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Applied Economics > 40/40 > Flashcards

40/40 Flashcards

1
Q

Enumerate the Maslow’s Hierarchy of Needs

A
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2
Q

Draw the Circular Flow Model of Economy

A
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3
Q

Define Resource Market

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4
Q

Define Product Market

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5
Q

A graph that shows all the different combinations of output of two goods that can be produce using resources and technology.

A

PPF

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6
Q

Illustrates the maximum potential output that an economy, firm, or individual can achieve when allocating its resources efficiently.

A

PPF

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7
Q

It demonstrates the trade-off between producing different goods and services, given a fixed set of resources and technology.

A

PPF

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8
Q

A situation in which you must choose between two or more conflicting options or alternatives.

A

TRADE-OFF

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9
Q

Concept of making choices between two or more alternatives, where selecting one option typically involves giving up some of the benefits or advantages of the other option.

A

TRADE-OFF

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10
Q

The value of the next best alternative that must be forgone when a choice is made to allocate resources

A

OC

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11
Q

It represents the cost of forgoing the opportunity to use those resources for an alternative use.

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12
Q

A strategy where individuals, firms, or even entire countries focus their production efforts on a limited range of goods or services in which they have a comparative advantage.

A

OC

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13
Q

It means that a country or entity can produce a good at a lower opportunity cost relative to another country or entity.

A

CA

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14
Q

Arises when one individual produce a goods or services at a lower opportunity cost.

A

CA

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15
Q

Occurs when one country can produce a goods more efficiently than the others.

A

AA

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16
Q

Explain the relationships between two or more variables.

A

FUNCTIONS

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17
Q

Visual presentation between two or more economic variables.

A

GRAPH

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18
Q

A situation where resources are not used to their full potential.

A

INEFFECIENCY

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19
Q

Formula in computing GDP

A

GDP=I+C+G+(X-M)

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20
Q

Formula inn computing GNP

A

GNP=GDP+ Income Factor

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21
Q

Formula in computing Disposable Income

A

Income-Tax

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22
Q

Formula in computing Discretionary Income

A

Income-Tax-Expenses

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23
Q

What are the economic variables?

A
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24
Q

Define GDP

A
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25
Q

Define GNP

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26
Q

Are products or materials that are used in the production of other goods rather than being consumed or used directly by end consumers.

A

Intermediate Goods

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27
Q

Products or services that tend to be consumed or used together because they enhance each other’s value or utility.

A

Complimentary Goods

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28
Q

Difference between Expenditure approach and Income Approach

A
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29
Q

Differentiate Deductive and Inductive Method

A
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30
Q

A top-down approach that begins with a general theory or hypothesis and then derives specific predictions or implications from that theory.

A

DM

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31
Q

Using formal logic to make predictions based on these assumptions. These predictions are then tested against real-world data or observations.

A

DM

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32
Q

Starts with specific observations or data and then seeks to identify patterns or general principles from those observations.

A

IM

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33
Q

Collecting empirical data, conducting experiments, or analyzing historical economic events to identify regularities, correlations, or trends.

A

IM

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34
Q

Represents the satisfaction or happiness an individual derives from consuming a good or service.

A

U

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35
Q

The total satisfaction or happiness a person derives from consuming a certain quantity of a good or service.

A

TU

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35
Q

The additional satisfaction or happiness gained from consuming one more unit of a good or service.

A

MU

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35
Q

This law states that as a person consumes more units of a good, the additional satisfaction (marginal utility) from each additional unit tends to decrease.

A

Dimineshing Marginal Utility

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35
Q

Economic strategy in which firms attempt to make their products or services appear distinct from those of their competitors.

A

Product Differntiation

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36
Q

What does Ceteris Paribus mean?

A
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36
Q

Latin phrase that translates to “all other things being equal” or “holding other things constant” in English.

A
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37
Q

Consists of observations or measurements of a particular variable or set of variables over a sequence of time intervals. These intervals could be daily, monthly, yearly, or any other time unit.

A
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38
Q

Observations or measurements of one or more variables at a single point in time.

A
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39
Q

An approach that aims to describe and explain economic phenomena as they are, without making judgments or value-based assessments.

A
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40
Q

Concerned with evaluating and prescribing what should be done or what is right or wrong in economic matters.

A
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41
Q

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

A
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42
Q

The basic, essential requirements for human survival and well-being.

A
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43
Q

Desires or preferences for goods, services, or experiences that are not strictly necessary for survival or well-being.

A
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44
Q

A well-defined segment of the overall market with distinct characteristics, needs, preferences, and behaviors.

A
45
Q

A specific group of consumers or organizations that a business or marketer aims to reach and serve with its products, services, or marketing efforts.

A
46
Q

These goods are generally unfamiliar to consumers or may not be products that consumers think about on a regular basis.

A
47
Q

Type of luxury or status goods for which the demand increases as the price rises.

A
48
Q

The cost advantages that a business or organization can achieve as it increases the scale of its production or operations.

A
49
Q

In building a business, you need to know first it’s ?

A
50
Q

Conduct it_______ to know if there is an _____

A
51
Q

What is 5 Porter’s Analysis

A
52
Q

Enumerate the 5 Porter’s Analysis

A
53
Q

Assesses how easy or difficult it is for new competitors to enter an industry.

A
54
Q

Assesses how much influence they have over the prices and terms of supply.

A
55
Q

Examines the influence that customers or purchasers have in an industry.

A
56
Q

Products or services from different industries that can satisfy the same need or function as the products or services within the industry under analysis.

A
57
Q

Assesses the intensity of competition within the industry.

A
58
Q

PESTEL ANALYSIS

A
59
Q

Relate to the influence of government policies, regulations, and political stability on an organization or industry.

A
60
Q

Encompass the economic conditions, trends, and variables that can affect an organization or market.

A
61
Q

Refer to demographic, cultural, and societal influences on an organization or industry.

A
62
Q

Consider the impact of technological advancements and innovation on a business or market.

A
63
Q

Relate to ecological and sustainability issues that can affect an organization’s operations

A
64
Q

Impact of laws and regulations on an organization or industry.

A
65
Q

What are the market structures?

A
66
Q

A market structure characterized by a large number of small firms, all producing identical (homogeneous) products or services.

A
66
Q

Market structure with many small firms that produce similar but not identical (heterogeneous) products or services.

A
67
Q

Product differentiation and branding are common.

A
68
Q

A market structure characterized by a small number of large firms that dominate the market.

A
69
Q

A market structure in which a single firm is the sole producer and supplier of a unique product or service with no close substitutes.

A
70
Q

Differentiate Price Ceiling and Price Floor

A
71
Q

Define Law of Demand

A
72
Q

It states that, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases, and conversely, as the price of a good or service increases, the quantity demanded for that good or service decreases.

A
73
Q

A tabular representation of the relationship between the price of a good or service and the corresponding quantity demanded at each price point.

A
74
Q

It lists different price levels in one column and the corresponding quantity of the good that consumers are willing to purchase at each price level in an adjacent column.

A
75
Q

A graphical representation of the information in the demand schedule. It visually shows the relationship between the price of a good on the vertical axis (y-axis) and the quantity demanded on the horizontal axis (x-axis).

A
76
Q

Formula for slope

A
77
Q

Goods for which the quantity demanded increases as consumer income decreases

A
78
Q

Items that people continue to purchase even when their income decreases.

A
79
Q

Quantity demanded increases as consumer income rises.

A

NG

80
Q

Products or services that people tend to purchase more of as their income rises significantly.

A
81
Q

What are the determinants in the Law of Demand?

A
82
Q

Enumerate The different Economic System

A
83
Q

Describes the relationship between the price of a good or service and the quantity that producers or suppliers are willing and able to offer to the market.

A
84
Q

All else being equal, as the price of a good or service increases, the quantity supplied by producers also increases, and conversely, as the price of a good or service decreases, the quantity supplied by producers decreases.

A
85
Q

What are the determinants of Law of Supply?

A
86
Q

Define Elasticity

A
87
Q

The responsiveness or sensitivity of one economic variable to a change in another variable.

A
88
Q

It is a measure of how much a change in one factor (such as price, income, or the quantity demanded) affects another factor (such as quantity demanded, quantity supplied, or total revenue).

A
89
Q

Enumerate the four degrees of Elasticity

A
90
Q

Formula in computing the Elasticity

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91
Q

Greater than 1

A
92
Q

Less than 1

A
93
Q

Equals to 0

A
94
Q

Exactly 1

A
95
Q

Difference between slope and elasticity

A
96
Q

The steepness or incline of a line on a graph. In economics, it is often used to describe the rate of change between two variables

A
97
Q

A measure of responsiveness or sensitivity.

A
98
Q

It quantifies how one variable (e.g., quantity demanded or supplied) responds to changes in another variable (e.g., price or income).

A
99
Q

The rate at which one variable changes concerning another variable.

A
100
Q

Two ways in getting the Price Elasticity

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101
Q

Formula for Arc Elasticity

A
102
Q

Formula for Point Elasticity

A
103
Q

Formula for Income Elasticity

A
104
Q

Positive Income Elasticity

A
105
Q

Negative Income Elasticity

A
106
Q

Disposable Income

A
107
Q

Discretionary Income

A
108
Q

Microeconomics

A
109
Q

Macroeconomics

A
110
Q

Law of Supply

A
111
Q

Law pf Demand

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112
Q

Needs

A
113
Q

Wants

A

Applied Economics (1 decks)

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