Economic Basics at FOM Hochschule für Oekonomie & Management

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Study with flashcards and summaries for the course Economic Basics at the FOM Hochschule für Oekonomie & Management

Exemplary flashcards for Economic Basics at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is Scarcity?

Exemplary flashcards for Economic Basics at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is the perfect rationality 

Exemplary flashcards for Economic Basics at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is the law of demand?

Exemplary flashcards for Economic Basics at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is the law of supply?

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What does the market equilibrium lead to?

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What is welfare?

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Of what several model elements does the setup of consumer choice theory consists of?

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What does Gossens first law say?

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What consists the first Bundle in the rank order?

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What is the marginal rate of substitution?

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What does the marginal rate of substitution represent?

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Die Vier häufigsten Erkrankungsgruppen in Deutschland

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Exemplary flashcards for Economic Basics at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Economic Basics

What is Scarcity?

Scarcity is the tension between supply and demand. It means that society has limited resources and therefor cannot produce all the goods and services people wish to have.

Economic Basics

What is the perfect rationality 

means that individuals try to maximize the utility by weighting utility and costs of different courses and than choosing the most promising option.

Economic Basics

What is the law of demand?

Law of demand is the claim that, other things equal, the quantity demanded of a good falls when the price of the goods rises

Economic Basics

What is the law of supply?

Law of supply is the claim that, other things equal, the quantity supplied of a good rises when the price rises.

Economic Basics

What does the market equilibrium lead to?

It leads to optimal satisfaction of consumers and producers needs

Economic Basics

What is welfare?

The sum of consumer surplus and producer surplus 

Economic Basics

Of what several model elements does the setup of consumer choice theory consists of?

1. consumer income

2. consumer preferences

3. assumption that consumers are rational and seek to maximize utility

Economic Basics

What does Gossens first law say?

the marginal utility of a good for a person diminishes with every increase in the stock that he already has.

Economic Basics

What consists the first Bundle in the rank order?

existential needs: nutrition, shelter, clothes

Economic Basics

What is the marginal rate of substitution?

it is the rate at which the consumer is willing to substitute one good for another while maintaining the same utility level

Economic Basics

What does the marginal rate of substitution represent?

it represents, for instance, the amount of good 1 the consumer is willing to dispense with if this earns him/her one further unit of good 2

Economic Basics

Die Vier häufigsten Erkrankungsgruppen in Deutschland

Muskuloskelettale Erkrankungen,

Herzkreislauf Erkrankungen,

Krebs,

Psychische Störungen und Verhaltensstörungen

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