VWL 1, FFHS, Semester 3

VWL 1, FFHS, Semester 3

VWL 1, FFHS, Semester 3

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Esther Kilcher

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Esther Kilcher

About these flashcards

Diese Lernkarten behandeln grundlegende Konzepte der Volkswirtschaftslehre auf Universitätsniveau, mit Fokus auf Themen wie Güter, Dienstleistungen, Geld, Banken und Wirtschaftspolitik. Sie eignen sich für Studierende, die sich mit volkswirtschaftlichen Prinzipien vertraut machen und ihr Verständnis von Märkten, Preisen und makroökonomischen Zusammenhängen vertiefen möchten.

Flashcards

286

Students

0

Language

German

Category

Macro-Economics

Level

University

Created / Updated

14.12.2015 / 22.05.2016

total revenue (in a market)

the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

trade balance

the value of a nation’s exports minus the value of its imports; also called net exports

trade deficit

an excess of imports over exports

trade policy

a government policy that directly influences the quantity of goods and services that a country imports or exports

trade surplus

an excess of exports over imports

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

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

the idea that taxes should be levied on a person according to how well that person can shoulder the burden

absolute advantage

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

the comparison among producers of a good according to their productivity

accounting profit

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

total revenue minus total explicit cost

adverse selection

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

agent

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

a person who is performing an act for another person, called the principal

aggregate demand curve

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

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

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

risk that affects all economic actors at once

aggregate supply curve

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

appreciation

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

an increase in the value of a currency as measured by the amount of foreign currency it can buy

Arrow’s impossibility theorem

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

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

average variable cost

variable costs divided by the quantity of output

balanced trade

a situation in which exports equal imports

Bank of England

the central bank of the United Kingdom

bank run

when a substantial number of depositors suspect that a bank may go bankrupt and withdraw their deposits

benefits principle

the idea that people should pay taxes based on the benefits they receive from government services

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Cartes-fiches

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

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