prevent foreseeable harm to others. This obligation varies depending on the circumstances and the relationship between the parties.

A

Duty of care

29
Q

the standard used by courts to determine whether a person acted negligently. This standard is based on what a hypothetical reasonable person would do in the same situation

A

Reasonable person standard

30
Q

legal obligation that requires a person to take active steps to prevent harm to others, rather than just avoiding causing harm

A

Affirmative duty

31
Q

Defamation has two types

A

Libel (Written)
Slander spoken

32
Q

Spoken defamation

A

Slander

33
Q

Writen defamtion

A

Libel

34
Q

MARKET SHARE LIABILITY test

A

All defendants must be tortfeasors
* The harmful products are identical
* P, not at fault, cannot establish exact tortfeasor
* All manufacturers sold product in same geographic area at the same tim

35
Q

Special damages: out of pocket damages (lost wages, medical bills, cost of repairing)

General damages: others (pain and suffering, mental distress, loss of consortium)

A

Compensatory / actual damage

36
Q

Token damage

pays attorney fees

A

Nominal damages

37
Q

Purpose: punish Defendant and deter others
Must get nominal or compensatory damage first
Only available in limited cases: willful conduct. NOT available in contract cases
There is a limit (SCOTUS said 10x compensatory damage)

A
  • Punitive damage
38
Q

Enforcement

A

The Department of Justice’s antitrust division can take civil or criminal action
The Federal Trade Commission is a federal agency that can bring civil action against businesses on behalf of the government
State Attorney Generals can enforce federal and state antitrust laws, and can bring federal claims
Private parties, typically competitors, can sue in federal court for civil cases, but must have standing (causation and the unlawful actions were protected by antitrust laws)

39
Q

This act prohibits contracts, combinations, or conspiracies that restrict trade
Restraints of trade are considered unreasonable, and can be either “per se” (inherently unreasonable and always illegal) or subject to the “rule of reason”

A

SHERMAN ACT

40
Q

Monopoly is not illegal if

A

it arises from a historic accident or natural monopoly, or if a company has superior products or business acumen

41
Q

Monopoly is illegal

A

if there is an attempt to monopolize the market, or if certain transactions may cause potential problems in the future (such as creating a monopoly)

42
Q

Tying Arrangements:

A

This occurs when the sale of one product is conditioned on the buyer purchasing another product

43
Q

U.S. laws can apply to overseas conduct that affects the U.S. market
Businesses must follow the laws of the countries where they operate, manufacture, and sell goods.

A

Extraterritoriality

44
Q

Hiring Independent Contractors

A

Hiring party does not have to follow certain laws (e.g. Title VII, minimum wage, unemployment payment, benefits/insurance, respondeat superior)
Tax benefits

45
Q

Rights and Duties of Employees

A

Duty of loyalty (fiduciary obligation)
Non-disclosure agreements, protecting confidential information
Right to fair pay (minimum wage and overtime, breaks)

46
Q

prohibited act-action or conduct which is a constituent element of a crime,

A

Actus reus

47
Q

state of mind

A

Mens rea

48
Q

defendant pleads guilty to a lesser crime and receives a lesser sentence in exchange for giving up certain constitutional rights

A

Plea bargain

49
Q

prosecutor must disclose all materials to the defense attorney, who must disclose all evidence to be used at trial; defendant cannot be compelled to answer questions before or during trial

A

Discovery

50
Q

paying money to a government official in exchange for something

A

Bribery

51
Q

multiple crimes committed in an ongoing conspiracy to engage in criminal conduct by two or more people

A

RICO

52
Q

hiding the proceeds of illegal activities

A

mONEY laundering

53
Q

using non-public information to buy or sell stocks

A

Insider trading

54
Q

conspiring with competitors to set prices for goods or services

A

Price fixing

55
Q

using reasonable force to protect oneself from harm

A

Self defense

56
Q

using reasonable force to protect others from harm

A

Defencse of others

57
Q

committing a crime to prevent a greater harm

A

Necessity

58
Q

committing a crime under threat of harm

A

Duress

59
Q

a fixed sentence, determined by the judge or by statute

A

Determinate sentences

60
Q

a range of possible sentences, determined by the judge or by statute

A

Indeterminate sentences

61
Q

: a sentence that allows the defendant to serve the sentence outside of prison, with certain conditions

A

Probation

62
Q

release from prison before the end of the sentence, with certain conditions

A

Parole

63
Q

payment to the victim for harm caused by the crime

A

Restitution

64
Q

A defendant has the right to appeal a criminal conviction. What is a appeal based on?

A

The appeal is based on errors made during the trial, such as incorrect application of the law or violations of the defendant’s constitutional rights
The appeal is decided by a higher court, which may overturn the conviction or order a new trial.

65
Q

Tying acts are illegal if

A

Uses this power to increase sales of the separate tied product and
effects the tied product market

66
Q

Tying acts are legal if

A

If there are competitors—likely legal

MGMT 200 (10 decks)

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