Foundation of Business at Technische Hochschule Nürnberg

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

  what is the difference between NEED and DEMAND? 

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

 What is the difference between SURPLUS and SHORTAGE? 

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

 What is the difference between MONOPOLE and OLIGOPOLE competition? 

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

 If the pizza price rises less vodka would be purchased.

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

 Which pricing approach is more likely to be taken by a Monopole?

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

 What kind of competition represent the following markets ?
1)Beer market in Franconia
2)Aircraft market
3)Automotive supply industry in Germany

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

 What are the basic liberal market assumptions according to the “laissez-faire” economy?

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

 How far would you would you criticize the free market  (Invisible Hand)?

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

Describe 3  different types of economic system in the world.

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

 Explain the terms Maximum Principle and Minimum Principle.

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

True or False?
 Non-profit organization do not have to work according to minimum/maximum principle.

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

 Which of the following is a factor of manufacturing ?

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

Foundation of Business

  what is the difference between NEED and DEMAND? 
NEED:  unspecific general requirement of a human being.
DEMAND:  ability and willingness to pay for a specific object dock 

Foundation of Business

 What is the difference between SURPLUS and SHORTAGE? 
Surplus: Supply is higher than demand.
Shortage:  supply is lower than demand.

Foundation of Business

 What is the difference between MONOPOLE and OLIGOPOLE competition? 
Monopole: One big player who can influence the price.
Oligopole: Several demanders and several suppliers.

Foundation of Business

 If the pizza price rises less vodka would be purchased.
True

Foundation of Business

 Which pricing approach is more likely to be taken by a Monopole?
Charging the customers whatever it pleases.

Foundation of Business

 What kind of competition represent the following markets ?
1)Beer market in Franconia
2)Aircraft market
3)Automotive supply industry in Germany
1) Beer: Polypole; full competition, lots of demand.
2) Aircraft: Like a Monopole, directed by Airbus and Boeing (Duopole)
3) Automotive supply: Oligopole

Foundation of Business

 What are the basic liberal market assumptions according to the “laissez-faire” economy?
*Liberalism: (No interference from the government, principle of contract, principle of ownership)
*Homo-economicus 
*Perfect Competition

Foundation of Business

 How far would you would you criticize the free market  (Invisible Hand)?
Critics:
1)Liberalism: impossible because the government always interfere (currency, laws, standards....).
2)Homo-economicus: not realistic since we are usually emotional when we buy something.
3)Perfect Competition:  unrealistic because it doesn’t (always) exist.

Foundation of Business

Describe 3  different types of economic system in the world.
Social Market economy: see p.32 Module 1
Free Market: same
Planned Market Economy: same 

Foundation of Business

 Explain the terms Maximum Principle and Minimum Principle.
Maximum: Realize maximum out of a given input.
Minimum: Minimize input to realize a maximum of output.

Foundation of Business

True or False?
 Non-profit organization do not have to work according to minimum/maximum principle.
True

Foundation of Business

 Which of the following is a factor of manufacturing ?
Capital

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