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Human Action II Flashcards | StudBud

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Human Action II

10 terms·StudBud Administration·341 plays

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Questions 10

Answers

1
In order to deal with the uncertainty of the future we have
the state
institutions
nothing
human action
2
Serendipity
is a synonym of rationality
is the capacity to discover opportunities not looked for
is the objectivity of economic science
is a serpent
3
The entrepreneurial function or entrepreneurship is the capacity
to manage a company
to gain money
to exploit workers in order to advance society
to discover profit opportunities and act in order to exploit them
4
Class probability
one knows some factors that influence the event
one knows the behaviour of the class and of its elements
one knows the behaviour of the class but not the behaviour of its elements
it is about unique unrepeatable events
5
Probability in economics (in the field of human action)
implies uncertainty
implies risk
is insurable
can be calculated
6
Human action
is an agreed upon starting point
is an ad hoc assumption
is an axiom invented by economists
isan ultimate giventhat no one can put into doubt w/o contradicting himself
7
Entrepreneurial profit is
monetary gain
income minus costs
the objective difference between costs and the value of the end
subjective difference between the value of the end and the foregone ends
8
Costs in economics are
the value of the foregone ends
the monetary value of expenditures
mathematizable
are given
9
Related to profits
we always want to obtain entrepreneurial profit
Mother Theresa of Calcutta did not aim at entrepreneurial profits
one can aim at entrepreneurial losses deliberately
not always entrepreneurial profit is an incentive in an action
10
Define: institution
consists in planned human action
a repetitive pattern, rule, or model of conduct
consists in explicit human action
is an organisation