FiB- Accounting at Hochschule Augsburg

Flashcards and summaries for FiB- Accounting at the Hochschule Augsburg

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economic behaviour

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principles to reduce the problem of scarcity

Exemplary flashcards for FiB- Accounting at the Hochschule Augsburg on StudySmarter:

Make vs. buy

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Exemplary flashcards for FiB- Accounting at the Hochschule Augsburg on StudySmarter:

Transaction costs

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organizational failure framework

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behavioral assumptions

Exemplary flashcards for FiB- Accounting at the Hochschule Augsburg on StudySmarter:

environmental factors

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Exemplary flashcards for FiB- Accounting at the Hochschule Augsburg on StudySmarter:

What are transaction costs?

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Why are transaction costs important?

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design options for the provision of services

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informal organization

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Why businesses and markets?

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Exemplary flashcards for FiB- Accounting at the Hochschule Augsburg on StudySmarter:

FiB- Accounting

economic behaviour

rational decision-making on the utilization of scarce resources to meet given objectives

FiB- Accounting

principles to reduce the problem of scarcity

  • roundabout production ("Produktionsumwege")
  • innovation
  • division of labour and specialization

FiB- Accounting

Make vs. buy

Business vs. markets

FiB- Accounting

Transaction costs

  • initiation costs
  • agreement/contracting costs
  • procesing costs
  • control costs
  • adjustment/fitting costs

FiB- Accounting

organizational failure framework

describes the conditions under which market transactions will be replaced by formal organizations

FiB- Accounting

behavioral assumptions

  • bounded rationality (limited rationality; can't fully judge a situation)
  • opportunism (everyone tries to maximize their own benefit)

FiB- Accounting

environmental factors

  • uncertainty/complexity (have to do a lot of research e.g stock market)
  • small numbers (specific product, higher risk for supplier)

FiB- Accounting

What are transaction costs?
are expenses incurred when buying or selling a good or service

FiB- Accounting

Why are transaction costs important?
Important to investors because they are one of the key determinants of net return

FiB- Accounting

design options for the provision of services

  • own development and production
  • equitiy participation
  • development cooperation (with own production, with external production)
  • long-term contracts
  • annual contracts
  • spontaneous purchase on the market

FiB- Accounting

informal organization

network of social and and personal relationships that emerges when people work together

FiB- Accounting

Why businesses and markets?

the satisfaction of needs is the fundamental goal of economic avtivities

scarcity

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