Explain how the notion of scarcity is related to personal as well as business decision making.

Mid Term 1 Questions

1. In your own words, describe what you have to offer to a potential employee of a company that you desire to work for.

2. Explain how the notion of scarcity is related to personal as well as business decision making.

3. How does a monopoly have complete control over the price of its product?

4. What are the major ethical issues businesspeople face?

5. Define a code of ethics. Do codes cover every business situation?

6. What would opponents of the socioeconomic model argue to support their position?

7. What is a national balance of trade? What does someone mean when he or she says that the balance of trade is
favorable? Unfavorable?

8. What is an embargo? When might it be used?

9. What are multilateral development banks? What is their purpose? Who supports these banks?

Mid Term 2 Question

You are deciding on becoming an attorney and studying law. You can choose two paths for your law career:

Be a hotshot defendant lawyer and represent people who are criminals while receiving large payments for their services.

Be an civil attorney and choose to go down the prosecution path to put criminals behind bars. Salary will probably be 60 % price cut from working in private sector.

Instructions: Pick a path and justify why. What are your driving factors. How does ethics play into this. How does money play a factor and image? There is no right or wrong answer. I will not judge. I want to see you how you think and how you make decisions and justify them. Min 1 1/2 pages.

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