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PHL Final > Final > Flashcards

Final Flashcards

1
Q

What is an entrepreneur?

A

An innovator who establishes a new product or service where one previously did not exist and who thereby takes on considerable risk in bringing the good/service to the market

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2
Q

Entrepreneurs as model businessmen — Virtues:

A

Knowledge, Competence, Creativity, Ambition, Initiative, Courage, Perseverance, Trial and error experimentation, Win-win relationships, Exhibit leadership and guidance

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3
Q

Knowledge (Virtues)

A

Entrepreneurs are experts in their field and what problems are in it. They know the product, competition, and have carefully thought about the customers needs

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4
Q

Competence (Virtues)

A

The ability to do something successfully and efficiently

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5
Q

Creativity (Virtues)

A

The use of the imagination or original ideas, especially in the production of an artistic work

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6
Q

Ambition (Virtues)

A

Daring to dream big and aim high in ones achievements; “Make it happen” with huge goals that are driven by product rather than profit,

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7
Q

Initiative (Virtues)

A

The difference between having a business plan and translating that plan into reality. It is using one’s will not just to think, but act.

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8
Q

Courage (Virtues)

A

The willingness to take calculated risks, to be aware of the downsides while not letting fear dominate your decision making

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9
Q

Perseverance (Virtues)

A

Working through challenges and failures and not giving up when one knows the objective value of one’s work

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10
Q

Trial and Error Experimentation (Virtues)

A

The willingness to try new things, but also to quickly admit one’s mistakes and adjust based on experience.

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11
Q

Win-win relationships (Virtues)

A

See some kind of pairing of entrepreneur and the person who made the business a success; Must be done with employees and customers to forge deep relationships which develops strong customer loyalty to the company and product

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12
Q

Exhibit leadership and guidance (Virtues)

A

Have to be leaders to convince others that their product will be a success.

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13
Q

Examples of entrepreneurs?

A

Madam Walker, Andrew Carnegie, Steve Jobs

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14
Q

What is exploitation?

A

Not compensating a worker properly for the value they produce, generally taking advantage of their situation (Vague term)

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15
Q

What is Marx opinion on Exploitation?

A

Marx said that “Exploitation is morally wrong whether perceived by the exploited or not because it is unfair that some should be able to earn and income without working or out of proportion to their work.”

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16
Q

How does exploitation arise?

A

It arises because workers are forced by economic circumstances to sell their labor power

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17
Q

How does it differ from coercion/slavery? [Under capitalism there is “economic coercion”]

A

Not coercive, “not held captive,” you are free to leave and it is not physical coercion which is illegal, it is economic coercion but still seems like the ones working the most and making the least are being taken advantage of and cannot leave

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18
Q

Definition of Alienation

A

A Psychological phenomenon of a loss of meaning, creativity, and identity from repetitive labor one is not in control of (overburdened and overworked)

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19
Q

What is Marx opinion on Alienation?

A

Marx criticized that it was dehumanizing, become crazy and only good at one thing- believes we become alienated from ourselves and forget our goals which causes people to live for the weekend

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20
Q

Examples of alienation

A
  • Sense of meaningless and hopelessness in ones life
  • Lack of awareness of what one’s work is or for or amounts to
  • Feeling of exhaustion and jaded from repetitive work
  • A feeling that one is ‘just a number’ or an ‘appendage of some machine’
  • Feeling that one’s work is not appreciated and is easily replaceable
  • Feeling that one is ‘not whole’, but is one sided (mentally and physically dehumanized being”
  • Loss of creativity and passion
  • Feeling that is necessary that one must fake ones happiness or sell one’s personality to be successful
  • Mentality of ‘living for the weekend’ to drown out the misery of the work week
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21
Q

Causes of alienation

A

xxx

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22
Q

Does alienation only apply to unskilled workers or to high-level businessmen as well?

A

It applies to anyone who has no part in the direction of the work and is employees as part of the machines he serves and is transformed into a thing in its dependence on capitalism; Most prevalent in the division of labor

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23
Q

Examples of alienation from ‘Office Space’ or your personal life

A
  • Forgets cover sheet of TBS report and gets reminded multiple times by multiple people
  • Wants to leave to get coffee within an hour of arrival so he doesn’t “lose it”
  • “There are people in the world that don’t have to do this stuff, use your mind and you will never have to work again”
  • Realizes that everyday since he started working has been the “new worst day of his life”
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24
Q

Potential Responses to the charge that Alienation is caused by Business/Market Economy

A
  • Branden’s response to the charge that Capitalism is to blame for alienation
  • “You will be alienated by any job that you do not like”
  • Managers are responsible for treatment, programs, flexibility
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25
Q

What is affluenza?

A
  • A painful, contagious, socially transmitted condition of overload, debt, anxiety, and waste resulting from the dogged pursuit of more
  • Made up fake term, from a 1997 American PBS TV documentary; Criticism that we are spoiled from all of the material well being that we have- like a disease that we “just want more stuff”
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26
Q

Symptoms of Affluenza

A

(1) Excessive spending and a low savings rate
(2) Rising debt levels
(3) Declining psychological well being, lack of meaning
(4) Absence of personal time
(5) Breakdown of culture.

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27
Q

Examples of affluenza.

A
  • Dissatisfaction in how our needs are met
  • Culture is becoming ruined by consumerism
  • Advertising everywhere
  • Advertising aimed at promoting affluenza
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28
Q

Types of criticisms of advertising (Affluenza and Overabundance)

A
  1. Seduction: Via the use of fallacies (bad arguments)
  2. Exaggeration: Puffery
  3. Subliminal Advertising: Convincing
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29
Q

Types of seductive/fallacious advertising (Affluenza and Overabundance)

A
  • Appeal to pity: “Save environment, help someone out”
  • False Alternative: “If you use a different product”
  • Appeal to Authority: Athletes, Famous
  • Appeal to Majority: “Popularity” because its cool
  • Slippery Slope: Leads to a chain of good things happening
30
Q

Kirkpatrick’s opinion of seductive/fallacious advertising (Affluenza and Overabundance)

A

Kirkpatrick says this is true, some businesses do this, but it is a bad form of advertising. Good advertising highlights real virtues of a product; Convinced that you really need the product because they bypass your conscious

31
Q

Subliminal advertising claims are based on… (Affluenza and Overabundance)

A

Weak studies and suffer from an internal contradiction.

32
Q

Types of inequality:

A
  • Equality of Outcome
  • Equality of Opportunity
  • Equality Under the Law
33
Q

Concerns with Income Inequality

A

Lack of income mobility and the poverty trap; Economic polarization; Economic instability

34
Q

Lack of income mobility and the poverty trap (Concerns with Income Inequality)

A

Cannot move up in socioeconomic status

35
Q

Economic polarization (Concerns with Income Inequality)

A

Can lead to societal discontent, hostility, even crime, power and the exploitation of the poor, absence of hope at one’s prospects

36
Q

Economic instability (Concerns with Income Inequality)

A

When a small wealthy class controls the wealth it can leads to economic uncertainty.

37
Q

Justifications given for Inequality

A

(1) “If it is earned and justly acquired” then there is no obligation to ‘give back.’
(2) ‘The gap’ is not what matters, but the progress of society (“a rising tide lifts all boats.”
(3) As long as nothing impedes income mobility, inequality is permissible.
(4) Wealth is created, it is not a fixed pie. If you create you wealth, you deserve it.

38
Q

Human Rights and Duties to the Society

A
  • Peter Singer’s argument in “Famine, Affluence, and Morality”; If it is in our power to prevent something bad from happening we should morally do it.
  • Child drowning example and parallel to third world suffering (distance and presence of others are the only difference)
39
Q

Characteristics of a corporation (Freeman’s Stakeholder theory of corporate responsibility)

A
  • Limited Liability
  • Legal Entity
  • Separation of management from ownership
  • Ease of transferring ownership rights through stock
40
Q

Who is a stakeholder? Wide definition (Freeman’s Stakeholder theory of corporate responsibility)

A

Any individual or group whose interests can effect or are affected by the corporation (Indirect Stakeholders: Government, Trade unions, Community groups/Non-profits, Environment, The media

41
Q

Who is a stakeholder? Narrow definition (Freeman’s Stakeholder theory of corporate responsibility)

A

Any individual or group vital to the survival and success of the corporation (Shareholders: Owners; Direct Stakeholders: Corporate managers, the local community, the customers, the employees, the suppliers)

42
Q

Freeman’s arguments for changing business from Stockholder based thinking to Stakeholder based thinking

A

Legal Argument, Moral Argument, Corporations are Creations of Government

43
Q

Legal Argument for changing business from Stockholder based thinking to Stakeholder based thinking

A

Legal precedent has rejected the unrestricted pursuit of profit via business regulations.

44
Q

Moral Argument for changing business from Stockholder based thinking to Stakeholder based thinking

A

Since virtually all business decisions are moral, we need a moral framework for business – and (Freeman thinks) morality means altruism and benevolence towards others.

45
Q

Corporations are Creations of Government for changing business from Stockholder based thinking to Stakeholder based thinking

A

For these reasons, corporations are said to be ‘legal fictions’ or ‘creations of government. And one argument holds that because government gives corporations these special favors, they should be able to demand corporations ‘give back’ to the community/state/society.

46
Q

What is Whole Foods CEO John Mackey’s compromise position between stakeholder and stockholder theory?

A

Businesses are about profit but ultimately a company has to have a solid philosophy and good principles. In the long run, having good principles and philosophy will lead to healthy profits for stockholders.

47
Q

Is Business Bluffing Ethical? (or Is Lying Good in Business?)

A
  • Carr argues business is like a game where deceit, exaggeration, lying are part of the strategy. He contrasts this with “church ethics”.
  • We need not consider this a bad thing, because we recognize that this is part of the game (just as you wouldn’t say excessive fouling at the end of a basketball game is ‘cheating’ or immoral).
  • Business and Poker play by the same rules – and it is not ‘church ethics’.
  • The rules of business are laws and business regulations, beyond this anything goes.
48
Q

Kirkpatrick’s Criticism of Carr

A
  • The game analogy is wrong and is a false alternative
  • In business (and in sports), we recognize that rules/laws do not spell everything out. Ethics are needed to cover situations that laws do not specifically make clear.
  • Carr’s misunderstanding of negotiation
49
Q

Signs of Ethical Collapse

A

Pressure to maintain the numbers; Fear and Silence:; Larger than Life CEO; Conflicts of Interest; Goodness in some areas atone for evil in others; Innovation like no other

50
Q

Pressure to maintain the numbers (Signs of Ethical Collapse)

A

A numbers culture
Carrot and Stick method
‘Creative accounting’ methods – fake sales, not writing down bad loans, channel stuffing, overstating ‘goodwill’
Intentional mergers to manipulate accounting (WorldCom, Tyco)

51
Q

Fear and Silence (Signs of Ethical Collapse)

A

HealthSouth, Tyco, Theranos

52
Q

Larger than Life CEO (Signs of Ethical Collapse)

A

HealthSouth, Theranos, Bernie Madoff (Someone you cannot question)

53
Q

Conflicts of Interest (Signs of Ethical Collapse)

A

A situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity (Examples: Arthur Anderson and Enron, Bernie Madoff, Dot.Com speculative boom).

54
Q

Goodness in some areas atone for evil in others (Signs of Ethical Collapse)

A

(Examples: HealthSouth, Raffaelo Follieri)

55
Q

Innovation like no other (Signs of Ethical Collapse)

A

Technology

56
Q

Regulations

A

Regulations: A set of administrative laws or rules issued by government to direct individuals or businesses in how to act, often requiring that they abide by certain standards or follow certain procedures of their operations

57
Q

Due Care Theory

A

The idea that consumers and sellers do not meet as equals and that the consumers interests are particularly vulnerable to being harmed by a manufacturer and manufacturers have an obligation to exercise due care to prevent the consumer from being injured by defective products

58
Q

Caveat Emptor

A

“Buyer beware” which makes the buyer responsible for any defects, problems, failures, and accidents through misuse, etc.

59
Q

Strict Product Liability

A

Manufacturers have a responsibility to ensure that their products are reasonably safe

60
Q

1963 Greenman vs. Yuba Power Tools Case (Strict Product Liability)

A

Since this, courts have started recognizing strict liability and that a company is liable for product defects that are not intentional, provided that the product was used “as intended” (Greenman received a power tool then purchased the attachment to use the tool as a lathe and he used this attachment on several occasions with ease. However, on one such occasion, the attachment flew from the machine machine and hit him on the head, causing severe injuries. Over ten months later, he presented a written notice to the retailer and manufacturer (Yuba Power Products, Inc) for breach of warranties and filed a complaint against both of them for damages on the grounds of breaches of warranties and for negligence.)

61
Q

Adverse effects of regulation: (Examples)

A
  • Legal Paternalism: Can be seen to violate the liberty of the consumer and manufacturer
  • Can be too prohibitive or costly
  • Can unfairly protect or benefit some at the expense of others
  • Can hamper technological development
  • Can prevent some individuals from participating in the market at a lower standard than the government/industry demands.
62
Q

Two categories of regulation

A

Social (those dealing with safety and fairness) and Economic (those regulating prices)

63
Q

Disruptive Technology/Business Concerns

A

Concerns: Unfairness, Danger/Untested technology, Violation of rights/property rights/intellectual property rights, Changing communities/cultures

64
Q

What is Eminent Domain

A

5th Amendment, Government shall not take private property except for public use” and with “just compensation”

65
Q

Recent abuse with Kelo v. New London case- 2005 (Cases of Over Regulation)

A

Supreme Court Rule 5-4 in favor of New London

66
Q

What is “blight” (Cases of Over Regulation)

A

“dilapidated” (reduced to or fallen into partial ruin or decay, as from age, wear, or neglect)

67
Q

Environmental Legislation – How can it be abused? (Cases of Over Regulation)

A

Endangered Species Act (1973) and Tellico Dam case: No matter how much project costs must stop if it endangers a species; Government dam but species was living further down river not where damn was “if a species is in danger the land must be saved”

68
Q

Licensing Laws – how can they be abused? (Cases of Over Regulation)

A

Are shutting young people out of the market; At issue are occupational licensing laws — rules, usually at the state or local level, that require workers to get a government-issued license to hold certain jobs.

69
Q

Laws vs. Regulation

A

Laws protect basic rights, regulations go beyond by protecting an individual’s rights securing his person, property and his freedom to contract

70
Q

Disruptive businesses

A

An innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.

71
Q

Disruptive Technology/Business Benefits

A

Benefits: It helps businesses expand its market through innovation with new and existing products/services, It exposes businesses to the importance of urgency, It helps companies discover its present and future leaders, It helps companies discover future opportunities, The company culture can turn into a learning community that embraces change

PHL Final (1 decks)

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