Legal and Ethical of databases

what is the difference between ethics and law?

ethics = moral principles about right and wrong

law = enforceable rules created by governments.

(things can be unethical but legal, or illegal but ethical)

what is positive law?

law formally created and enacted by governments and institutions. (constitutions, criminal laws, regulations)

what is natural law?

the idea that certain rights and moral principles exist naturally and universally, independent of governments

what are the five major functions of law?

1. regulatory function

2. preventative function

3. sanctioning function

4. dispute resolution

5. promotion of essential values

what are externalities in law and economics?

effects of economic activities on third parties not directly involved.

(pollution → environmental regulations)

what are public goods?

goods/services available to everyone and usually funded collectively

(defense services, public roads)

what problem does antitrust regulation address?

market power and monopolies that reduce competition

what is information asymmetry?

when one party has more information than another. law responds with transparency and trading regulations.

what are the core components of a legal system

laws, legislature, and judiciary

what is the difference between public law and private law?

public law → relationship between individuals and the state

private law → relationship between private individuals/entities

what are the core principles of legal systems?

justice, freedom, and rule of law

what is the official regulation?

mandatory rules imposed by governments or public authorities

what is self-regulation?

market created rules, recommendations, standards, or good practices that are not mandatory law

what is the difference between legal principles and legal rules?

principles = broad optimization goals

rules = “if-then” legal consequences

what is an example of a rule structure?

“if X happens, then Y legal consequence follows” (criminal law)

what are examples of legal principles?

proportionality, reasonability

what are the four state structures discussed?

1. confederation

2. federal

3. regional

4. unitary

what is the hierarchy of legal norms?

1. constitution

2. international law

3. supranational law (EU law)

4. national law

5. administrative regulations

6. administrative acts

7. jurisprudence

8. custom

9. general legal principles

what does “lex posterior derogat priori” mean?

newer law overrides older law

what does “lex specialis derogat generali” mean?

specific law overrides general law

what does “lex specialis derogat inferiori” mean?

higher-ranking law overrides lower-ranking law

what are the main EU institutions?

• european parliament

• european council

• council of the EU

• european commission

• court of justice of the EU

• eurpoean central bank

• court of auditors

what are three types of EU competences?

1. exclusive

2. shared

3. support competences

what generates value in a digital economy?

scarcity, differentiation, and innovation

what is the difference between a digital market and a digitized market?

digital market = born online

digitized market = traditional market adapted with digital tools

what are the key elements of a business model?

• value proposition

• customer segments

• channels

• customer relationships

what are operational components of a business model?

• revenue streams

• key resources

• key activites

• key partners

• cost structure

what are three major financial statements?

1. balance street

2. income statement

3. cash flow statement

what does a balance sheet measure?

net worth through:

• assets

• liabilities

• equity

what does an income statement measure?

profitability and solvency

what does a cash flow statement measure?

liquidity and movement of cash

what is e-commerce?

direct online sale of goods/services using electronic networks

what legal issues are associated with e-commerce?

personal data management

online advertising

warranties

vendor contracts

logistics contracts

what is a marketplace business model?

a platform connecting producers and consumers and managing transactions

what is a subscription service model?

continuous access to content/services in exchange for recurring payment

what if freemium?

basic content/services are free, while advanced features require payement

what are characteristics of online advertising?

highly targeted

personalized

cost effective

high-volume reach

what is SaaS?

Software as a Service:

• cloud-based

• subscription-based

• remote access software

what is the P2P/collaborative economy?

platforms facilitating exchanges between users without owning assets themselves

what is tokenization?

blockchain-based digital systems using decentralized transactions and smart contracts

what is a digital ecosystem?

a platform integrating multiple services/products to keep users within one environment

what is omnichannel retail?

retail combining physical and digital shopping experiences

what is open source?

collaborative software development with monetization through services/support

what is data analytics as a business model?

using software and large datasets to optimize business decisions and processes

which business model relies most heavily on recurring payments?

subscription services

which business model usually has “management fees”?

marketplace platforms

which model often depends on network effects?

digital ecosystems

which model commonly uses smart contracts?

tokenization/blockchain models

which model combines physical and electronic formats?

omnichannel retail

which model usually provides cloud-based remote access?

Software as a Service (SaaS)