AP SOSC 2330 Test 1 Review PDF

Test #1 Review Sheet Test Date: Week of October 28 (in your tutorial session) Test Format: Written in tutorial, closed book. Time Allotted: 50 minutes Value: 10% of final grade Section One: Definitions (5 definitions, 10 points each) For this part of the test, you will be asked to provide a total o...

Test #1 Review Sheet Test Date: Week of October 28 (in your tutorial session) Test Format: Written in tutorial, closed book. Time Allotted: 50 minutes Value: 10% of final grade Section One: Definitions (5 definitions, 10 points each) For this part of the test, you will be asked to provide a total of FIVE (5) definitions from a list of six terms. Each definition should be approximately 3-4 sentences in length. You should explain the meaning of the term in the context of the course (i.e., as we have learned it with respect to our material and not in a generic sense). You can include things such as when or where the term arose in our course materials and how it relates to the study of law and economics. Possible terms: 1. Political Economy Definition - basically describing how the government and individuals shape how we live in regarding to who gets what and how (money, land, resources) - Remember: - Locke smith and marx also had different views which connects to this involving freedom, individualism, and inequality When or where the term came up in the course material: - came up in the week 2 Sept 16 lecture How it relates to the study of law and economics: - It shows how these powerful groups as in the government and private people can control the economic system and decide who gets what - Political economy is basically a behind the scenes story of economics which helps determine why prices go up and down why some people are rich and poor etc 2. Jurisprudence Definition - The study and theory of the law basically looking at how these legal systems function, why laws are the way they are etc When or where the term came up in the course material: - Week 2 sept 16 lecture How it relates to the study of law and economics: - Helps us understand the laws that allow the economy to function smooth (fairness and ownership) 3. The legal subject Definition - A person who has rights and responsibilities regarding the law and helps determine which identity of a person is important - Like a person in law When or where the term came up in the course material: - Week 2 lecture notes How it relates to the study of law and economics: - Related to the rational person in economics where both focus on rights and responsibilities but one is in the economy the other is with the legal system 4. ‘labour mixing theory’ Definition - John locke developed this and basically says that when a person mixes there work with natural resources like farming then it is your property an only yours - Your work= you own it Remember - Picture locke as “planting” his ideas into land to make it personal property so whenever you work on something it becomes yours When or where the term came up in the course material: - Week 2 lecture and reading How it relates to the study of economics: - This theory link perfectly in understanding the origin of property rights in law which is important for understanding ownership within the economic systems 5. Formal Equality Definition - Equal treatment+same rules - Everyone in the same boat gets the same treatment by law - No matter the circumstance everyone gets treated fairly and acquired to the same rules Remember - Picture everyone in the same boat- if two people face the same situation, then they get identical treatment under formal equality When or where the term came up in the course material: - Week 3 readings and lecture How it relates to the study of law and economics:  - It relates to economic theory regarding making self interest decisions and in law it supports the idea of unbiased treatment which is really important for fairness in the legal system and economic equality 6. Orthodox Economics (neoclassical economics) Definition - People make rational choices to maximize their self interest which benefits the economy Remember - It's like the mainstream river of economic thoughts where everyone floats towards efficiency by making smart choices When or where the term came up in the course material: - Week 3 lecture notes How it relates to the study of law and economics: - It assumes that self interest also drives decisions so laws try to help people and businesses make good decisions 7. Self-love Definition - This is linked to the idea of self interest - Adam smith idea that people do things to benefit themselves but also benefits everyone at the same time - Baker example on how baker or brewer are working in their self interest to make money, its also benefiting everyone as everyone is getting something out of it even tho its only linked to self interest When or where the term came up in the course material: - Week 3 lecture during discussion of adam smiths economic ideas How it relates to the study of law and economics: - both fields expect people to act in personal gain which helps predict economic and legal behaviour 8. Marginal Utility Definition - The added satisfaction someone gets when getting more than one product but the value of it lowers each product Remember - Picture drinking multiple cups of coffee, the first coffee is great but by the third and fourth cup the day it becomes less satisfying When or where the term came up in the course material:  - Week 3 lecture How it relates to the study of law and economics: - Marginal utility helps us understand why people buy more or less of something based on how much they need or want - This idea helps guide rules and prices in the economy to make sure theres enough of everything without making too much 9. Rational Economic Man / Homo Oeconomicus Definition - A person who makes decisions regarding their personal benefit which is motivated by economic gain Remember - Picture homo oeconomicus as a calculating person with a benefit scae in mind who weighs all the different choices to have the most advantage When or where the term came up in the course material: - Week 3 lecture How it relates to the study of economics: - This model helios economists and law makers predict people behaviour assuming that people will act in their own best interest to keep the economy balanced 10. Pareto Optimality Definition - Sharing things in a way that's fair - It's the idea that If you try to help one person, you might hurt someone else so it's about finding a balance where everyone gets a benefit without hurting someone else Remember - Imagine diving a pie where everyone gets a fair share and taking a piece for one person means reducing someone else's share When or where the term came up in the course material: - Week 3 How it relates to the study of economics: - Helping evaluate the efficiency of legal rules and policies - Helps create rules that aim to improve someone's situation without harming others making the system more fair and efficient 11. The Great Gap Definition - Arab/muslim scholars were ignored after coming up with important ideas about economics way back in history by the western historians - Even though they has smart ideas first they didn't get the credit they deserved Remember - Visualise an information gap that excludes the important ideas and perspectives in economic thought When or where the term came up in the course material: - Week 3 How it relates to the study of economics: - Recognizing this gap in law and economics shows us how histories unfairness affected which ideas people thought would be important - Reminds us that looking at ideas from different backgrounds can help make more fair rules for everyone 12. Mirrors for Princes Definiton - Guidebooks for rulers with advice on fairness and good governance When or where the term came up in the course material: - Week 4 lecture How it relates to the study of law and economics: - Focus on real-world solutions for rulers which guides them on managing political and economic issues Memory Hook: Think of “Mirrors” reflecting practical wisdom—rulers get “real” advice on governance, linking law and economics to practical issues. 13. Negative Externalities Definiton - Harmful side effects of a business eg. pollution that impact others and the government sets rules to limit these side effects When or where the term came up in the course material: - Week 7 - How it relates to the study of law and economics: - Laws control these business activities and create rules that protect everyone around us Memory Hook: imagine pollution as a negative side effect businesses can cause, and the laws step in to protect society 14. Reciprocal Notion of Harm Definition - Coases idea that harm should be considered on both sides like how pollution control can hurt businesses even though its benefiting society When or where the term came up in the course material: - Week 7 How it relates to the study of law and economics: - It helps find a solution that stops harm on both sides so it uses legal and economic rules to balance it out Memory hook: “Reciprocal” means both sides so law and economics work together to lessen the overall harm 15. Methodological Individualism Definition - Judging society by focusing on different peoples actions as society is made from different people When or where the term came up in the course material: - Week 2 How it relates to the study of economics: - Good laws are based on understanding how people act which shapes different economic outcomes Memory hook: think “individuals matter”- individual actions affect laws and communities 16. Heterodox Economics Definition - Different economic approaches have an affect on mainstream economics so it focuses on fairness and real world problems When or where the term came up in the course material: - Week 5 How it relates to the study of law and economics: - It argues that laws shouldn't just be about efficiency and profit in economics but it should have a fair outcome for everyone when it comes to laws Memory hook: “heterodox” means different ideas- laws should be focused on fairness and not just profits 17. Alienation Definition - Marxs idea that workers feel disconnected under capitalism as they have little control over their work or products When or where the term came up in the course material: - Week 5 Karl's critique on capitalism How it relates to the study of economics: - Job contracts and laws often favour the business interests so it makes workers feel powerless Memory hook: alienation= “feeling alienated” in work with laws keeping workers in an unequal position 18. Conspicuous Consumption Definition - Buying things to show off wealth rather than for need (Veblen concept) When or where the term came up in the course material: - Week 5 How it relates to the study of law and economics: - Consumer laws should consider that sometimes people buy things for social status and not just for need Memory hook: “conspicuous” means showing off- laws should think about the social influence people have in regards to their buying habits 19. Consumer Sovereignty Definition - The idea that buyers shape the market from their buying choices When or where the term came up in the course material: - Week 3 mainstream economics How it relates to the study of economics: - While buyers choices are usually supposed to guide the market, companies often influence it, so laws may be needed to keep things fair Memory hook: buyers (consumers) “vote” with their money, but laws help balance against big company influence 20. Producer Sovereignty Definition - Large companies control the market by creating a demand which is often through advertising When or where the term came up in the course material: - Week 5 critiques of consumer influence How it relates to the study of economics: - Laws may be needed to balance market power between companies and consumers Memory hook: producers “push” products- laws help make sure buyers (consumers) arent overly influenced and buy so much 21. Critical Race Theory Definition - Looks at how laws can quietly support racial inequalities even when they seem fair or neutral - Some laws might look fair on the surface but they just help keep certain racial groups in power When or where the term came up in the course material: - Week 6 critical perspectives on law How it relates to the study of economics: - Just shows how laws can favor certain racial groups like whites over black Memory hook: - CRT reveals hidden biases- laws need to be checked for racial fairness 22. Racism as Institution Definiton - Societys rules and systems set uo to benefit certain groups (especially white people) while disadvantaging others When or where the term came up in the course material: - Week 6 discussion critical perspectives of law How it relates to the study of law and economics: - Looks at how legal and economic rules reinforce racial inequalities supporting powerful groups over others Memory hook: racism is “built-in”- laws and systems keep inequality in place 23. Legislative Intent Definition: - The purpose behind a law; understanding intent reveals if a law was designed fair or not fair When or where the term came up in the course material: - Week 6 where it relates to understanding laws in light of the lawmaker's goals How it relates to the study of economics: - Helps find out hidden biases in the law revealing if there genuinely fair or unfair towards different groups Memory hook: legislative intent is the “why” behind laws- showing if there fair or biased Section Two: True or False with Justification (5 questions, 10 points each) For this part of the test, you will be given FIVE (5) statements. You will need to indicate if each sentence is TRUE or FALSE. Once you have made this determination, you will need to provide 2 sentences explaining why this is the case. Your reason(s) should be substantive, that is, not perfunctory (e.g. “I know this because I read it in the text”) or tautological (e.g. “it is because it is”) The list of texts relevant to this section includes: - Ward, Ian. “Law and the Political Economy” What he discusses: - Laws are not neutral; they support the powerful Key points from this reading - Law reinforces power: laws support those who are in control - Law and economy are linked: law shapes the economy to favor those with power Memory hook: “Ward: power and law” - Imagine a “ward” (as in a guarded space) where only the powerful are protected- laws reinforce this power Coase, Ronald. “The Problem of Social Cost” Main point - Balance both sides when business causes harm Key point - Look at both sides of harm: consider harm and business impact - Best solution minimizes harm: find solutions that cause the least harm - Negotiation over government: prefer negotiation unless too costly Memory hook: “coase: costs of harm” - Think of a “cost” that needs balance- like pollution control- and coases idea of weighing both sides to find the best outcome Scott, Sonya. “Political Economy and Critiques of Capitalism: Heterodox Main point - Questions capitalism, focusing on how it benefits the wealthy Key points - Capitalism favors the wealthy: keeps power with the rich - Alternative views matter: challenges the mainstream - Fixing imbalances: looks for fairer ways to balance the economy Memory hook: “Scott: critique of wealth” - Imagine scott as a “critic” of wealth imbalance, pushing dor more fair economic ideas that don't only favour the rich “Perspectives” Main point - Different economic theories critique capitalism Key points - Critiques of capitalism: questions if it is fair - Focus on inequality: highlights the power divide - Different approaches: Marxist and other views offer solutions Memory hook: “perspectives on fairness” - Think of “perspectives” as different views on making the economy more fair, focusing on critiquing capitalism Galbraith, John Kenneth. “Economics as a System of Belief” Main point - Economics can act like a belief system, often favoring the wealthy Key points - Economics as a belief: more of a belief than science - Ignoring reality: ignores how large companies impact the economy - Consumer vs. producer power: producers often shape consumer needs Memory hook: “Galbraith: economics as belief” - Imagine economics as a belief that justifies the power of big companies over consumers Crump, Ben “Creating the Criminal” Main point - Some laws unfairly target and control minorities Key points - Biased laws: certain laws seem neutral but target specific groups - Historical discrimination: continuation of racial control - Hidden agendas: laws sometimes aim for social control, not justice Memory hook: “crump: criminalizing minorities” - Think of crump as exposing “criminalizing” laws that maintain control over minorities even using specific examples like the “baggy pants” law