Microeconomics at Hamburg School Of Business Administration | Flashcards & Summaries

Lernmaterialien für Microeconomics an der Hamburg School of Business Administration

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Microeconomics deals with... (definition + theory)
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  • the behavior of individual economic units & the markets these units comprise

As a theory:
  • the explanation of observed phenomena & predictions (assumptions -> theory -> explanation)
  • imperfect, limited success in making predictions 
  • explanation w/ model (mathematical representation of entity / statistics & econometrics)
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Firms’ Trade-offs:
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- in what to produce
- in the resources to use in production 
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individual economic units are (example)
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consumers, firms, workers, investors
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Workers’ Trade-offs:
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- in their choice of employment 
- between labor & leisure
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What is Arbitrage?
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Practice of buying at a low price at one location and selling at a higher price in another.
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Macroeconomics deals with...
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economic variables (level & growth rate of national output, interest rates, unemployment, inflation)
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Complements

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Two goods for which an increase in the price of one leads to a decrease in the quantity demanded of the other.

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What is a market definition?
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Determination of the buyers, sellers & range of products that should be included in a particular market.

Important because:

  • A company must understand who its actual and potential competitors are for the various products that it sells or might sell in the future.
  • for public policy decisions
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Trade-offs are based on ... faced by ... .
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... the prices ... consumers, workers or firms.
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What is a market?
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Collection of buyers and sellers that, through their actual and potential interactions, determines the price of a product.
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What is normative analysis?
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  • examine questions of what ought to be (sein sollte)
  • often supplemented by value judgements
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What is positive analysis?
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  • describing relationships of cause and effect 
  • explanation & prediction
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  • 7453 Karteikarten
  • 177 Studierende
  • 3 Lernmaterialien

Beispielhafte Karteikarten für deinen Microeconomics Kurs an der Hamburg School of Business Administration - von Kommilitonen auf StudySmarter erstellt!

Q:
Microeconomics deals with... (definition + theory)
A:
  • the behavior of individual economic units & the markets these units comprise

As a theory:
  • the explanation of observed phenomena & predictions (assumptions -> theory -> explanation)
  • imperfect, limited success in making predictions 
  • explanation w/ model (mathematical representation of entity / statistics & econometrics)
Q:
Firms’ Trade-offs:
A:
- in what to produce
- in the resources to use in production 
Q:
individual economic units are (example)
A:
consumers, firms, workers, investors
Q:
Workers’ Trade-offs:
A:
- in their choice of employment 
- between labor & leisure
Q:
What is Arbitrage?
A:
Practice of buying at a low price at one location and selling at a higher price in another.
Mehr Karteikarten anzeigen
Q:
Macroeconomics deals with...
A:
economic variables (level & growth rate of national output, interest rates, unemployment, inflation)
Q:

Complements

A:

Two goods for which an increase in the price of one leads to a decrease in the quantity demanded of the other.

Q:
What is a market definition?
A:
Determination of the buyers, sellers & range of products that should be included in a particular market.

Important because:

  • A company must understand who its actual and potential competitors are for the various products that it sells or might sell in the future.
  • for public policy decisions
Q:
Trade-offs are based on ... faced by ... .
A:
... the prices ... consumers, workers or firms.
Q:
What is a market?
A:
Collection of buyers and sellers that, through their actual and potential interactions, determines the price of a product.
Q:
What is normative analysis?
A:
  • examine questions of what ought to be (sein sollte)
  • often supplemented by value judgements
Q:
What is positive analysis?
A:
  • describing relationships of cause and effect 
  • explanation & prediction
Microeconomics

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