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2. Sem. - Introduction to Economics
What is the law of demand?
the quantity demanded decreases with an increase in price 𝜕𝑋𝑖/ 𝜕𝑃𝑖 < 0
2. Sem. - Introduction to Economics
The factors of production (resources) that are used to produce goods and services:
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.)
2. Sem. - Introduction to Economics
What is Economics About?
A want is the lack of something a person would like to have.
Goods (and services) are the means to satisfy the wants.
Problem: Human wants are unlimited and there is only a limited amount of goods
available.
2. Sem. - Introduction to Economics
Main difference between Monopol and perfectly competitve market?
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
2. Sem. - Introduction to Economics
What is a Model in economics?
Models → theoretical construct representing economic processes
2. Sem. - Introduction to Economics
How to Construct an Economic Model?
2. Sem. - Introduction to Economics
Principles of Economics:
Principle #1: People face tradeoffs. (Kompromiss eingehen) - Follows from the scarcity of goods
Prinicple #2: The cost of something is that you have to give up to get it (opportunity cost: utility of alternative uses of resources, what you have to
give up in order to get) e. g. If I go to the University I cant earn money while working.
Principle #3: Rational people think at the margin. (Grenzdenken) - Its better to have something rather than nothing. An Airline should sell a last-minute ticket for 300€ rather than the average cost of 500€ because its more profitable than flying with empty seats.
Principle #4: People respond to incentives. (reagieren auf Anreize)
Principle #5: Trade can make everyone better off. (specialize on things you can do compartively better than others)
Principle #6: Markets are usually a good way to organize economic activity
Principle #7: Under special circumstances (bes. Umsände) governments can
improve market outcomes
2. Sem. - Introduction to Economics
Two Approaches (Ansätze)/ Statements in Economics
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.
2. Sem. - Introduction to Economics
Three Basic questions of Economics
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?
2. Sem. - Introduction to Economics
What is Distributive Market Failure?
Distributive Market Failure ... means, that the society is rejecting the market result on moral reasons , i.e. claiming that markets are not „just“ or “fair”
2. Sem. - Introduction to Economics
What is Productivity?
Productivity is measured as output per unit of factor input (e.g. quantity of goods produce per hour of labor input)
2. Sem. - Introduction to Economics
What is an Inferior good?
the quantity demanded increases with falling income 𝜕𝑋𝑖/ 𝜕𝐵< 0
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