MARKET 1 Lecture Notes - Lecture 27: Austrian School, Exogeny, List Of Bluetooth Profiles
Document Summary
Economy = facing decisions, exchange, medium of money. Organisations buy these factors & produce goods (companies, producers) All the production & exchange activities that take place. Buying & selling in the economy over a period of time. To tackle the economic problem: resources (land, labour, capital) Management of resources: important (resources are scarce/ limited) You try to optimise and reach the best outcome. = limited resources we can"t produce all we want. = study of how society manages the resources. Give up one thing to have another one do compromises. Society gets the most possible from the scarce resources. Benefits of the scarce resources are fairly distributed among the whole society. = what you give up to obtain (erhalten) that item. Are small, incremental adjustments to a plan of action. Marginal changes in costs/ benefits motives people to respond (e. g. discount if you buy 2 pieces of clothes) Decision to choose an alternative: benefits exceed its marginal costs.
