BCOR 2302 Quiz 2 Study Guide with
Solved Solutions.
What makes markets moral spaces? - Answer How well an economy enables its participants
to expend its wealth.
What purpose do markets serve? - Answer
What moral rules apply to marketplace conduct? - Answer Collaborate where possible, look
for win/wins, help those who can't help themselves.
What is capitalism? What general question does it ask? - Answer The social institution in
which private capital is organized in an ad hoc fashion.
What is the general economy? - Answer An economic system based upon based on
consumption and expenditure rather than accumulation and scarcity.
How does the General Economy challenge capitalism's t traditional starting point in scarcity? -
Answer The general economy begs a question of how to expend abundance well, rather than
how to allocate a scarce resource.
What is the key question that the general economy poses? - Answer How can we express our
human desire to expend the abundance of life well?
What are some ways in which human beings spend their economic excess? - Answer
Material possessions, accumulation of wealth.
What does sacrifice in the general economy mean? - Answer Sacrificing overabundance well.
Letting go of what you cannot possibly hang onto. Sacrifice isn't about tradeoffs, it's about
offering life.
What are the five ingredients of capitalism? - Answer Self interest, competition, efficiency,
division of labor, pricing.
What is the difference between broad self-interest and narrow self-interest? - Answer Broad
self interest encompasses the idea that it is in our self-interest to be interested in the selves of
others. Narrow self interest involves only being interested in your own desires.
Does Adam Smith favor broad or narrow self interest? - Answer Broad self-interest.
Solved Solutions.
What makes markets moral spaces? - Answer How well an economy enables its participants
to expend its wealth.
What purpose do markets serve? - Answer
What moral rules apply to marketplace conduct? - Answer Collaborate where possible, look
for win/wins, help those who can't help themselves.
What is capitalism? What general question does it ask? - Answer The social institution in
which private capital is organized in an ad hoc fashion.
What is the general economy? - Answer An economic system based upon based on
consumption and expenditure rather than accumulation and scarcity.
How does the General Economy challenge capitalism's t traditional starting point in scarcity? -
Answer The general economy begs a question of how to expend abundance well, rather than
how to allocate a scarce resource.
What is the key question that the general economy poses? - Answer How can we express our
human desire to expend the abundance of life well?
What are some ways in which human beings spend their economic excess? - Answer
Material possessions, accumulation of wealth.
What does sacrifice in the general economy mean? - Answer Sacrificing overabundance well.
Letting go of what you cannot possibly hang onto. Sacrifice isn't about tradeoffs, it's about
offering life.
What are the five ingredients of capitalism? - Answer Self interest, competition, efficiency,
division of labor, pricing.
What is the difference between broad self-interest and narrow self-interest? - Answer Broad
self interest encompasses the idea that it is in our self-interest to be interested in the selves of
others. Narrow self interest involves only being interested in your own desires.
Does Adam Smith favor broad or narrow self interest? - Answer Broad self-interest.
