01 Introduction Flashcards
What are the two Scientific Methods?
- Empirical Science
- Theoretical Science
What counts as Empirical Science?
Observation
Interrogation
Interview
(Experiment)
What counts as Theoretical Science?
Reflection/ “Contemplate”
Analysis of references and statistics
Need Criterion: Neccessity
1.
2.
3.
Basic needs - water
Cultural needs - education
Luxury needs - juwelry
Needs Criterion: Way of fulfilling needs
1.
2.
Material needs - clothing
immaterial needs - legal advice
Different kinds of needs
1.
2.
3.
4.
5.
6.
How many people feel the need?
Time aspect
Neccessity
Way of fulfilling said need
Origin
Consciousness
MTNWOC
Two forms of the Economic Principle
Maximum Principle
Minimum Principle
What is the Maximum Principle?
Achieve a return as high as possible with a given expenditure
What is the Minimum Principle?
Achieve a given return with an expenditure as small as possible
What is the Principle of the Economic Gain?
To engage in economic activity for the sake of profit making
Application of the Economic Principle and external factors (5)
apply to: Economic Agents
- Households - fulfill their own needs
- Businesses - fulfill needs of others
External Factors:
-Global Economy
-National Economy
-Legal Framework
-Environment
-Humanity
Magic Triangle of Business Administration
Economic Principle
Humanity and Social Responsibility
Principle of Environmental Protection
What is Economic Success?
1.
2.
Factual Level (Expertise)
Relationship Level (Social and Individual Competency)
Economic success: Factual level
1.
2.
3.
4.
- Business expertise
- product, industry and market knowledge
- economic and sociopolitical knowledge
- behavioural sciences, insights and experience
Economic success - relationship level
1.
2.
3.
4.
5.
6.
- social and individual competency
- intellectual skills
- entrepreneurial mindset
- character traits
- social, communicative competence
- political skills
