micro at Hamburg School of Business Administration

Flashcards and summaries for micro at the Hamburg School of Business Administration

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Study with flashcards and summaries for the course micro at the Hamburg School of Business Administration

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What does it mean wehn goods are substitutes to each other?

Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

What does it mean when goods are complement to each other?

Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

What is Price Elasticity?

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Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

What is marginal cost?

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Market mechanism 

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Indifference curves 

Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

Diminishing marginal utility 
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Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

Utility 

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Marginal cost 

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What is scarcety?

Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

Price consumption curve 
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Cost constraints

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Exemplary flashcards for micro at the Hamburg School of Business Administration on StudySmarter:

micro

What does it mean wehn goods are substitutes to each other?

The consumer can replace them by each other.

micro

What does it mean when goods are complement to each other?

The consumer likes using them together.

micro

What is Price Elasticity?

Measures the percentage change in quantity that results from a change in price.


The steeper the curve the less elastic.

micro

What is marginal cost?

The cost of 1 extra unit.

micro

Market mechanism 
Tendency in an free market for price to change until the market clears 

micro

Indifference curves 
Curve representing all combinations of market baskets that provide a consumer with the same level of satisfaction 

micro

Diminishing marginal utility 
Principle that as more of a good is consumed, the consumption of additional amounts will yield smaller additions to utility 

micro

Utility 
Numerical score representing the satisfaction that a consumer gets from a given market basket 

micro

Marginal cost 
Cost of one additional unit of a good 

micro

What is scarcety?

High opportunity costs, and big trade offs

micro

Price consumption curve 
Curve tracing the utility-maximising combinations of two goods as the price of one changes 

micro

Cost constraints
How factor prices for Labor, capital&raw material used in production affect the cost of production  

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Quantitative Methoden

Wirtschaftsrecht

Organisation

Marketing Management 1

Investition und Finanzierung

Kosten-/Leistungsrechnung

Microeconomics

Business English

Marketing Management 1

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