How Bias Causes  Ethical Problems in Negotiation? Numerous cognitive biases stand in the way of individuals determining or choosing what is an ethical course of conduct. Below are some common biases related to ethics.  What is Bounded Ethicality?   Bounded Ethicality refers to the limits of people to make ethical decisions because they are either un...

What is the United States Customs Service (USCS)? The United States Customs Service (USCS) was a federal government agency, established on July 31, 1789, following the American Revolutionary War. This agency was responsible for collecting import tariffs and other border security duties. For more than 100 years, it was the primary source of revenue o...

What is an Amortized Cost? Amortized cost is that accumulated portion of the recorded cost of a fixed asset that has been charged as an expense (through either depreciation or amortization).  Financial assets must be reported on a balance sheet at their amortized value - which is equal to their acquisition cost minus their principal repayments and a...

What is a Budget Constraint? A budget   constraint indicates all the combinations that a consumer can purchase given the price of the  goods and the amount of funds (budget). Generally, this means choosing some combination that that meets the consumers needs optimally based upon the budget constraint. The budget constraint graph shows all of the pos...

What is O*Net (Occupational Information Network)? The O*NET or Occupational Information Network is a free online database for the public, especially job seekers, students, workforce training professionals, and businesses, sponsored by the US government, that contains definitions for hundreds of job descriptions available in the United States.  It wa...

What is a Collective Investment Fund? A Collective Investment Fund (CIF) is a fund made up of a group accounts or funds pooled and held by a trust or bank. CIF is otherwise called a collective investment trust (CIT), it is an investment instrument available to qualified retirement plans. In a CIF, funds are pooled fro the public to realize an invest...

What is a Money Market? The money market is a type of market where transactions involving financial vehicles are done. The money market is an organized market where short term securities and financial instruments are traded, these securities are however of high liquidity. The money market is a crucial component of every economy, the common financial...

What is an Export Broker? An export broker or agent is a person who acts as an intermediary between buyer and seller in the international market. An export broker enables both parties to execute internal transactions. An export broker brings the two interested parties together and facilitates the transaction. She charges a commission for brokering t...

What is Usury? Usury describes an act of lending money to borrowers with high and exorbitant interest rates. The interest rates of money borrowed under usury agreement is often higher than what the law permits. Some countries and religions regard usury as an illegal act because this act enriches the lender at the detriment of the borrower. Initially...

What is a Chooser Option? A chooser option in finance refers to a contract that offers the holder a chance to decide whether to take a put or call option. This is usually done ahead of the expiration date. A call option refers to a contract that allows an investor to buy stocks at a price already pre-determined. This buyer usually gets profits when ...