Economins (SS21) at TU Hamburg-Harburg | Flashcards & Summaries

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What is Economics?

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Economicsis the study of how society manages its scarce resources. 


Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. 


Thus, economists care about efficiency (“the size of the pie”), typically in the sense of Pareto:

  • Pareto efficiency occurs if it is not possible to reallocate resources in such a way as to make one person better off without making anyone else worse off.
  • This does not mean that resources are distributed equally (“the slices of the pie”)!
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Microeconomics and decision making

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Microeconomics is the study of how households and firms make decisions and how they interact in markets.

  • Making decisions requires trading off one goal against another. This requires comparing the costs and benefits of alternatives.
  • The decision to choose one alternative over another occurs when that alternative’s marginal benefits exceed its marginal costs.
  • The opportunity cost of an item is what you give up to obtain that item. (It is a ratio expressed as the sacrifice in one good in terms of the gain in the other.)
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What is an economic system?

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An economic system is the way in which resources are organized and allocated to provide for the needs of an economy’s citizens.

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Which economic systems exist?

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  • Capitalist economic system
  • Planned economic system
  • Pure market economic system
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What characterizes a capitalist economic system?

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A capitalist economic system incorporates the principles of the private ownership of factors of production to produce goods and services which are exchanged through a price mechanism and where production is operated primarily for profit.

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What characterizes a planned economic system?

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A planned economic system is when economic activity organized by central planners who decide the answers to the fundamental economic questions.

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What characterizes a pure market economic system?

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A pure market economy has no government intervention. It allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.

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When does market failure occure?

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Markets do not always lead to efficient or equitable outcomes.

  • Market failure occurs when the market fails to allocate resources efficiently.
  • Governments intervene to promote efficiency and equity
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What is macroeconomics?

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Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment and economic growth.

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Inflation?

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An increase in the overall level of prices in the economy

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What is economic growth?

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Economic growth is the increase in the amount of goods and services in an economy over a period of time.

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Productivity

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The amount of goods and services produced from each hour of a worker’s time.

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Q:

What is Economics?

A:

Economicsis the study of how society manages its scarce resources. 


Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. 


Thus, economists care about efficiency (“the size of the pie”), typically in the sense of Pareto:

  • Pareto efficiency occurs if it is not possible to reallocate resources in such a way as to make one person better off without making anyone else worse off.
  • This does not mean that resources are distributed equally (“the slices of the pie”)!
Q:

Microeconomics and decision making

A:

Microeconomics is the study of how households and firms make decisions and how they interact in markets.

  • Making decisions requires trading off one goal against another. This requires comparing the costs and benefits of alternatives.
  • The decision to choose one alternative over another occurs when that alternative’s marginal benefits exceed its marginal costs.
  • The opportunity cost of an item is what you give up to obtain that item. (It is a ratio expressed as the sacrifice in one good in terms of the gain in the other.)
Q:

What is an economic system?

A:

An economic system is the way in which resources are organized and allocated to provide for the needs of an economy’s citizens.

Q:

Which economic systems exist?

A:
  • Capitalist economic system
  • Planned economic system
  • Pure market economic system
Q:

What characterizes a capitalist economic system?

A:

A capitalist economic system incorporates the principles of the private ownership of factors of production to produce goods and services which are exchanged through a price mechanism and where production is operated primarily for profit.

Mehr Karteikarten anzeigen
Q:

What characterizes a planned economic system?

A:

A planned economic system is when economic activity organized by central planners who decide the answers to the fundamental economic questions.

Q:

What characterizes a pure market economic system?

A:

A pure market economy has no government intervention. It allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.

Q:

When does market failure occure?

A:

Markets do not always lead to efficient or equitable outcomes.

  • Market failure occurs when the market fails to allocate resources efficiently.
  • Governments intervene to promote efficiency and equity
Q:

What is macroeconomics?

A:

Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment and economic growth.

Q:

Inflation?

A:

An increase in the overall level of prices in the economy

Q:

What is economic growth?

A:

Economic growth is the increase in the amount of goods and services in an economy over a period of time.

Q:

Productivity

A:

The amount of goods and services produced from each hour of a worker’s time.

Economins (SS21)

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