VWL - Economics
Mankiw Studium Wirtschaftsrecht
Mankiw Studium Wirtschaftsrecht
Set of flashcards Details
| Flashcards | 25 |
|---|---|
| Language | Deutsch |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 22.02.2019 / 22.02.2019 |
| Weblink |
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economic activity
how much buying and selling goes on in the economiy over a period of time
economy
all the production and exchange activities that take place
scarcity
the limited nature of society's resources
economics
the study of how society manages its scarce resources
efficiency
Ways in which the society can get as much as it can (size of economic cake)
equity
the extent to which the benefit of outcomes can are distributed fairly (how the cake is divided)
opportunity cost
whatever must be given up to optain sone item; the value of the benefits foregone (sacrificed)
margical changes
small incremental adjustments to a plan of action
economic agents
an individual, firm or organisation that has an impact in some way on an economy
economic system
the way in which resources are organized and allocated to provide for the needs of an economy's citizens
capitalist economic system
a system which relies on the rpivate ownership of factors of production to produce goods and services which are exchanged through price mechanisms and where production is operated primarily for profit
market economy
an economy that adresses the three key questions of the economic problem by allocating resources through the dezentralized decisions of many firms and households as they interact in markets for goods and services
planned economic systems
economic activity prganized by central planners who decided on the answers to the fundamental economic questions
market failure
a situation where scarce resources are not allocated to their most efficient use
externality
the cost or benefit of one person's decisions on the well-being of a bystander (a third party) which the decision maker does not take into account in making the decision
market power
the ability of a single economic agent (or small group of agents) to have a substantial influence on market prices or output
microeconomics
the study of how households and firms make decisions and how they interact with markets
macroeconomics
the study of economy-wide phenomia, including inflation, unemployment and economic growth
economic growth
the increase in the amount of goods and services in an economy over a period of time
gross domestic porduct per capita (GDP)
the market value of all goods and servieces produced within a country in a given period of time divided by the population of a country to give a per capita figure
standart of living
refers to the amount of goods and services that can be purchased by the population of a country. Usually measured by the inflation-adjusted (real) income per head of the population
productivity
the quantity of goos and services produced from each hour of worker or factor of production's time
inflation
an increase in the overall level of prices in the economy
Phillips curve
A curve that shows the short run trade- off between inflation and unemplyment.
buisness cycle
fluctuations in economic activity such as emplyment and production
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