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Lernmaterialien für Economics an der IE University

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Economics Kurs an der IE University zu.

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What does economics analyze? 

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Economics analyzes human action - not why the action occurred, but the results of the action 


Example: 

Prices (determined by human utility and economic scarcity), determines economic action through the social corporation.

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What are the economic theories of human actions related to?

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  • Prices
  • Markets
  • Demands
  • Supply
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What is human action?

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Human Action = any intentional/ deliberate behavior or conduct 

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What are the types of Human Action? 

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  1. Voluntary: action with absence of coercion or prohibition
  2. Aware-conscious: actions  done with consciousness (ie. not drugged)
  3. Customs and Habits: repetitive action without thinking too much. 
  4. Creative: the creative capacity to act from the past experiences/knowledge (ie. entrepreneurship)
  5. Not observable: mental processes that lead the actor to act in a certain way (ie. how someone acts) 
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What are ends?

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ENDS = GOALS

         = actions with the pursuit of an end/goal


Example: profit, get a degree, a car

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​What are means?

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MEANS = ECONOMIC GOODS/RESOURCES

             = to reach ends you need means


Examples: time, tools. money

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What are the features of Ends?

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  • Unlimited 
  • Subjective 


​What an actor tries to achieve with his actions. 

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What are the features of means? 

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  • ​subjective (different means have different values)
  • limited (tangible, bc. we live in a scarce society)
  • achievable at present moment


​Everything the actor considers useful to achieve the end. 

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​What is the Value of economic goods? 

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VALUE = the subjective assessment/intensity an actor wishes to achieve/get the end




 

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What does the Value of a good depend on?

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  • Human utility
  • Economic scarcity ( how many people are interested in it, physical = resource being finite/limited) 


Scenario:

1) Something can be useful (= high utility) and economically scarce - which will result in a high value

2) Something can be useful but not economically scarce (=abundant) - which will result in a low value


Example: Oil (high value)

  • ​maybe be physically abundant and very useful
  • but many people want it =economically scarce



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​Explain the paradox of Value. 

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Choices depend on different situations we face: 

  • different value for the same thing
  • because we all have different utility of means for different ends 
  • we have different marginal benefits


Example: Glass of Diamonds vs Glass of Water


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What is economics? 

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Economics = the social science that studies the processes of human interaction. 

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Q:

What does economics analyze? 

A:

Economics analyzes human action - not why the action occurred, but the results of the action 


Example: 

Prices (determined by human utility and economic scarcity), determines economic action through the social corporation.

Q:

What are the economic theories of human actions related to?

A:
  • Prices
  • Markets
  • Demands
  • Supply
Q:

What is human action?

A:

Human Action = any intentional/ deliberate behavior or conduct 

Q:

What are the types of Human Action? 

A:
  1. Voluntary: action with absence of coercion or prohibition
  2. Aware-conscious: actions  done with consciousness (ie. not drugged)
  3. Customs and Habits: repetitive action without thinking too much. 
  4. Creative: the creative capacity to act from the past experiences/knowledge (ie. entrepreneurship)
  5. Not observable: mental processes that lead the actor to act in a certain way (ie. how someone acts) 
Q:

What are ends?

A:

ENDS = GOALS

         = actions with the pursuit of an end/goal


Example: profit, get a degree, a car

Mehr Karteikarten anzeigen
Q:

​What are means?

A:

MEANS = ECONOMIC GOODS/RESOURCES

             = to reach ends you need means


Examples: time, tools. money

Q:

What are the features of Ends?

A:
  • Unlimited 
  • Subjective 


​What an actor tries to achieve with his actions. 

Q:

What are the features of means? 

A:
  • ​subjective (different means have different values)
  • limited (tangible, bc. we live in a scarce society)
  • achievable at present moment


​Everything the actor considers useful to achieve the end. 

Q:

​What is the Value of economic goods? 

A:

VALUE = the subjective assessment/intensity an actor wishes to achieve/get the end




 

Q:

What does the Value of a good depend on?

A:
  • Human utility
  • Economic scarcity ( how many people are interested in it, physical = resource being finite/limited) 


Scenario:

1) Something can be useful (= high utility) and economically scarce - which will result in a high value

2) Something can be useful but not economically scarce (=abundant) - which will result in a low value


Example: Oil (high value)

  • ​maybe be physically abundant and very useful
  • but many people want it =economically scarce



Q:

​Explain the paradox of Value. 

A:

Choices depend on different situations we face: 

  • different value for the same thing
  • because we all have different utility of means for different ends 
  • we have different marginal benefits


Example: Glass of Diamonds vs Glass of Water


Q:

What is economics? 

A:

Economics = the social science that studies the processes of human interaction. 

Economics

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