Foundation of Business Administration at Technische Hochschule Nürnberg

Flashcards and summaries for Foundation of Business Administration at the Technische Hochschule Nürnberg

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Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is the fundamental economic problem? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is a Need? (-Notwendigkeit) 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is a Want? (Bedürfnis)

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is Demand? (Bedarf/ Nachfrage) 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What are the five stages of Maslow's Hierarchy of Needs? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

How do the stages of Maslow's Hierarchy of Needs rely on each other? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

Difference between DEMAND and SUPPLY? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What does the Law of Demand say? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What does the Law of Supply say? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

How is the Law of Demand and the Law of Supply balanced? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is a surplus? 

Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

What is a Shortage? 

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Exemplary flashcards for Foundation of Business Administration at the Technische Hochschule Nürnberg on StudySmarter:

Foundation of Business Administration

What is the fundamental economic problem? 

The tension between limited natural resources/available goods (scarce resources) and unlimited human needs/wants 

Foundation of Business Administration

What is a Need? (-Notwendigkeit) 

  • basic human requirement 
  • material needs (air, water, food) 
  • immaterial needs (recreation, entertainment) 

Needs are not created by marketers!

Foundation of Business Administration

What is a Want? (Bedürfnis)

A Need directed to specific objects.

need for food --> want for rice, bread, Kobe beef


Wants are influenced by marketers!


Foundation of Business Administration

What is Demand? (Bedarf/ Nachfrage) 

Wants for specific products or services + ability to pay ( capital ) =  Demand 


Doing business is to satisfy market demands!

Foundation of Business Administration

What are the five stages of Maslow's Hierarchy of Needs? 

physiological needs (foods, water, shelter) 

safety needs (security, safe income, protection)  

3 social needs (sense of belonging, love)

4 esteem needs (self-esteem, recognition) 

5 self-actualization needs (self-development and realization)  

Foundation of Business Administration

How do the stages of Maslow's Hierarchy of Needs rely on each other? 

When the lower-level stages (physiological/ safety) are satisfied, an individual tries to satisfy higher stages (social/esteemself-actualization


Wants and Demands rely on the stage of needs the market is in! 

Foundation of Business Administration

Difference between DEMAND and SUPPLY? 

  • D: willingness & ability of buyers to purchase a good or service (product) 
  • S: willingness & ability of producers to offer a good or service (product) for sale  

Foundation of Business Administration

What does the Law of Demand say? 

dropping price --> increasing buyers demand to purchase a product

increasing-price --> drop buyers demand to purchase a product


More purchase as price drops 

Less purchase as price increases

Foundation of Business Administration

What does the Law of Supply say? 

increasing price --> higher supply from producers 

dropping price --> lower supply from producers 


More offer of a product as its price rises 

Less offer of a product as its price drops. 

Foundation of Business Administration

How is the Law of Demand and the Law of Supply balanced? 

Market Price/ equilibrium price 

Price at which the quantity of goods demanded and supplied are equal

Foundation of Business Administration

What is a surplus? 

When the producer supplies more that is demanded he will have a surplus of the product.   


Supply > Demand =  surplus for the Producer



Foundation of Business Administration

What is a Shortage? 

When the producer offers to few of product that is demanded he will have a shortage. 


Demand > Supply --> Shortage


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