BA 101 Lecture Notes - Lecture 15: Monetary Policy, Product Liability, Uniform Commercial Code
30 May 2018
School
Department
Course
Professor
Business 101 – Lecture 15 – Business & Society
Private Enterprise
• The market turns self-interest into social good
• To work, the system has to have:
o Private property
o Freedom of choice
o Right to keep profits
o Fair competition
• The government has to ensure these factors exist
o To make the competition fairer between each companies
o It helps make the market more ‘free’
Problems with Business
• The power of business versus consumer
• The actions of business versus consumers
• The public reaction
• The reaction of the government
Government
• Intervention
o To ensure fair competition, private property, freedom of choice, right to keep
profits
o To promote economic health and social responsibility
o To correct market failures and ethical lapses
• How does the government intervene?
o Legal structure (rule of law)
o Industry regulation
The Law
• Common Law
o The law judges establish while deciding disputes (precedent)
• Statutory Law
o Laws enacted by federal or state legislature
• Administrative Law
o Regulations passed by state and federal administrative agencies
Judiciary
• Branch of Government
o Settles disputes through application of law
Document Summary
Business 101 lecture 15 business & society. Problems with business: the power of business versus consumer, the actions of business versus consumers, the public reaction, the reaction of the government. The law: common law, the law judges establish while deciding disputes (precedent, statutory law, laws enacted by federal or state legislature, administrative law, regulations passed by state and federal administrative agencies. Torts: a tort is a civil wrong inflicted on other people or their property, tort is a form of negligence, torts include all wrongs that are not a breach of contract, examples, assault, slander, libel, product liability, fraud. Alternative dispute resolution: arbitration, binding, agree before the dispute and whatever the ruling is, they will accept it, non-binding. Types of property: real, real estate and everything permanently attached to it, personal, everything else (tangible and intangible) Intellectual: property generated by a person"s creative activities (musical works, art work, computer software)
