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1ST : Applied Economics > 1ST QUARTER FLASHCARDS > Flashcards

1ST QUARTER FLASHCARDS

1
Q

It studies how to match limited or scarce resources with unlimited human wants and needs.

A

Economics

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2
Q

“Economics is the effective management of scarce resources to satisfy ____________ ______& ______.”

A

unlimited wants & needs

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3
Q

It refers to the limitation of resources, particularly economic resources such as land, labor, capital, and entrepreneurship.

A

Scarcity

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4
Q

Why do we need to learn to manage our resources?

A

Because resources will always be scarce and they may be consumed sooner or later without management.

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5
Q

Difference of human wants and needs

A

Needs are essential for survival while wants are not necessary and only for pleasure.

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6
Q

This is the process of creating goods and services.

A

Production

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7
Q

A type of institution responsible for the management and allocation of resources used.

A

Economic System

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8
Q

Components of a market economic system

A
  • Private
  • Goods w/ high profits
  • Produced at maximum efficiency w/ minimum cost
  • Produced to those who can afford to buy them.
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9
Q

Components of a command economic system

A
  • Government
  • Public goods
  • Employs all possible laborers and available machinery
  • Produced for the public
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10
Q

3rd economic system

A

Mixed (Both market and command)

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11
Q

Why is decision-making important in the aspect of economics?

A

Because we must determine how individuals or groups of people behave given certain changes in the economy.

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11
Q

Why is decision-making important in the aspect of economics?

A

Because we must determine how individuals or groups of people behave given certain changes in the economy.

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12
Q

It is the assumption that individuals are consistent and logical in their decision-making, and that they seek an outcome that is most beneficial to them.

A

Rationality

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13
Q

Difference of opportunity cost and trade-off

A

Opportunity Cost is the cost of giving up an alternative when making a choice. On the other hand, trade-off is the choice you can no longer undo, and it can either result in satisfaction or dissatisfaction of needs.

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14
Q

It is the application of economic theory and econometrics in real-world situations.

A

Applied Economics

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15
Q

3 Development Core Values

A

Sustenance, Self-esteem, and Freedom

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16
Q

Economic development is based on 3 components (from NEDA)

A

framework of inclusive growth, the generation of employment, and the reduction of poverty

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17
Q

Difference of Positive and Normative Economics

A

Positive Economics describes what exists and how things work and strives to give an
objective description of the state of things. On the other hand, Normative Economics focuses on the outcome of the economic behavior, makes judgements and proposes courses of action.

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18
Q

These help economists manage information and simplify economic processes so they could be easily understood and studied.

A

Assumptions in Economics

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19
Q

Individuals act in a logical and predictable manner and pursue goals that will benefit them.

A

Rationality

20
Q

Individuals aim to maximize utility while firms intend to maximize their profit.

A

Profit Maximization

21
Q

Consumers and producers have completely accurate information on products and services.

A

Perfect Information

22
Q

“All things being equal” = the assumption that controls the effect of other variables apart from those that are being studied.

A

Ceteris Paribus

23
Q

Faulty reasonings that often make us commit errors in judgment or conclusions.

A

Fallacy

24
Q

When an individual considers other extraneous variables in studying the economic phenomenon.

A

Failure to hold things constant under ceteris paribus

25
Q

Post hoc ergo, propter hoc = “after this, therefore because of this”

A

Post hoc Fallacy

26
Q

When one considers a trait of one part or aspect of something as true or applicable for the whole.

A

Fallacy of Composition

27
Q

A statement that oversimplifies a specific scenario presenting it as a general rule.

A

Sweeping Generalization

28
Q

It is the gathering information about conditions that affect a marketplace ; basis for making decisions

A

Market Analysis

29
Q

Difference of unemployment and underemployment

A

UNEMPLOYMENT refers to the portion of the labor force that is willing to engage in productive activities yet fails to do so. On the other hand, UNDEREMPLOYMENT is the state of an individual being employed but his/her talents and expertise are underutilized or are not matched to the job.

30
Q

4 types of unemployment

A

Structural, Frictional, Seasonal, and Cyclical

31
Q

2 types of underemployment

A

Visible and Invisible

32
Q

It is comprised of the available labor force who are willing and able to work and are awaiting deployment.

A

Labor Supply

33
Q

It refers to the industry’s total available job vacancies from the previous cycle or year up to the present.

A

Labor Demand

34
Q

It refers to the payments made in exchange for the time and effort exerted or given by an individual who was able to produce a good or service.

A

Wages

35
Q

These are different compositions of sellers and distinguishing quality of goods.

A

Market Structures

36
Q

Pure Competition’s seller, product, entry of new firm, example, and common problem

A 
Seller: many (price-takers)
Product: homogenous/similar
Entry of new firm: free
Example: sugar
Common problem: how to survive and get a fair market share
37
Q

Monopoly’s seller, product, entry of new firm, example, and common problem

A

Seller: one (price-taker)
Product: one, with little to no substitute
Entry of new firm: no
Example: telecom
Common problem: improvement of product/service

38
Q

Oligopoly’s seller, product, entry of new firm, example, and common problem

A 
Seller: few
Product: differentiated
Entry of new firm: restricted
Example: oil, fuel
Common problem: high capital requirement
39
Q

Monopolistic Competition’s seller, product, entry of new firm, example, and common problem

A 
Seller: many
Product: differentiated
Entry of new firm: free
Example: shampoo
Common problem: distinguishing quality
40
Q

It is a product that people buy with hope that they will be beneficial or will generate income in the future.

A

Investment

41
Q

2 types of investment and their differenc

A

A long-term investment is buying a property or real estate and the profit/benefit generated is slow but high, while, Short-term investment is a generating small profit/benefit but frequent, and its problem is the high opportunity cost.

41
Q

2 types of investment and their differenc

A

A long-term investment is buying a property or real estate and the profit/benefit generated is slow but high, while, Short-term investment is a generating small profit/benefit but frequent, and its problem is the high opportunity cost.

42
Q

A factor to consider wherein the total fixed costs and total variable costs are.

A

Rentals

42
Q

A factor to consider wherein the total fixed costs and total variable costs are.

A

Rentals

43
Q

Why that in the first few months of operation usually, the business is experiencing losses?

A

Because of the fixed costs which include rent, machinery, and equipment

44
Q

Increasing cost of living = increasing _________

A

Minimum wage

45
Q

It is a significant issue facing by the entrepreneurs ; income in government, loss in businesses

A

Taxes

1ST : Applied Economics (9 decks)

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