Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Env Management > Dransfield kap 1, 3, 5. > Flashcards

Dransfield kap 1, 3, 5. Flashcards

1
Q
  1. The Market are?
A

A situation or a system, which buyers/sellers come into contact to trade: Godds, services, commodoties, financial instruments. Can be virtually or IRL.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q
  1. The Economic system at diffrent levels?
A
  • Local level = 1 city or region.
  • National level = Hole country
  • International level = Accross the globe.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q
  1. Term: The Economy is?
A

is a system / set of interlocking systems in which decisions is made about:

-What goods to produce.
-How goods/services will be produced.
-Who will recive the goods/services?
-Who will recive the rewards for making/selling?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q
  1. Macro Economy?
A

are concerned with large changes affecting most decision maker in Economy.
EX: growth slow down in activity, price changes on international scale.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q
  1. Micro Economy?
A

are concerned with small-scale economic decision making. As pricing of ind. products.
Helps to understand influences affecting business, and dev general understanding on diff. types of economic situations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q
  1. Micro Economic(s)?
A

concerned with analysing behaviour of ind C & P, how household/firms make decisions. Analys of how prices are set and alter over time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
  1. Macro Economic(s)?
A

concerned with the working of the whole economy. Taking a bigger picture.
Examines chanhes in national/international economy.
Analysing patterns, trends, seeking explanations for problems, un-employment, inflation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
  1. Reccession?
A

when at least 2-3 months or quartans, the value of all goods produced/sold in the economy falls. Tends to have ripple effects that spreads thru the system, affecting more businesses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q
  1. Risks?
A

the chance of damage/losses, resulting from a event or activity. risks are taken to secure benefits, returns, profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q
  1. The Key variables + Mannetudes of Risks?
A
  • Likelihood of the risk
  • The impact thats results of it.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q
  1. Risk Mitigation?
A

controlling risk to a level thats compatible with the risk apetite of a firm/org/gov. Measures should be taken to limit risks.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q
  1. Liquid assets in a Firm?
A

financial reservs that a bank/firm holds in a form that can quickly be converted to $$.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q
  1. Intrest rates ($) ?
A

the cost of borrowing money, expressed as %. Depends on therisk the lender is taking and the lengt in the loan etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q
  1. Monetary authorities?
A

Groups/institues thats responsible for overlooking the supply of $$$ & financial arrangements. EX: Central banks, Committes = to set Gov official intrest rate, regulate banks etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q
  1. Oppertunity Cost?
A

taking a resource away, from the production of something else. The next best alternative we give up when making a choice of buing X.

Making a choce + making a sacrifice = decision making!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q
  1. Efficiency?
A

Getting the maximum results from inputs, in a activity.
Free competition seen as the best way to achive economic Efficiency. Try to compete by lowering costs/prices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q
  1. The main sectors in Economics?
A

-Firms
-Households
-Goverments
alt Banks.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q
  1. Demand?
A

Quantity of a good/service thats consumers will be prepared to buy, at a particular price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q
  1. Supply?
A

The quantity of a good/service, that suppliers will be prepared to supply, at a particular price.

20
Q
  1. What happens if Demand increases/decreases?
A

Demand Increases= and supply remains constant, the market price will increase. Suppliers will be encuraged to increase quantity supplied.

Demand decreases= and supplu ramans constans, the market value will fall & suppliers will reduce the quantity supplied.

21
Q
  1. What happens if Supply increases/decreases?
A

Supply increases = and demand remans the same, market price will fall.

Supply decreases = and demand remans the same, the market price will rise.

22
Q
  1. Changes in Demand?
A

the whole demand curve changes in position, as a result of changes in taste/incomes. The demans curve shifts inwards.

22
Q
  1. Market forces?
A

Changes in demand/supply relationship. The relative strength of D & S determines the market prices of goods.

22
Q
  1. Shifts in Demand?
A

The changes in Quantity demanded, vs movements aling a give demand curve, results form a change in price.

23
Q
  1. Supply curves?
A

Supply = the Quantity a supplier is willing to provide at a diffrent price. They supply more at higher prices, than at lower prices.

24
Q
  1. The term Ceteris Paribus?
A

latin term, assuming that everything else remans the same, in a situation.

25
Q
  1. Joint Supply?
A

Some production creates more than 1 product, ex oil/gas. Increases in oil supply = drive down the price on by-products of oil.

26
Q
  1. Equlibrium?
A

The state of balance. E price occure when its a balance between S/D. Quantity demanded is equal to the amount thats suppliers provide.

27
Q
  1. Elasticity of Demand?
A

How D/S responds to a change in another variable.

28
Q
  1. Elasticity?
A

Measirement of how changing ine economic variable affects others.

29
Q
  1. Price elasticity of Demand?
A

Measures the % change in Qantity demanded, caused by a % change in Price. the extent of movement along the demand curve.

30
Q
  1. Price elasticity of Supply?
A

measures how the amount of good a firm wish to supply, changes in responce to a change in price. the extent of movement along the supply curve.

31
Q
  1. Co-efficient of Elasticity?
A

The technique that economics use to measure elasticity.

32
Q
  1. Price elasticity - Inelastic?
A

Change in price will have little effect in the quantity demanded.

% change in demand, changes LESS than the % change in price.

C stays in market and consume.

33
Q
  1. Price Elasticity - Elastic?
A

A small change in price will have a large effect, on the quantity demanded.

% change in demand changes MORE, than the % change in price.

More flat curve, substitute are avaliable, C leave the market.

34
Q
  1. Cross-price Elasticity?
A

a measure, a change in price of ine good, affects the demand for another good.
EX: The increase of price on salamon, leads to more demand on torsk.

35
Q
  1. The Market Structrure?
A

the characteristics under which a market operates. The more competitive market, and influence of rivalry, leads to cometition on pricing.

36
Q
  1. Market & Perfect Competition?
A

Many sellers on the market, goods all the same, free entry, firms are price takers.

37
Q
  1. Market & Monopolistic Competition?
A

Several seller on the market, Goods are similar but differentiated, free entry, firms are price setters.

38
Q
  1. Market & Oligopoly?
A

Only a few sellers on the market, Goods differentiated or homogenius, restricted entry, firms are price setters.

39
Q
  1. Market & Monopoly?
A

One seller on the market, one producer, diff for new firms to enter, firms are price setters.

40
Q
  1. The diffrences between Consumer & Producer Market?
A

C = where consumer goods are sold, used by end consumer. food, clothes etc.

P = where producer goods are sold and used by producers of goods, equipment, reasurces etc.

41
Q
  1. Normal Profit?
A

the profit a business needs to make / earn to stay in the market.

42
Q
  1. Abnormal profit?
A

any profit made in exess of the normal profit.

43
Q
  1. Price takers on the market?
A

The average revenue/ price, which firms “takes” from the market. Fims can only sell units at markets price, so average revenue is a horizontal line ine the fig 5.3.

44
Q
  1. Monopoly?
A

Only 1 firm on the market or industry, vs no competition. Very large firms can act/benefit as a Monopoly -> Microsoft, provides hardware to many PC users, = virtually monopoly.
- Are a price maker-
-Highly Inelastic demand curve, if ricing prices = loses small number of sales.

45
Q
  1. Allocative Efficiency?
A

when the value that consumers place on a good, the price they are WTP - equals the cost of recources used up in production.
Also, if price of good is equal the MC of producing = Economic welfare & society usies recsources well.

Env Management (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions