Untitled Flashcards Set
What Is scarcity theory?
Scarcity arises when resources are limited. Key elements include natural scarcities and artificial scarcities.
What is diaclectic theory?
History progresses through stages defined by a thesis, antithesis, and synthesis. Revolutionary changes occur when status quos are challenged.
How does scarcity factor into the dialectic of democratic capitalism?
Scarcity shapes class structures, drives resource allocation, and influences societal revolutions toward capitalism and democracy.
What are the factors of production?
Natural resources, labor, capital (e.g., machines), and entrepreneurship.
What are demand, command, and mixed economies?
Demand (market-driven), command (government-controlled), and mixed (regulated capitalism).
What are traditional, conscious, and utility forms of capitalism?
Traditional (private ownership), conscious (purpose-driven), and utility (minimal materialism).
What are three qualities necessary for business, and especially entrepreneurial, success?
Excellence, competitiveness, audacity.
Explain Fukuyama’s “end of history” argument.
Suggests scarcity elimination and societal perfection would mark the end of historical progression.
How do Berger and Luckman distinguish between Smith’s and Marx’s ideas?
Social institutions and theories influence and adapt to each other.
How are socialism and capitalism different?
Capitalism relies on individual ownership and market dynamics, while socialism emphasizes collective ownership.
What is Mannheim’s “ascendant’ bourgeoisie” argument?
Transition to freedom and political changes drive new social orders.
According to Mannheim, what position does the USA occupy in the dialetic opposition?
Based on innovation, democracy, and rejection of colonial powers.
What are the ten Williams’ Value of Democrat Capitalist America? Can you explain each?
Achievement, activity, productivity, moral orientation, freedom, equality, patriotism, material comfort, conformity, rationality.
What is the formulation for net profit that creates success fo companies and shareholder interest?
Revenue - Costs = Surplus/Net Profit.
What is the formulation for pricing that establishes the foundation for revenue?
Based on consumer demand and production costs.
What is the study of economics?
Allocation of scarce resources to meet needs and maximize utility.
What is protocapitalism?
Early stages of capitalist systems, e.g., Columbus’s ventures.
What does the finance process look like that enabled Columbus to organize his mission?
Backed by royalty with a profit-sharing model (e.g., 10% contract).
What does Columbus see in Taino’s behavior that makes him feel confident that a labor agreement can be reached?
Confidence in trade dynamics due to cultural impressions.
How is the “imperialist” mission of Columbus similar to a market devellpment mission?
Aimed at resource acquisition and market expansion.
What are the essentials for becoming wealthy according to Barnum?
Hard work, good health, understanding needs vs. wants.
How is the Columbus mission a strategy for first-mover distribution productivity?
Secured resources and market dominance.
What are some examples of “exchange” in the Columbus mission?
Gold trading, contracts, and goods.
How is the Columbus Journal like a business plan for investors?
Prototype business plan with roles, output, and investment goals.
What are the specific pillar of conscious capitalism and which fail Faust in his quest to build a utopic civilization?
Purpose, stakeholder value, culture of growth, and leadership.
What is Goethe’s “Old World/New World” worry? Can you fit it into a dialectical opposition and explain what its synthesis would be?
Tradition and modernity clashing in capitalist growth.
How is the Faust story a story of conscious capitalism?
Balances self-interest and community growth, depicting conscious capitalism struggles.
What is the meaning of Faust’s “big speech” to Worry? What is he telling her?
Why does the Faust mission fall apart, even though it does seem regenerated toward the end of the story? Explain this in terms specific to conscious capitalism.
Failure stemmed from prioritizing productivity over sustainable community values, despite late regeneration.
Who are the shareholders and employees in the Faust story and what do they want (this is critical to question 329)?
The shareholders (God, Mephistopheles, and Faust) seek to prove their vision of humanity, while the employees (others in Faust's journey) help or hinder his goals.
What do Baucus and Philemon represent, and why won’t they relocate as Faust has asked them to do?
Baucis and Philemon represent humility and tradition, refusing to move because they value their way of life.
How does “productivity” play a role in the Faust story?
Productivity symbolizes human ambition, enabling progress but causing ethical and environmental costs.
Why does Faust want to build towers with viewing platforms on property owned by Baucus and Philemon?
Faust wants towers on their land to assert control and achieve his vision of progress.
Why does Mephistopheles lose the bet with God?
Mephistopheles loses the bet because Faust's striving leads to redemption and a selfless vision for humanity.
In the Financial Times video, what does Professor Alcock say about conscious capitalism?
Faust tells Worry he rejects fear and doubt, focusing instead on action and achievement.
How does a “subjective value” factor into the economic study of “scarcity?”
Personal valuation of goods affects demand and resource allocation.
Why does Thoreau think it is so important to read classic works?
Provides timeless wisdom, fosters growth, and connects humanity.
How would you describe Columbus’s solution to the labor problem on Hispaniola (this question applies ONLY to his first mission)?
Built agreements with Natives (initially through trade and partnerships).
Can you describe, in business terms,how some of the food consumed by Professor Sandomir’s dogs, Muriel and Mickey (they are both boxers by breed…and temperament) gets to Smith’s Stores in Salt Lake City?
The dogs' food reaches Smith’s Stores via a supply chain of production, manufacturing, distribution, and retail.