MV Abitur Economics (Wirtschaft) cheat sheet

Opportunity cost is the next-best alternative forgone and can have a monetary valuation.

A shortage at a price is different from scarcity of resources across competing uses.

An own-price movement differs from a demand or supply shift.

State the point, initial-base or midpoint elasticity convention.

Revenue and profit can move in different directions.

State the market structure and cost model before using a marginal hiring or output condition.

Zero profit on a supplied short-run cost curve is not automatically a long-run optimum.

A positive unit contribution does not by itself establish a positive total profit.

Revenue recognition, receivables and cash collection can occur at different times.

Labor demand is derived from the value of output, with competitive and monopsony conditions distinguished.

A public good is identified by rivalry and exclusion conditions, not by state ownership.

Use marginal social and private benefits/costs within the specified model.

A corrective tax requires an estimate of marginal external damage at the relevant output.

Distribution and implementation can change a policy evaluation.

A numerical model outcome is not an observed result for a named city.

Distinguish a budget flow, a debt stock and the financing transactions.

A bank loan can create a corresponding deposit; a 1/r multiplier is a deliberately simplified model.

Policy rates influence, but do not equal, every retail borrowing rate.

Real and nominal measures need the relevant price index and base normalization.

Spending and tax multipliers require their model and sign conventions.

Comparative advantage compares opportunity costs under the stated technology and trading assumptions.

External-account interpretation requires a consistent financial-account sign convention.

A deficit can be financed by liabilities or by reductions in external assets.

An exchange-rate change has conditional price, volume and timing effects.

Growth, per-person output and multidimensional development are distinct concepts.

An index-point change is not automatically an equal percentage change.

State the initial-base, midpoint or point elasticity convention.

A sample standard error differs from individual-observation dispersion.

Correlation and fitted prediction do not by themselves establish causation.

Use exact growth-factor ratios when precision matters.