2. Sem. - Introduction To Economics at Technische Hochschule Aschaffenburg | Flashcards & Summaries

Lernmaterialien für 2. Sem. - Introduction to Economics an der Technische Hochschule Aschaffenburg

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Name 3 reasons for a downward shift in supply

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  • price seiling
  • tax reduction
  • more sellers
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What is a Model in economics?

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Models → theoretical construct representing economic processes

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What is the law of demand?

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the quantity demanded decreases with an increase in price 𝜕𝑋𝑖/ 𝜕𝑃𝑖 < 0

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What is the price elasticity of demand?

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Price elasticity of demand is a measure of how much the quantity demanded of a good
responds to a change in the price of that good.

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Name the basic neoclassical assumptions on firm behavior 

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  • the primary objective of a firm is to make profit
  • Long term survival of the firm
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The factors of production (resources) that are used to produce goods and services:

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Labor- the human input that goes into production.
Land- all the natural resources of the earth.

Capital- the equipment used to produce goods and services (not financial).
(Human capital- training, eductional achievement and skills that make a worker
productive.)

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Two Approaches (Ansätze)/ Statements in Economics

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Positive analysis tries to describe economics phenomena without resources to
values
. It describes how the the world is


Normative analysis tries to develop optimal solutions for economic problems
starting with given objectives based on values. It describes how the world ought to
be.

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Main difference between Monopol and perfectly competitve market?

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A monopoly has the ability to influence the price of its output, whereas a competitive firm
takes the price of its output as given by market conditions

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Three Basic questions of Economics

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What amounts of which goods are being produced?
How are they produced and by whom?
How are the goods distributed(verteilt) to the members of the society?

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Name the three (standard) Household Decisions

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Which goods to buy and what amounts to spend on different consumption goods


How much time to devote to work and leisure


How to distribute spending over several period of time

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What is Productivity?

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Productivity is measured as output per unit of factor input (e.g. quantity of goods produce per hour of labor input)

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How to Construct an Economic Model?

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  • Carefully define the economic problem in questions.
  • Use assumptions to blend out irrelevant aspects of reality.
  •  Analyse the model behaviour.
  • Derive a hypothesis.
  • Empirically test the hypothesis.
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Q:

Name 3 reasons for a downward shift in supply

A:
  • price seiling
  • tax reduction
  • more sellers
Q:

What is a Model in economics?

A:

Models → theoretical construct representing economic processes

Q:

What is the law of demand?

A:

the quantity demanded decreases with an increase in price 𝜕𝑋𝑖/ 𝜕𝑃𝑖 < 0

Q:

What is the price elasticity of demand?

A:

Price elasticity of demand is a measure of how much the quantity demanded of a good
responds to a change in the price of that good.

Q:

Name the basic neoclassical assumptions on firm behavior 

A:

  • the primary objective of a firm is to make profit
  • Long term survival of the firm
Mehr Karteikarten anzeigen
Q:

The factors of production (resources) that are used to produce goods and services:

A:

Labor- the human input that goes into production.
Land- all the natural resources of the earth.

Capital- the equipment used to produce goods and services (not financial).
(Human capital- training, eductional achievement and skills that make a worker
productive.)

Q:

Two Approaches (Ansätze)/ Statements in Economics

A:

Positive analysis tries to describe economics phenomena without resources to
values
. It describes how the the world is


Normative analysis tries to develop optimal solutions for economic problems
starting with given objectives based on values. It describes how the world ought to
be.

Q:

Main difference between Monopol and perfectly competitve market?

A:

A monopoly has the ability to influence the price of its output, whereas a competitive firm
takes the price of its output as given by market conditions

Q:

Three Basic questions of Economics

A:

What amounts of which goods are being produced?
How are they produced and by whom?
How are the goods distributed(verteilt) to the members of the society?

Q:

Name the three (standard) Household Decisions

A:


Which goods to buy and what amounts to spend on different consumption goods


How much time to devote to work and leisure


How to distribute spending over several period of time

Q:

What is Productivity?

A:

Productivity is measured as output per unit of factor input (e.g. quantity of goods produce per hour of labor input)

Q:

How to Construct an Economic Model?

A:
  • Carefully define the economic problem in questions.
  • Use assumptions to blend out irrelevant aspects of reality.
  •  Analyse the model behaviour.
  • Derive a hypothesis.
  • Empirically test the hypothesis.
2. Sem. - Introduction to Economics

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