Final

Question 1

Subjective Value

Answer 1

Worth or importance of a good based off a person’s preferences/values

Question 2

Voluntary Exchange

Answer 2

Parties trading freely and both ending better off in the end

Question 3

Trade and Wealth Creation

Answer 3

By specializing in a good, people can trade and get what they need creating wealth from each other

Question 4

Specialization

Answer 4

Focusing on a specific skill to become efficient and increase quality/productivity

Question 5

Price system

Answer 5

Prices are determined through supply and demand

Question 6

Invisible Hand

Answer 6

Adam Smiths theory of individual acting in their self-interest, unintentionally effecting the economy

Question 7

Monopoly

Answer 7

A single company controlling the market reducing choice

Question 8

Competition in encouraging discovery and innovation

Answer 8

Encourages businesses to improve and differentiate themselves to stay in competitive leading to more discoveries and innovations

Question 9

Rent Seeking

Answer 9

Trying to influence the market by manipulating the system

Question 10

Competition as a selection process

Answer 10

Competition makes companies improves quality to stay on top of the selection process

Question 11

Competition’s role in controlling power

Answer 11

Leading a market that you control prices and decisions on goods

Question 12

Metacognition

Answer 12

Aristotle’s theory of thinking about thinking

Question 13

Ethics

Answer 13

Rules and principles that guide behaviors

Question 14

Morals

Answer 14

Personal beliefs about right and wrong based off experiences and upbringing

Question 15

Laws

Answer 15

Rules created by government to maintain order

Question 16

Business Integrity

Answer 16

Being honest and ethical in all business decisions

Question 17

Ethical dilemma

Answer 17

Right vs right

Question 18

Phronesis

Answer 18

Wisdom, knowledge through experience

Question 19

Epistome

Answer 19

Book knowledge

Question 20

Techne

Answer 20

Technical knowledge, skill

Question 21

Impartial Spectator

Answer 21

Adam smiths theory of an outside perspective telling you the right thing to do

Question 22

Power of the Purse

Answer 22

Where you put your money has a big influence on the decisions of businesses

Question 23

Adam smith

Answer 23

Wealth of nations, theory of moral sentiments

Question 24

Economic moat

Answer 24

Separating yourself as a business creating a most from competitors

Question 25

Creative destruction

Answer 25

New inventions replacing and taking out older ones

Question 26

Creative monopoly

Answer 26

Product so unique that it puts you at an advantage

Question 27

Idea of I pencil

Answer 27

Lots of different companies and people go into making something simple like a pencil

Question 28

Dirty Hands

Answer 28

Moral and ethical dilemma - right vs right

Question 29

Legal Decision Making

Answer 29

Making decisions using laws and rules

Question 30

Ethical decision making

Answer 30

Decisions based off what they feel is ethical, right or wrong