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Flashcards

BSNS111

Guy Turner English 84 cards

Cards in this deck (84)

  1. 1GDP measures what? Explain why this is problematicOnly the work we do for money. Leads to underestimation of the value of work done in economy
  2. 2Capitalism = ?Production for profit
  3. 3Discuss libertarianismEveryone has the right to their life, liberty, and property. Equal rights must be observed.
  4. 4How does capitalism create a conflict of interest between workers and business owners?Business owners, as a small proportion of the population, have a large proportion of wealth compared to their workers
  5. 5What are the 4 assumptions of capitalism?- Companies exist separately from people
    - Profit motive exists
    - Competition makes pursuit of self-interest beneficial
    - Major production means privately owned
  6. 6What is the market?Place of exchange of goods/services for currency
  7. 7What does lasseiz faire describe?A market that is allowed to move freely due to minimal governmental/political intervention
  8. 8Describe perfect competition vs. imperfect competitionPERFECT: Prices are at equilibrium for consumption
    IMPERFECT: Monopoly or oligopoly, price discrimination
  9. 9What is lasseiz faire?Idea that minimal political/governmental intervention into the market results in free and natural market movement
  10. 10We assume the market has:Perfect competition, knowledge, and selsfishness
  11. 11What is the problem surrounding market laws & regulations?They are extremely susceptible to influence by society (pressure) and businesses (paying for favourable regulations)
  12. 12What is the social contract? Why is it always changing?The reciprocal understandings that exist between business and society to ensure businesses behave 'appropriately'. Always changing due to altering societal concerns
  13. 13Describe agency theoryShareholders own the business, the board are the agents to act in the shareholders best interests
  14. 14Distinguish between a shareholder and a stakeholderShareholders have monetary investment in company, stakeholders have interests that may be outside money. Shareholders always stakeholders, stakeholders not always shareholders
  15. 15Provide examples of potential stakeholders in a businessCommunity (local groups), government (state, local, or federal), employees, etc.
  16. 16Discuss corporate citizenshipMaintenance of community interests, stakeholder interests, integration of employees to community, reflection of shared morals and principles
  17. 17Describe a pluralistic society and why it's goodA society with many groups with different ideas and beliefs. Counterparties ensure one group never gains too much power
  18. 18What are the 4 forces in the countervailing forces model? What does this model show?- Environmental catalysts
    - Society
    - Government
    - Corporations
    Shows us business can never be isolated and dominant as forces will always counter them
  19. 19What are some themes are explored in feminist theory?Discrimination
    Objectification (esp sexually)
    Oppression
    Stereotyping
  20. 20What theories exist around media manipulation of society?- Agenda-setting: release of info in a way that sets a precedent for one particular wider discussion (tell us what to think)
    - Priming: predecessor of agenda-setting. Provide context for public discussion.
    - Framing: influencing how audience interprets story through releasing only snippets of relevant info
  21. 21Discuss how ethics permeate businessesEthics a potent issue in the commercial realm, and thus ethical questions inevitably arise in a businesses management upon determining business models
  22. 22What are 5 approaches to answering ethical questions?- Utilitarianism
    - Individualism
    - Moral rights
    - Justice approach
    - Practical approach
  23. 23Describe utilitarianism and the issues that can arise from itMoral behaviour produces greatest good for all. Option that optimizes benefit for greatest number is the right approach.
    - Uses a simple cost-benefit analysis to help decide
    Problematic in that the mass view of the 'greatest good' may be evil or malicious, e.g. Nazi Germany
  24. 24Describe individualismActs are moral when the individual's long-term interests are promoted, i.e. self-centered interests. A very capitalist approach.
  25. 25Discuss the moral rights approach towards ethical questionsMoral decisions = those that maintain the rights of those affected. Based off the fundamental human rights people have (privacy, consent, freedom of speech). Particularly relevant in modern social media & online advertising context.
  26. 26Discuss the justice approach towards ethical questionsDecisions must be based off equity, fairness, and impartiality.
    - Distributive Justice: everyone equal despite characteristics
    - Procedural Justice: rules equally and fairly applied to all
    - Compensatory Justice: you are responsible for those affected by an entity you control
  27. 27Discuss the practical approach towards ethical questionsBased on prevailing standards in the industry at time. Completely sidesteps any question of what's 'good' or 'right'.
  28. 28What is the concept of governance?How an organisation is directed using formal rules & procedures that adhere to the corporate charter
  29. 29Describe what's involved in effective corporate governanceGoverning relationships with stakeholders to determine strategic direction and performance of entity. Poor corporate governance would ignore fundamental issues in the business, not seeking to resolve them
  30. 30What is a corporate charter (articles of incorporation)?State government issued document used to form a corporation. Specifies corporation purpose, and the basic rights and duties of stockholders, directors, and officers
  31. 31What are the challenges to Agency Theory?Shareholders aren't 'legal owners', they don't have free access to premises or assets, they are more beneficiaries of the activities. Directors are more fiduciaries to the shareholders than their agents.
  32. 32Define workplace diversityHiring, training, and valuing people with different qualities or who are from different cultural groups. Workplace should be heterogeneous
  33. 33Differentiate between primary and secondary dimensions of diversityPrimary: core elements that shape image & world views, e.g. race, gender, sexual orientation
    Secondary: acquired or changed over life, e.g. education, religion, experience
  34. 34What is a common & effective way to achieve workplace diversityHave a heterogeneous management/employment team
  35. 35What are some economic impacts on diversity/globalisation?Economic crashes, e.g. great depression was followed by period of fascism. GFC of 08 displayed similar trends
  36. 36How can diversity fail at the individual level?Ethnocentrism: the inherent belief one's own culture is superior to another's.
    Stereotyping: standardising ideas about a group or culture
  37. 37What is the 'glass ceiling'?Unacknowledged barriers to career advancements based off discrimination, usually against women and minorities
  38. 38Describe some demographic predictions of NZ- 5.5 mil by 2038, ageing population
    - Labour force to 3.0 mil by 2038
    - Maori, Pacific, and Asian increasing proportion of population
  39. 39What are some changes in the workplace that are currently challenging managers?Unprecedented generational diversity and steadily increasing prevalence of women in the workplace
  40. 40Discuss a monocultureThe support & advocacy of one group or culture in a society, generally stemming from ethnocentrism
  41. 41Provide a direct economic reason as to why NZ society is not egalitarianTax evasion is 33 times costlier to our economy than welfare fraud, but the latter is 10x more likely to result in imprisonment. Imprisonment is more likely for poorer communities
  42. 42What significant trade/economic influences in history have shaped our economy?The early Maori economy, and the development of our trade with Australia resulting in removal of all tariffs in 1990.
  43. 43What cultural influences are shaping our economy?Changing perspectives towards gender inequality and changing population demographics
  44. 44How was our 'early' economy structured prior to the 1980s?Encouraged development of infrastructure, tariffs and licensing requirements were heavily implemented to protect local firms from international competition
  45. 45What economic restructuring occured in the 1980s and 1990s?A very neoliberal restructuring that resulted in the removal of most tariffs allowing free market capitalism and international competition. Known as 'Rogernomics' based off the finance minister who implemented these policies
  46. 46What was the initial result of 'rogernomics'?Huge loss of manufacturing jobs, increase in poverty and severe drop in health standards
  47. 47Briefly describe Maori business in NZ$15b worth of assets. Seafood top asset. 1 in 5 Maori SMEs sells overseas
  48. 48Describe state involvement in NZ agricultureLoose restrictions. Free-trade agreements have opened up markets
  49. 49Why might government be included in business?To control assets of national importance, promote sector growth, and ensure competition
  50. 50What worth of assets do state-owned enterprises (SOEs) own in NZ?$53b
  51. 51Why are SOEs important?Are subsidised for losses thus provide a non-commercial objective, e.g. rail transport around NZ. Grows area to support entrepreneurs
  52. 5297% of businesses in NZ are what? Describe the characteristics of this business typeSmall-to-medium enterprises. Owner operated, often lack technical proficiency, may have numerous motives outside profit and growth for running the business
  53. 53What are the implications of the low sales tax thresholds in NZ? What is another tax businesses may encounter?If your customers are other business (B2B commerce), implications are low, but has high implications for B2C commerce. Corporation tax
  54. 54What are the 3 branches of governmentLegislature, executive branch, judiciary
  55. 55Define globalisationIncreasing degree of connectedness across borders between consumers, organizations, and governments
  56. 56Describe how markets are becoming globalizedMNEs and MNCs reorganizing their business model to be spread across multiple countries, often with the interest of cost reduction
  57. 57What challenges are MNEs and MNCs presented with when expanding through globalization. What temptations exist for these MNEs?Gaining corporate legitimacy in a new society, largely due to differing philosophies. Easy to manipulate local cheap labour laws, ignoring ethics (sweatshops)
  58. 58Define technology & technological environmentTechnology: totality of means to provide sustenance & comfort.
    Tech Environment: total set of tech-based advancements or progress in society
  59. 59What is a disruptive technology?Tech developments that disrupt current markets, possibly forming their own market & industry, e.g. the iPod
  60. 60What is the imperative of technological determinism?'What can be made will be made'
  61. 61What is one challenge we face due to technology?New technological world largely only accessible in developed countries - risk of further isolating developing nations? Allows developed nations to 'leapfrog' their advancement
  62. 62What is a controversy integral to technology in our society?Algorithms. Depending on how they're programmed, they can directly or indirectly reflect bias
  63. 63How is data released approached in the EU compared to the US?EU: must opt-in for user data to be released
    US: will be released unless you opt-out
  64. 64What are some symptoms of society's fixation with technology?- Favour the 'quick fix'
    - Normalize violence
    - Distanced & distracted
    - Expectation of 'gig economy'-type employment
  65. 65Despite the preference of a lasseiz faire market, businesses require a government. Governments can be thought of as what to a business?A stakeholder
  66. 66How do government ethics clash with business ethics?Government follows collectivistic ethics while businesses in capitalism are individualistic.
  67. 67Why do we need government regulation in business. What is the concern for excessive regulation?Ensure competition, public goods & services, externalities. Good for proper employee treatment & product regulation. Excessive = nanny state
  68. 68Discuss deregulationThe removal of 'excess' regulation surrounding something to free up efficiency, productivity, etc. Neoliberalism?
  69. 69Why is corporate participation in politics necessary? How might they be involved?Because the government is a large stakeholder in corporations. Participation (spending) or lobbying (influencing)
  70. 70How is business lobbying done?Via lobbyists paid to discuss matters such as legislation, regulation, funding, etc. with politicians
  71. 71Describe grassroots & astroturf lobbyingGrassroots: convey a message through the general public to the legislators
    Astroturf: organizations that convey a corporations lobbying message to legislators intended to look like it's from a grassroots perspective
  72. 72Other than grassroots & astroturf, what are some other lobbying methods?Trade associations & coalitions
  73. 73How does agency issue incorporate itself into corporate influence in politics?Managers cannot engage in political spending that enhances their own interests and not those of the shareholders
  74. 74What is a social enterprise?Profit/not for profit organization with a social, cultural, and/or environmental purpose. They reinvest their profits
  75. 75Benefits of social enterprises?Sustainable, better social outcomes, create wealth & employment, government actively supports these businesses
  76. 76Why is there currently a heightened interest in social enterprises?Because governments and markets have thus far failed to solve pressing issues like climate change, youth unemployment, etc.
  77. 77What are some constraints that social enterprises might encounter to their growth?Business capability, financial constraints
  78. 78Consumer behaviour =How consumers behave in different situations regarding goods, services, ideas, and experiences
  79. 79What are convenience goods?Non-durables or fast-moving consumer goods (FMCGs)
  80. 80What is an unsought service?A service that consumers typically wouldn't seek, e.g. blood transfusions
  81. 81Non-profit sector?Organizations involved in any activities that operate on a non-profit basis
  82. 82Public vs. private sector?Public: Government-provided services like education, transport, health, etc
    Private: Commercial companies marketing goods & services to consumers to sell for profit
  83. 83What is conspicuous consumption?Spending in a manner that purposefully displays your wealth and social status
  84. 84Ethnocentric fallacy & relativist fallacy?Ethnocentric: our beliefs/behaviours are right, others wrong
    Relativist: no behaviour is right or wrong, needs to be judged from the perspective of its own standards

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Flashcards on BSNS111, created by Guy Turner on 17/05/2019.
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Guy Turner
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