Macro at University Of Surrey | Flashcards & Summaries

Select your language

Suggested languages for you:
Log In Start studying!

Lernmaterialien für macro an der University of Surrey

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen macro Kurs an der University of Surrey zu.

TESTE DEIN WISSEN

A political system determines ?

Lösung anzeigen
TESTE DEIN WISSEN

how governments are:

- selected

- make and implement decisions.


Lösung ausblenden
TESTE DEIN WISSEN

In most countries today, capitalism coexists with

Lösung anzeigen
TESTE DEIN WISSEN

democracy:  individual rights of citizens (e.g. freedom of speech) +  fair elections

Lösung ausblenden
TESTE DEIN WISSEN

Not all capitalist economies are equally
successful because of?

the government also provides...

Lösung anzeigen
TESTE DEIN WISSEN
  1. economic conditions: firms, private property, or markets may fail / political conditions: capitalist institutions are regulated by the government 
  2. essential goods and services(infrastructure, education)
Lösung ausblenden
TESTE DEIN WISSEN

All producers can benefit by...

Markets contribute to increasing the productivity of labour by...

Lösung anzeigen
TESTE DEIN WISSEN
  1. specializing and trading goods: even when this means that one producer specializes in a good that another could produce at a lower cost.
  2. allowing people to specialize.
Lösung ausblenden
TESTE DEIN WISSEN
  1. Specialization increases productivity of labour because
  2. people can only specialize if
Lösung anzeigen
TESTE DEIN WISSEN
  1. we become better at producing things when we each focus on a limited range of activities (e.g learning by doing /taking advantage of natural differences in skill and talent
  2. they have a way to acquire the other goods they need. (In a capitalist society, this is done via markets.)

economies of scale

Lösung ausblenden
TESTE DEIN WISSEN

Capitalism led to growth in living standards because of?

Together with the technological revolution capitalism?

Lösung anzeigen
TESTE DEIN WISSEN
  1. impact on technology: firms competing in markets had strong incentives to adopt and develop new technologies
  2.  specialization: the growth of firms and the expansion of markets linking the entire world allowed historically unprecedented specialization in tasks and production
  3. Capitalism + tech revolution = increased worker productivity.
Lösung ausblenden
TESTE DEIN WISSEN

Private property

Capital goods

Markets

Lösung anzeigen
TESTE DEIN WISSEN

 Private property =  the owner has the right to 

exclude others from it, to benefit from the use of it, and to exchange it with others.                                     Capital goods = the durable and costly non-labour inputs used in production (machinery, buildings) 

+ not including some essential inputs,e.g. air, water, knowledge that are used in production at zero cost to the user
Markets = a way to exchange goods and services by directly reciprocated transfers (unlike gifts).

- voluntarily entered into for mutual benefit (unlike theft, taxation) + that is often impersonal (unliketransfers among friends, family)

Lösung ausblenden
TESTE DEIN WISSEN

1)Firms =

2)Other forms of economic organization coexist with firms in a capitalist economic system, but they are not firms:

Lösung anzeigen
TESTE DEIN WISSEN

Firms = Economic organizations <= private owners of capital goods hire & direct labour to produce goods and services for profit at market 
Other forms of economic organization coexist with firms in a capitalist economic system, but they are not firms:
• Family or individual production (they do not hire others)
• Nonprofit organizations (they do not seek to make profit or sell their output on a market)
• Cooperatives (labour is not hired, work is done by members)
• Government bodies (they do not seek profit; capital goods are not privately owned)

Lösung ausblenden
TESTE DEIN WISSEN

Institutions:

Economic system:

Economic systems of the past and present include:

Lösung anzeigen
TESTE DEIN WISSEN
  1. • Institutions: the laws and informal rules that regulate social interactions among people and between people and the biosphere, (aka the rules of the game.)
  2. • Economic system: a way of organizing the economy that is distinctive in its basic institutions
  3. Economic systems of the past and present include: 
  • -central economic planning (e.g. the Soviet Union in the 20thcentury), 
  • -feudalism (e.g. much of Europe in the early Middle Ages),
  • slave economy (e.g. the US South and the Caribbean plantation economies prior to the abolition of slavery in the 19th century),
  • - and capitalism (most of the world’s economies today).
Lösung ausblenden
TESTE DEIN WISSEN

“Hockey-stick” curves represent

Lösung anzeigen
TESTE DEIN WISSEN

the sustained rapid growth in GDP per capita experienced by countries worldwide.

Lösung ausblenden
TESTE DEIN WISSEN
  1. Technology =
  2. By reducing the amount of work-time it takes to produce the things we need, technological changes allowed..
  3. Remarkable scientific and technological advances occurred more or less
    at the same time as..
Lösung anzeigen
TESTE DEIN WISSEN
  1. description of a process using a set of materials and other inputs, including the work of people and machines, to produce an output.
  2. significant increases in living standards.
  3. the upward kink in the hockey stick in Britain in the middle of the 18th century.
Lösung ausblenden
TESTE DEIN WISSEN
  1. Industrial Revolution =
  2. Technological progress also greatly improved the speed at which


Lösung anzeigen
TESTE DEIN WISSEN
  1. a wave of technological advances starting in Britain in the 18th century, which transformed an agrarian and craft- based economy into a commercial and industrial economy.
  2. information travels, making the world more connected.
Lösung ausblenden
  • 4201 Karteikarten
  • 184 Studierende
  • 17 Lernmaterialien

Beispielhafte Karteikarten für deinen macro Kurs an der University of Surrey - von Kommilitonen auf StudySmarter erstellt!

Q:

A political system determines ?

A:

how governments are:

- selected

- make and implement decisions.


Q:

In most countries today, capitalism coexists with

A:

democracy:  individual rights of citizens (e.g. freedom of speech) +  fair elections

Q:

Not all capitalist economies are equally
successful because of?

the government also provides...

A:
  1. economic conditions: firms, private property, or markets may fail / political conditions: capitalist institutions are regulated by the government 
  2. essential goods and services(infrastructure, education)
Q:

All producers can benefit by...

Markets contribute to increasing the productivity of labour by...

A:
  1. specializing and trading goods: even when this means that one producer specializes in a good that another could produce at a lower cost.
  2. allowing people to specialize.
Q:
  1. Specialization increases productivity of labour because
  2. people can only specialize if
A:
  1. we become better at producing things when we each focus on a limited range of activities (e.g learning by doing /taking advantage of natural differences in skill and talent
  2. they have a way to acquire the other goods they need. (In a capitalist society, this is done via markets.)

economies of scale

Mehr Karteikarten anzeigen
Q:

Capitalism led to growth in living standards because of?

Together with the technological revolution capitalism?

A:
  1. impact on technology: firms competing in markets had strong incentives to adopt and develop new technologies
  2.  specialization: the growth of firms and the expansion of markets linking the entire world allowed historically unprecedented specialization in tasks and production
  3. Capitalism + tech revolution = increased worker productivity.
Q:

Private property

Capital goods

Markets

A:

 Private property =  the owner has the right to 

exclude others from it, to benefit from the use of it, and to exchange it with others.                                     Capital goods = the durable and costly non-labour inputs used in production (machinery, buildings) 

+ not including some essential inputs,e.g. air, water, knowledge that are used in production at zero cost to the user
Markets = a way to exchange goods and services by directly reciprocated transfers (unlike gifts).

- voluntarily entered into for mutual benefit (unlike theft, taxation) + that is often impersonal (unliketransfers among friends, family)

Q:

1)Firms =

2)Other forms of economic organization coexist with firms in a capitalist economic system, but they are not firms:

A:

Firms = Economic organizations <= private owners of capital goods hire & direct labour to produce goods and services for profit at market 
Other forms of economic organization coexist with firms in a capitalist economic system, but they are not firms:
• Family or individual production (they do not hire others)
• Nonprofit organizations (they do not seek to make profit or sell their output on a market)
• Cooperatives (labour is not hired, work is done by members)
• Government bodies (they do not seek profit; capital goods are not privately owned)

Q:

Institutions:

Economic system:

Economic systems of the past and present include:

A:
  1. • Institutions: the laws and informal rules that regulate social interactions among people and between people and the biosphere, (aka the rules of the game.)
  2. • Economic system: a way of organizing the economy that is distinctive in its basic institutions
  3. Economic systems of the past and present include: 
  • -central economic planning (e.g. the Soviet Union in the 20thcentury), 
  • -feudalism (e.g. much of Europe in the early Middle Ages),
  • slave economy (e.g. the US South and the Caribbean plantation economies prior to the abolition of slavery in the 19th century),
  • - and capitalism (most of the world’s economies today).
Q:

“Hockey-stick” curves represent

A:

the sustained rapid growth in GDP per capita experienced by countries worldwide.

Q:
  1. Technology =
  2. By reducing the amount of work-time it takes to produce the things we need, technological changes allowed..
  3. Remarkable scientific and technological advances occurred more or less
    at the same time as..
A:
  1. description of a process using a set of materials and other inputs, including the work of people and machines, to produce an output.
  2. significant increases in living standards.
  3. the upward kink in the hockey stick in Britain in the middle of the 18th century.
Q:
  1. Industrial Revolution =
  2. Technological progress also greatly improved the speed at which


A:
  1. a wave of technological advances starting in Britain in the 18th century, which transformed an agrarian and craft- based economy into a commercial and industrial economy.
  2. information travels, making the world more connected.
macro

Erstelle und finde Lernmaterialien auf StudySmarter.

Greife kostenlos auf tausende geteilte Karteikarten, Zusammenfassungen, Altklausuren und mehr zu.

Jetzt loslegen

Das sind die beliebtesten macro Kurse im gesamten StudySmarter Universum

TD MACRO

Université Jean Moulin (Lyon III)

Zum Kurs
MACRO

Pontificia Universidad Javeriana

Zum Kurs
Macro

Pontificia Universidad Catolica de Chile

Zum Kurs
ch6 macro

Academia de Studii Economice din Bucuresti

Zum Kurs
Macro

University of Roma "La Sapienza"

Zum Kurs

Die all-in-one Lernapp für Studierende

Greife auf Millionen geteilter Lernmaterialien der StudySmarter Community zu
Kostenlos anmelden macro
Erstelle Karteikarten und Zusammenfassungen mit den StudySmarter Tools
Kostenlos loslegen macro