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| any organization whose objective is to provide goods or services for profit |
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| right and wrong on how you should live your life |
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| study of what constitutes right and wrong human conduct in a business setting |
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| economic system in which the major portion of production and distribution is in private hands, operating under the market system |
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| considered the father of economic philisophy, believed rational self-interest in a free-market economy leads to economic well-being |
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| J.S Mill and utilitarianism |
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| the principal-agent problem |
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| treats the difficulties that arise under conditions of incomplete and asymmetric information when a principal hires an agent, such as the problem that the two may not have the same interests, while the principal is, presumably, hiring the agent to pursue the interests of the former. |
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| concerns what some consider to be socially just with respect to the allocation of goods in a society. Thus, a community in which incidental inequalities in outcome do not arise would be considered a society guided by the principles of distributive justice. Allocation of goods takes into thought the total amount of goods to be handed out, the process on how they in the civilization are going to dispense, and the pattern of division. |
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| Adam Smith's view of ursury |
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| Maitland's view of sweatshop wages |
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| a being who is capable of acting with reference to right and wrong |
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| uideline or methodology for making moral decisions. The moral standard for many people is the Golden Rule. But the standard also has to include the authority behind the standard. |
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| support strong personal rights to life and liberty, but do not agree on the subject of property.[8] The most commonly known formulation of libertarianism supports free market capitalism[8] by advocating a right to private property, including property in the means of production,[9] minimal government regulation of that property, minimal taxation, and rejection of the welfare state, all within the context of the rule of law |
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| an externality or spillover of an economic transaction is an impact on a party that is not directly involved in the transaction. In such a case, prices do not reflect the full costs or benefits in production or consumption of a product or service |
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| is a hypothetical situation developed by American philosopher John Rawls as a thought experiment to replace the imagery of a savage state of nature of prior political philosophers like Thomas Hobbes. In social contract theory, persons in the state of nature agree to the provisions of a contract that defines the basic rights and duties of citizens in a civil society. In Rawls's theory, Justice as Fairness, the original position plays the role that the state of nature does in the classical social contract tradition of Thomas Hobbes, Jean-Jacques Rousseau, and John Locke. |
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| prima facie obligations (Intuitionism) |
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| Luban's view of moral responsibility and bureaucracy |
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