2 Beyond the Issue of Scarcity Flashcards

1
Q

raw materials in manufacturing

A

natural resources

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2
Q

land, forest, water, energy minerals

A

natural resources

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3
Q

2 types of land used for residential, commercial, industrial, agricultural purposes

A

alienable land, disposable land

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4
Q

covered by forests, main activity is logging

A

forest land

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5
Q

solar energy, hydro energy, wind energy, coal, geothermal energy, nuclear energy

A

natural resources

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6
Q

gathering, processing, utilizing raw/natural resources

A

capital resources

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7
Q

machinery, equipment, vehicles, factories

A

capital resources

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8
Q

depreciates over time

A

capital resources

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9
Q

producing goods

A

productive

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10
Q

used repeatedly for a long period of time

A

fixed

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11
Q

used for specific purpose/activity

A

special

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12
Q

what people contribute to the economy

A

human resources

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13
Q

study of statistics like births, deaths, age, gender, income, incidence of disease, showing changing structure of the human population

A

demography

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14
Q

people living in certain place

A

population

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15
Q

measurement of population per unit area

A

population density

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16
Q

limited resources

A

scarcity

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17
Q

always existing

18
Q

can be fixed with proper distribution and allocation

19
Q

demand > supply

20
Q

involving products, supplies

21
Q

involving resources

22
Q

temporary imbalance

23
Q

fixed by adjusting prices, supply, demand

24
Q

malthusian theory of population

A

proposes that population growth will always outpace supply of resources

25
positive checks to population
natural disasters, epidemics, pandemics, war, famine
26
preventive measures to population
late marriages, celibacy, self-restraint, family planning
27
inadequate land
indication of natural scarcity
28
depletion of non-renewable resources
indication of natural scarcity
29
poverty and hunger
indication of natural scarcity
30
low life expectancy + QOL
indication of natural scarcity
31
dependence on imported capital goods
indication of capital scarcity
32
limited availability and usage of machineries and specialized equipment
indication of capital scarcity
33
high labor force but few jobs, or vice versa
indication of human resources scarcity
34
high labor force but low knowledge, skills, or training
indication of human resources scarcity
35
low wages
indication of human resources scarcity
36
next best alternative use of a resource
opportunity cost
37
price of next best thing you could've done, had you not made the 1st choice
opportunity cost
38
what must be given up to get something you desire
opportunity cost
39
any point above the curve in the graph is impossible
production possibilities frontier (ppf)
40
any point below the curve in the graph is inefficient
production possibilities frontier (ppf)