Podcast
Questions and Answers
Which of the following best describes the concept of 'just price'?
Which of the following best describes the concept of 'just price'?
- Prices set by government regulations to ensure affordability
- Prices that maximize profit for producers while remaining competitive
- Prices determined solely by market demand during emergencies
- Prices that reflect the intrinsic value of goods based on tradition (correct)
Civic virtue refers exclusively to acts of charity performed by wealthy individuals during times of crisis.
Civic virtue refers exclusively to acts of charity performed by wealthy individuals during times of crisis.
False (B)
Define 'moral desert' in the context of ethical decision-making.
Define 'moral desert' in the context of ethical decision-making.
The idea that individuals deserve certain outcomes based on their actions, particularly in regards to justice and fairness.
The term __________ describes public anger directed at financial institutions that received government bailouts during the 2008 crisis.
The term __________ describes public anger directed at financial institutions that received government bailouts during the 2008 crisis.
Match the following terms with their definitions:
Match the following terms with their definitions:
Which of the following scenarios best exemplifies a 'moral dilemma'?
Which of the following scenarios best exemplifies a 'moral dilemma'?
'Choice architecture' refers exclusively to the physical design of retail spaces to influence consumer behavior.
'Choice architecture' refers exclusively to the physical design of retail spaces to influence consumer behavior.
Explain the goal of 'Libertarian Paternalism'.
Explain the goal of 'Libertarian Paternalism'.
The '__________' is a reflective strategy where one considers whether they would feel comfortable explaining a decision to a loved one.
The '__________' is a reflective strategy where one considers whether they would feel comfortable explaining a decision to a loved one.
Which of the following best describes 'System 1' thinking?
Which of the following best describes 'System 1' thinking?
Flashcards
Price Gouging
Price Gouging
Raising prices on essential goods and services to exploit consumers during emergencies.
Restitution
Restitution
Compensation paid to victims of illegal actions, such as price gouging.
Just Price
Just Price
A historical concept that prices should reflect the intrinsic value of goods based on tradition.
Supply and Demand
Supply and Demand
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Civic Virtue
Civic Virtue
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Greed
Greed
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Moral Desert
Moral Desert
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Utilitarianism
Utilitarianism
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Moral Reasoning
Moral Reasoning
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Moral Dilemma
Moral Dilemma
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Study Notes
- Raising prices on essential goods and services to exploit consumers during emergencies constitutes price gouging.
- Charlie Crist, the Florida Attorney General during Hurricane Charley, condemned price gouging.
- Restitution is compensation paid to victims of illegal actions, such as price gouging.
- Just price is a historical concept where prices should reflect the intrinsic value of goods based on tradition.
- Supply and demand is an economic model that explains how prices in a market are determined by the availability of goods and consumer demand.
- "Emotionally powerful" is a phrase used by Thomas Sowell to describe public outrage over price gouging.
- A free-market economist believes markets operate best when individuals can make choices without government interference.
- The commitment of citizens to act in ways that promote the common good, especially during times of crisis, is civic virtue.
- Welfare is a societal state where the well-being of individuals is prioritized, often associated with economic prosperity.
- An excessive desire for wealth or goods beyond what one needs or deserves is greed, seen as a vice in moral discussions.
- The virtue argument suggests that societal norms should promote moral behavior and discourage vices like greed
- Moral desert is the idea that individuals deserve certain outcomes based on their actions, particularly regarding justice and fairness.
- Bailout outrage refers to public anger directed at financial institutions that received government bailouts during the 2008 crisis.
- The Purple Heart is a U.S. military decoration awarded to those wounded or killed while serving, traditionally not given for psychological injuries.
- Utilitarianism is a moral framework that advocates for actions that maximize happiness and well-being for the majority.
- Moral reasoning is the process of determining right from wrong through reflection and dialogue about ethical principles.
- Moral conviction is a deeply held belief about what is right or wrong.
- Public debate involves discussions among citizens about ethical, social, and political issues, often leading to changes in policy.
- Philosophical inquiry involves exploring fundamental questions about existence, knowledge, values, and justice.
- A moral dilemma is a situation where a difficult choice must be made between two or more conflicting moral principles.
- A nudge suggests that small changes in how choices are presented can significantly influence decisions and behaviors.
- Choice architecture involves designing the ways in which choices are presented to consumers, influencing their decisions.
- Libertarian paternalism is an approach to policymaking that aims to improve people's choices while preserving their freedom to choose.
- Defaults are pre-set options that take effect when no alternative is specified and often influence decision making.
- RECAP stands for Record, Evaluate, and Compare Alternative Prices, proposed to help consumers make informed choices regarding services.
- Behavioral science studies human behavior, focusing on how individuals make decisions and how various factors influence those decisions.
- Decision research is a field of study that examines how choices are made and what influences those choices.
- Choice architects are individuals or organizations that design the environments in which decisions are made, aiming to nudge people toward better outcomes.
- Outcomes are the results or consequences of a decision or choice made by an individual.
- Cognitive abilities are the mental capabilities that enable individuals to think, learn, and make decisions.
- Human fallibility is the tendency for humans to make mistakes or err in judgment.
- Satisfaction is a feeling of pleasure or contentment derived from achieving or obtaining what one desires.
- Health insurance plans are insurance policies designed to cover the costs of medical care.
- Information overload is a condition wherein an individual is exposed to too much information, making decision-making difficult.
- Feedback is information about reactions to a product, service, or action that can be used as a basis for improvement.
- Impulsive purchases are unplanned or spontaneous buying decisions that can lead to regret.
- Complex choices are decisions involving multiple factors or variables that make the optimal choice difficult to determine.
- Predictive errors are mistakes made in forecasting the outcomes of choices based on past experiences.
- Consumer behavior studies how individuals make decisions to spend their available resources on consumption-related items.
- Economic policymaking is the process of creating policies that influence the economy, including regulations and guidelines for decision-making.
- Ground rules are basic principles or guidelines that govern conduct and decision-making.
- Blind spots involve the failure to recognize ethical implications or the moral aspects of a situation.
- Behavioral ethics studies how people make ethical decisions and the psychological influences affecting those decisions.
- System 1 thinking is defined as fast, automatic, emotional decisions.
- System 2 thinking is defined as slow, deliberate, logical decision-making processes.
- The "want" self acts on self-interest, often overriding moral principles during decision-making.
- The "should" self reflects our ethical values and principles, guiding us toward moral decisions.
- An ethical dilemma is a situation in which a choice must be made between two or more conflicting ethical principles.
- Precommitment devices are strategies used to limit the influence of the "want" self, ensuring alignment with ethical choices.
- Escalation of commitment is the tendency to continue a chosen course of action, even when it leads to negative outcomes.
- Debiasing is the process of identifying and correcting biases that distort decision-making and ethical judgment.
- Informal values are unspoken, often hidden values present in an organization that influence employee behavior.
- Ethics sinkholes are areas within an organization that promote unethical behavior due to uncertainty, time pressure, or isolation.
- Future lock-in is a strategy that involves delaying the implementation of a policy to better align with people's ethical values.
- Nudge theory is a behavioral science concept that proposes structuring choices in ways that promote ethical decision-making.
- The Mom Test is a reflective strategy where one considers whether they would feel comfortable explaining a decision to a loved one.
- Joint decision-making is a process where multiple options are evaluated together, which can lead to more ethical choices.
- Cognitive biases are systematic patterns of deviation from norm or rationality in judgment that can affect ethical decision-making.
- Labeling effects are the effect of how unethical situations are labelled
- Behavioral Interventions are strategies designed to change/improve individuals ethical decision-making processes
- Social responsibility is an organizational obligation to act for the benefit of society at large, beyond just the profit motive.
- Transparency in communication is the practice of openly sharing information regarding processes, decisions, and implications to foster ethical practices.
- Bounded ethicality explains that cognitively, our ability to behave ethically is seriously limited due to cognitive biases and limitations.
- Cognitive frame is the perspective from which decisions are viewded
- Toby Groves is an individual who made a promise to his father not to engage in unethical behavior but eventually committed fraud.
- Fraud spread explains that lies and unethical decisions escalate into frauduent activity
- Empathy in Decision-Making is the psychological tendency to help people we identify with, which can lead to unethical choices.
- Ethical blindness is the phenomenon where individuals fail to recognize the ethical implications of their actions.
- The Subprime Mortgage Crisis involved high-risk lending and fraud in the mid-2000s
- First lies is a term for the initial unethical act of lying on a mortgage application that opened the door to further lies and fraud.
- Emissions testers are professionnals responsible for testing vehicle emissions who may engage in unethical practices based on empathy.
- Cognitive biases are systematic patterns of deviation from norm or rationality in judgment, affecting ethical decision-making.
- System 1 is the automatic, quick, and effortless mode of thinking that requires little or no voluntary control.
- System 2 is the conscious, effortful mode of thinking that involves complex computations and is associated with agency and choice.
- Cognitive illusions are errors in reasoning or judgment that arise from the automatic operations of System 1, often leading to misleading conclusions.
- Fast thinking is an intuitive and quick thinking process managed by System 1, which operates automatically and helps make rapid assessments.
- Slow thinking involves the deliberate mode of thinking controlled by system 2
- The Müller-Lyer illusion is a visual illusion where two lines of the same length appear to be different lengths due to the added fins, demonstrating the difference between impression and belief.
- Attention allocation is the process of distributing cognitive resources to different tasks; crucial for the functioning of System 2, which requires attention to operate effectively.
- Heuristics are mental shortcuts or rules of thumb that simplify decision making and problem solving, often associated with System 1.
- Premonition describes a strong feeling or intuition regarding a future event, typically arising from the automatic processing of System 1.
- Effortful control reflects System 2's ability to regulate and oversee decisions and actions that require self-discipline and conscious thought.
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