Electronic Markets an der LMU München | Karteikarten & Zusammenfassungen

Lernmaterialien für Electronic Markets an der LMU München

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What is economic growth?
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The increase of the total output of an economy
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What characterises long run decision making?
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- firms can adjust their scale of production - firms can neither enter nor exit the industry
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How are the TC (total costs) calculated?
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TESTE DEIN WISSEN
TC = TFC + TVC Total fixed costs + total variable costs
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Who is hurt by an inflation - why? (2 examples)

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1. owners of nominal assets (bonds)
2. people with a fixed term of nominal wage 

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How is the EU calculated?

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Probability * Utility

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TESTE DEIN WISSEN
Define what a Oligopol is!
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Characterized by a few dominant firms (producing homogenous or differentiated products)
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Characteristics of a command economy (3)
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Allocation by government: - targets - prices - incomes
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What is macro economics? What is it about?
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-> economic behaviour of aggregates (income, employment, output) - on national scale - several individuals looked at
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Describe “descriptive economics”
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TESTE DEIN WISSEN
Compilation of data that describes phenomena and facts
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Define capital (one of the 4 factors of production)!
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TESTE DEIN WISSEN
Things are being produced -> used in production of other goods and services ; financial term: financial wealth
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TESTE DEIN WISSEN
Describe “positive economics”
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TESTE DEIN WISSEN
Understand behaviour - describing what exists and how it works
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What is “ceteris paribus”? - in english and what does it mean?
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All else equal - device to analyze the relationship between two variables, while the value of all other factors/ variables is held unchanged
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Beispielhafte Karteikarten für deinen Electronic Markets Kurs an der LMU München - von Kommilitonen auf StudySmarter erstellt!

Q:
What is economic growth?
A:
The increase of the total output of an economy
Q:
What characterises long run decision making?
A:
- firms can adjust their scale of production - firms can neither enter nor exit the industry
Q:
How are the TC (total costs) calculated?
A:
TC = TFC + TVC Total fixed costs + total variable costs
Q:

Who is hurt by an inflation - why? (2 examples)

A:

1. owners of nominal assets (bonds)
2. people with a fixed term of nominal wage 

Q:

How is the EU calculated?

A:

Probability * Utility

Mehr Karteikarten anzeigen
Q:
Define what a Oligopol is!
A:
Characterized by a few dominant firms (producing homogenous or differentiated products)
Q:
Characteristics of a command economy (3)
A:
Allocation by government: - targets - prices - incomes
Q:
What is macro economics? What is it about?
A:
-> economic behaviour of aggregates (income, employment, output) - on national scale - several individuals looked at
Q:
Describe “descriptive economics”
A:
Compilation of data that describes phenomena and facts
Q:
Define capital (one of the 4 factors of production)!
A:
Things are being produced -> used in production of other goods and services ; financial term: financial wealth
Q:
Describe “positive economics”
A:
Understand behaviour - describing what exists and how it works
Q:
What is “ceteris paribus”? - in english and what does it mean?
A:
All else equal - device to analyze the relationship between two variables, while the value of all other factors/ variables is held unchanged
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