VWL 1, FFHS, Semester 3
VWL 1, FFHS, Semester 3
VWL 1, FFHS, Semester 3
Kartei Details
| Karten | 286 |
|---|---|
| Sprache | Deutsch |
| Kategorie | VWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 14.12.2015 / 22.05.2016 |
| Weblink |
https://card2brain.ch/box/vwl_1_ffhs_semester_3
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| Einbinden |
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Tragedy of the Commons
a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole
transaction costs
the costs that parties incur in the process of agreeing and following through on a bargain
unemployment insurance
a government programme that partially protects workers’ incomes when they become unemployed
unemployment rate
the percentage of the labour force that is unemployed
union
a worker association that bargains with employers over wages and working conditions
unit of account
the yardstick people use to post prices and record debts
utilitarianism
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society
utility
a measure of happiness or satisfaction
value of the marginal product
the marginal product of an input times the price of the output
variable costs
costs that vary with the quantity of output produced
velocity of money
the rate at which money changes hands
vertical equity
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
welfare economics
the study of how the allocation of resources affects economic well-being
willingness to pay
the maximum amount that a buyer will pay for a good
world price
the price of a good that prevails in the world market for that good
ability-to-pay principle
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
absolute advantage
the comparison among producers of a good according to their productivity
accounting profit
total revenue minus total explicit cost
adverse selection
the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
agent
a person who is performing an act for another person, called the principal
aggregate demand curve
a curve that shows the quantity of goods and services that households, firms and the government want to buy at each price leve
aggregate risk
risk that affects all economic actors at once
aggregate supply curve
a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level
appreciation
an increase in the value of a currency as measured by the amount of foreign currency it can buy
Arrow’s impossibility theorem
a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences
automatic stabilizers
changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession, without policymakers having to take any deliberate action
average fixed cost
fixed costs divided by the quantity of output
average revenue
total revenue divided by the quantity sold
average tax rate
total taxes paid divided by total income
average total cost
total cost divided by the quantity of output
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