Zehn Prinzipien Flashcards
(16 cards)
What is scarcity in economics?
Was bedeutet Knappheit in der Ökonomie?
The limited nature of society’s resources (e.g., time, money, labor) relative to unlimited human wants.
Die Begrenztheit von Ressourcen (z. B. Zeit, Geld, Arbeit) im Vergleich zu unbegrenzten Bedürfnissen.
What is economics?
Was ist Ökonomie?
The study of how society manages scarce resources (e.g., production, consumption, trade-offs).
Die Wissenschaft, wie Gesellschaften knappe Ressourcen verwalten (z. B. Produktion, Konsum, Zielkonflikte).
What does “people face trade-offs” mean?
Was bedeutet “Zielkonflikt”?
To get something, you must give up something else (e.g., leisure time vs. income).
Um etwas zu erhalten, muss man auf anderes verzichten (z. B. Freizeit vs. Einkommen).
What is the “cost” of a decision?
Was sind Opportunitätskosten?
What you give up to obtain it (e.g., college tuition + forgone wages).
Der Wert der nächstbesten Alternative (z. B. Studiengebühren + entgangenes Gehalt).
How do rational people decide?
Wie treffen rationale Menschen Entscheidungen?
By comparing marginal benefits (extra gain) and marginal costs (extra cost).
Durch Vergleich von Grenznutzen (zusätzlicher Vorteil) und Grenzkosten (zusätzlicher Aufwand).
Why do people respond to incentives?
Warum reagieren Menschen auf Anreize?
Behavior changes when costs/benefits change (e.g., tax cuts encourage work).
Verhalten ändert sich bei neuen Vor-/Nachteilen (z. B. Steuersenkungen motivieren zu arbeiten).
How does trade benefit society?
Warum ist Handel vorteilhaft?
Specialization (e.g., countries export efficiently) raises living standards.
Spezialisierung (z. B. Exporte) steigert den Wohlstand.
Why are markets effective?
Warum sind Märkte effizient?
Prices guide decentralized decisions (e.g., supply/demand allocate resources).
Preise lenken dezentrale Entscheidungen (z. B. Angebot/Nachfrage verteilen Ressourcen).
When should governments intervene?
To correct market failures (e.g., pollution) or improve equity (e.g., welfare).
What determines prosperity?
Productivity (output per worker) from technology, education, and efficiency.
What causes inflation?
Printing too much money → money loses value → prices rise.
What is the inflation-unemployment trade-off?
Short-term: More spending (e.g., stimulus) can reduce unemployment but raise inflation (Phillips Curve).
Why use models?
To simplify reality (e.g., supply/demand curves) and analyze cause-effect.
Why is trade mutually beneficial?
Comparative advantage lets parties specialize, lowering costs for all.
What are the ten principles of economics?
Trade-Offs (People face choices).
Opportunity Cost (What you give up to get something).
Marginal Thinking (Rational people compare marginal benefits/costs).
Incentives (People respond to rewards/punishments).
Trade Benefits All (Specialization improves outcomes).
Markets Organize Activity (Prices guide efficient decisions).
Government Can Improve Markets (Corrects failures, promotes fairness).
Productivity Drives Living Standards (Output per worker matters).
Inflation from Too Much Money (Prices rise when money supply grows).
Inflation-Unemployment Trade-Off (Short-run Phillips Curve).
Give an example of an incentive in policy.
A tax credit for solar panels rewards eco-friendly choices (positive incentive).
