EC-106
This law states that as the price of a good increases, the quantity that consumers are willing and able to purchase decreases.
What is the Law of Demand?
This written document outlines the mission and values of a business and how professionals are expected to approach problems.
What is a Code of Ethics?
These laws are designed to prevent monopolies and promote fair competition within the marketplace.
What are Antitrust Laws?
This is a tax placed by a government on imported goods.
What is a Tariff?
This is the most common type of tort, occurring when a business fails to exercise reasonable care, resulting in injury to others.
What is Negligence?
This term describes the point where the supply curve and the demand curve intersect, resulting in no shortage or surplus.
What is Market Equilibrium?
This specific type of person reports unethical or illegal activities within their own organization to the public or authorities.
Who is a Whistleblower?
This type of law protects the original works of authorship, such as books, music, or software, from being used without permission.
What is Copyright Law?
This term refers to the total value of all goods and services produced within a country's borders in a specific time period.
What is Gross Domestic Product (GDP)?
This legal concept holds a manufacturer liable for a defective product even if the manufacturer was not negligent in making it.
What is Strict Liability?
If a company’s product is considered an "Inelastic Good," how will a significant price increase affect the total quantity demanded?
It will result in a very small change (or decrease) in quantity demanded.
This ethical framework suggests that the best action is the one that results in the greatest good for the greatest number of people.
What is Utilitarianism?
This body of law governs the formation and enforcement of binding agreements between two or more parties.
What is Contract Law?
This occurs when a country exports more than it imports, creating a positive balance of trade.
What is a Trade Surplus?
These are damages awarded in a lawsuit specifically to punish the defendant and deter others from committing similar acts.
What are Punitive Damages?
These are goods that are often used together; if the price of one rises, the demand for the other typically falls.
What are Complementary Goods?
This occurs when an individual's private interests interfere, or appear to interfere, with the interests of the company.
What is a Conflict of Interest?
Under this legal doctrine, an employer can be held liable for the wrongful acts of an employee if the acts were committed within the scope of employment.
What is Vicarious Liability (or Respondeat Superior)?
This is a government-imposed limit on the quantity of a specific good that can be imported during a certain period.
What is an Import Quota?
This defense in a negligence case argues that the plaintiff knew there was a risk of injury but chose to engage in the activity anyway.
What is Assumption of Risk?
In a "Price Ceiling" scenario set below equilibrium, this specific market condition is created because demand exceeds supply.
What is a Shortage?
This model of Corporate Social Responsibility (CSR) argues that a company’s only social responsibility is to increase its profits while staying within the rules of the game.
What is the Shareholder Theory (or the Friedman Doctrine)?
This specific federal act was passed in 2002 to protect investors from fraudulent financial reporting by corporations.
What is the Sarbanes-Oxley Act (SOX)?
This economic theory suggests that countries should specialize in producing goods for which they have the lowest opportunity cost.
What is Comparative Advantage?
This specific type of "intentional tort" involves making false statements that damage the reputation of a business or individual.
What is Defamation (Libel if written, Slander if spoken)?