LEB 320F exam 1 with complete solutions
Heuristics - Answer -An approach to problem solving that employs a practical method, but may not be optimal or perfect
Self Awareness - Answer -The method of not succumbing to heuristics or biases.
Overoptimism - Answer -The idea that the world conforms to you.
Overconfidence - Answer -The idea that regardless of the problems that life presents I am so good at what I do I can take care of it. I can do no wrong. AKA: Inflated Ego Syndrome.
False Consensus Effect - Answer -Tendency to take few bits of surface level information
and extrapolate it into false ideas of what someone is, or who they are.
Group Think - Answer -The result of a group acquiescing to a leader or strong personality in the group.
Conformity Bias - Answer -The taking of social ques of the people around you. Doing Something just because everyone else is doing it. AKA: The Theory of Social Proof
Obedience to Authority - Answer -The idea that because you are not in charge any expectations from people of authority negate personal free will, and therefore, accountability to the consequences. Blindly obeying authority.
Fundamental Attribution Error - Answer -our individual tendency as humans to underestimate how situational factors affect the decisions of others, and overestimate how situational factors impact our decision making.
Self-Serving Bias - Answer -The human tendency to accept positive info about ourselves and reject negative info about ourselves.
Framing - Answer -We make decisions based on the context of the situation
4 Job Roles/Departments Responsible for Framing - Answer -1. marketing 2. research/development 3. sales 4.PR/media relations Role Morality - Answer -The idea that people make decisions based on what they are (position) or what they are doing (situation), and rationalize/justify their decisions based on the circumstances.
Cognitive Dissonance - Answer -The notion that once people have made up their mind about something, they selectively screen all other info to support that decision
Sunk Costs - Answer -The more we have invested in something the more likely we are to stick with it.
The Tangible and The Abstract - Answer -The notion that people are more moved by relatively minor injuries to their family and friends, than the starvation of millions abroad.
Moral Distance - Answer -The notion that the farther a person is from the impact of the consequence of his/her actions, the easier it is to act immorally.
Time Delay Trap - Answer -The problem of instant self-gratification, which can be attained in the business world by cutting ethical corners versus long-term goals.
Loss Aversion - Answer -The notion that we hate losses, more than we enjoy gains.
Sentimental Value - Answer -The monetary representation of loss aversion. Higher than
the market value.
Teflonic Identity Maneuvering - Answer -The psychological and social process that occurs when people who are in a spotlight of some kind (popularity), use that spotlight as an excuse for their behavior, and are not held accountable for their behavior. Problems slide off of them and fall onto others.
Auction Fever - Answer -As humans we find increased desirability in what other people find desirable. Motivation through competition.
Castanza Fire Syndrome - Answer -A person that is so incredibly selfish that they will sacrifice everyone else, in order to save themselves.
Entertainment Voting Paradox - Answer -As humans we may communicate that we wish
for a particular outcome, however, we may fail to ever do anything to effectuate that outcome.
Blind Capitalists - Answer -Someone that is blindly pursuing capital, that as soon as the capital dries up, the company will collapse.
Agent of Capital - Answer -A business or person that is concerned with making and protecting money.
Heuristics - Answer -An approach to problem solving that employs a practical method, but may not be optimal or perfect
Self Awareness - Answer -The method of not succumbing to heuristics or biases.
Overoptimism - Answer -The idea that the world conforms to you.
Overconfidence - Answer -The idea that regardless of the problems that life presents I am so good at what I do I can take care of it. I can do no wrong. AKA: Inflated Ego Syndrome.
False Consensus Effect - Answer -Tendency to take few bits of surface level information
and extrapolate it into false ideas of what someone is, or who they are.
Group Think - Answer -The result of a group acquiescing to a leader or strong personality in the group.
Conformity Bias - Answer -The taking of social ques of the people around you. Doing Something just because everyone else is doing it. AKA: The Theory of Social Proof
Obedience to Authority - Answer -The idea that because you are not in charge any expectations from people of authority negate personal free will, and therefore, accountability to the consequences. Blindly obeying authority.
Fundamental Attribution Error - Answer -our individual tendency as humans to underestimate how situational factors affect the decisions of others, and overestimate how situational factors impact our decision making.
Self-Serving Bias - Answer -The human tendency to accept positive info about ourselves and reject negative info about ourselves.
Framing - Answer -We make decisions based on the context of the situation
4 Job Roles/Departments Responsible for Framing - Answer -1. marketing 2. research/development 3. sales 4.PR/media relations Role Morality - Answer -The idea that people make decisions based on what they are (position) or what they are doing (situation), and rationalize/justify their decisions based on the circumstances.
Cognitive Dissonance - Answer -The notion that once people have made up their mind about something, they selectively screen all other info to support that decision
Sunk Costs - Answer -The more we have invested in something the more likely we are to stick with it.
The Tangible and The Abstract - Answer -The notion that people are more moved by relatively minor injuries to their family and friends, than the starvation of millions abroad.
Moral Distance - Answer -The notion that the farther a person is from the impact of the consequence of his/her actions, the easier it is to act immorally.
Time Delay Trap - Answer -The problem of instant self-gratification, which can be attained in the business world by cutting ethical corners versus long-term goals.
Loss Aversion - Answer -The notion that we hate losses, more than we enjoy gains.
Sentimental Value - Answer -The monetary representation of loss aversion. Higher than
the market value.
Teflonic Identity Maneuvering - Answer -The psychological and social process that occurs when people who are in a spotlight of some kind (popularity), use that spotlight as an excuse for their behavior, and are not held accountable for their behavior. Problems slide off of them and fall onto others.
Auction Fever - Answer -As humans we find increased desirability in what other people find desirable. Motivation through competition.
Castanza Fire Syndrome - Answer -A person that is so incredibly selfish that they will sacrifice everyone else, in order to save themselves.
Entertainment Voting Paradox - Answer -As humans we may communicate that we wish
for a particular outcome, however, we may fail to ever do anything to effectuate that outcome.
Blind Capitalists - Answer -Someone that is blindly pursuing capital, that as soon as the capital dries up, the company will collapse.
Agent of Capital - Answer -A business or person that is concerned with making and protecting money.
