ARBUS202 Study Guide - Midterm Guide: Business Ethics, Enbridge, United States Pacific Fleet
14 Mar 2020
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Distinguish between good outcomes and good decisions. Put together a way of making good decisions so you can increase the output of good outcomes. Always going to get as much as we can for a little money. When you don"t grab as much as you can, you"re not thinking, not playing the game right. Economic understanding: not rational, our rationality involves multiple dimensions. Homo sapiens/humans: homo economics is an economic human. Many economists believe that humans are rational maximisers. A response to humanity not fitting this assumption: behavioral economics (how we act and they believe we are only economic animals what motivates us) (why we do what we do) What is the most probable explanation that best explains your prof"s behaviour? (your prof goes to church every sunday) if event a entails event b . Entails: we know event b will occur. But p (a and b) = p(a) x p(b) So p(a) x p(b) < p(b) < is underlined.
