Foundation Of Business Administration at Cologne Business School | Flashcards & Summaries

Lernmaterialien für Foundation of Business Administration an der Cologne Business School

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TESTE DEIN WISSEN

What does the Law of Supply say? 

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increasing price --> higher supply from producers 

dropping price --> lower supply from producers 


More offer of a product as its price rises 

Less offer of a product as its price drops. 

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TESTE DEIN WISSEN

What is the fundamental economic problem? 

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The tension between limited natural resources/available goods (scarce resources) and unlimited human needs/wants 

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TESTE DEIN WISSEN

What is the principle of ownership control?

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  • entrepreneurial autonomy (private ownership) 
  • Ownership of capital legitimated the control of the company --> Liberal basic principle of corporate governance 
  • unity of ownership, control, and risk-taking (profit & loss) 
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TESTE DEIN WISSEN

What is the Problem with the Principles of the contract and the ownership control in Liberalism? 

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TESTE DEIN WISSEN
  • less problematic in small, private owned companies (bc. unity of ownership) 
  • problematic with big, public-owned corporations with shares distributed among numerous shareholders

--> original approach: sovereignty of the shareholders meeting  

BUT!  in practice not efficient

--> wide range of regulations on order to keep control over big companies 

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TESTE DEIN WISSEN

How do the stages of Maslow's Hierarchy of Needs rely on each other? 

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TESTE DEIN WISSEN

When the lower-level stages (physiological/ safety) are satisfied, an individual tries to satisfy higher stages (social/esteemself-actualization


Wants and Demands rely on the stage of needs the market is in! 

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TESTE DEIN WISSEN

Difference between DEMAND and SUPPLY? 

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TESTE DEIN WISSEN
  • D: willingness & ability of buyers to purchase a good or service (product) 
  • S: willingness & ability of producers to offer a good or service (product) for sale  
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TESTE DEIN WISSEN

What is a Want? (Bedürfnis)

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TESTE DEIN WISSEN

A Need directed to specific objects.

need for food --> want for rice, bread, Kobe beef


Wants are influenced by marketers!


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TESTE DEIN WISSEN

How is the Law of Demand and the Law of Supply balanced? 

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TESTE DEIN WISSEN

Market Price/ equilibrium price 

Price at which the quantity of goods demanded and supplied are equal

Lösung ausblenden
TESTE DEIN WISSEN

What are the five stages of Maslow's Hierarchy of Needs? 

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TESTE DEIN WISSEN

physiological needs (foods, water, shelter) 

safety needs (security, safe income, protection)  

3 social needs (sense of belonging, love)

4 esteem needs (self-esteem, recognition) 

5 self-actualization needs (self-development and realization)  

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TESTE DEIN WISSEN

What is a surplus? 

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TESTE DEIN WISSEN

When the producer supplies more that is demanded he will have a surplus of the product.   


Supply > Demand =  surplus for the Producer



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TESTE DEIN WISSEN

What is a Shortage? 

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TESTE DEIN WISSEN

When the producer offers to few of product that is demanded he will have a shortage. 


Demand > Supply --> Shortage


Lösung ausblenden
TESTE DEIN WISSEN

What does the Law of Demand say? 

Lösung anzeigen
TESTE DEIN WISSEN

dropping price --> increasing buyers demand to purchase a product

increasing-price --> drop buyers demand to purchase a product


More purchase as price drops 

Less purchase as price increases

Lösung ausblenden
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Q:

What does the Law of Supply say? 

A:

increasing price --> higher supply from producers 

dropping price --> lower supply from producers 


More offer of a product as its price rises 

Less offer of a product as its price drops. 

Q:

What is the fundamental economic problem? 

A:

The tension between limited natural resources/available goods (scarce resources) and unlimited human needs/wants 

Q:

What is the principle of ownership control?

A:
  • entrepreneurial autonomy (private ownership) 
  • Ownership of capital legitimated the control of the company --> Liberal basic principle of corporate governance 
  • unity of ownership, control, and risk-taking (profit & loss) 
Q:

What is the Problem with the Principles of the contract and the ownership control in Liberalism? 

A:
  • less problematic in small, private owned companies (bc. unity of ownership) 
  • problematic with big, public-owned corporations with shares distributed among numerous shareholders

--> original approach: sovereignty of the shareholders meeting  

BUT!  in practice not efficient

--> wide range of regulations on order to keep control over big companies 

Q:

How do the stages of Maslow's Hierarchy of Needs rely on each other? 

A:

When the lower-level stages (physiological/ safety) are satisfied, an individual tries to satisfy higher stages (social/esteemself-actualization


Wants and Demands rely on the stage of needs the market is in! 

Mehr Karteikarten anzeigen
Q:

Difference between DEMAND and SUPPLY? 

A:
  • D: willingness & ability of buyers to purchase a good or service (product) 
  • S: willingness & ability of producers to offer a good or service (product) for sale  
Q:

What is a Want? (Bedürfnis)

A:

A Need directed to specific objects.

need for food --> want for rice, bread, Kobe beef


Wants are influenced by marketers!


Q:

How is the Law of Demand and the Law of Supply balanced? 

A:

Market Price/ equilibrium price 

Price at which the quantity of goods demanded and supplied are equal

Q:

What are the five stages of Maslow's Hierarchy of Needs? 

A:

physiological needs (foods, water, shelter) 

safety needs (security, safe income, protection)  

3 social needs (sense of belonging, love)

4 esteem needs (self-esteem, recognition) 

5 self-actualization needs (self-development and realization)  

Q:

What is a surplus? 

A:

When the producer supplies more that is demanded he will have a surplus of the product.   


Supply > Demand =  surplus for the Producer



Q:

What is a Shortage? 

A:

When the producer offers to few of product that is demanded he will have a shortage. 


Demand > Supply --> Shortage


Q:

What does the Law of Demand say? 

A:

dropping price --> increasing buyers demand to purchase a product

increasing-price --> drop buyers demand to purchase a product


More purchase as price drops 

Less purchase as price increases

Foundation of Business Administration

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