Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

2nd Semester > AppEco > Flashcards

AppEco Flashcards

Aralin AppEco obviously

1
Q

is a social scienceconcerned with the explanation and prediction of observe phenomena in the society

A

Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is also an applied sciencebecause it uses the scientific method in its explanation, which consists of observing reality and presenting questions and problems to arrive at the formulation of theories and models.

A

Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Studies of markets of goods and services

A

Microeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Focuses on the behaviour of individuals in the market

A

Microeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explains how and why these units make economic growth

A

Microeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Studies the economy as a whole

A

Macroeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Focuses on aggregate indicators (such as production,employment, etc.

A

Macroeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Field of Economics

A

Microeconomics
Macroeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Consume goods and services /offer production factors

A

Consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Maximize utility

A

Consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Produce goods / demand productive factors

A

Producers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Maximize profit

A

Producers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Attempt to maximize the wellbeing of society

A

The Public sectors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the Economic Agents/Stakeholders

A

Consumers
Producers
The Public Sectors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

materialgoods or commodities.

A

TANGIBLE GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

when they arein the form of services. Thoserendered by doctors, engineers,doctors and other professionals

A

INTANGIBLE GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

goods for the ultimate consumption of the consumers.

A

CONSUMERS GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

-used to satisfy the basic needs of man

A

ESSENTIAL GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

-goods which are useful and scarce; with value attached to them and a price has to be paid for their use

A

ECONOMIC GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

-used in the production of other goods and services

A

CAPITAL GOODS or INDUSTRIAL GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

-goods man may do without, but may give comfort and satisfaction.

A

LUXURY GOODS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Goods according to use

A

Consumer Goods
Essential Goods
Economic Goods
Capital Goods or Industrial Goods
Luxury Goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

-is a natural resources available to create supply such as raw materials that comes from the ground. It can be a nonrenewable resource;commodities such as oil and gold; and renewable resources, such as timber. Oil is a natural resource, but petroleum gas is a capital good. Farmland is a natural resource, but a shopping center is a capital good

A

(Land) Land as a factor of production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

-is the work done by people-education, skills, and motivation and productivity. Productivity measures how much each hour of worker time produces in output. Workforce receives wage for his labor.

A

(Labor) Labor as a factor of production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

the money that companies used to buy resources; man-made objects like machinery, equipment,and chemicals that are used in production.For example, capital goods include industrial and commercial buildings. A commercial aircraft is an example of a capital good.

A

Capital as a Factor of Production (Capital or capital goods are capital)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Entrepreneurship develops an idea into a business. An entrepreneur combines the other three factors of production to add to supply. The most successful entrepreneurs are innovative and risk-takers. The income entrepreneurs earn is profits.

A

➢Entrepreneurship as a Factor of Production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

: insufficient resources to supply all the desires and needs of individuals.

A

Scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

: Resources can have more than one possible use

A

Multiple use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

: one resource can replace another in the production of a good or service

A

Partially replaceable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What are the characteristics of Resources

A

Scarcity
multiple use
Partially Replacable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Economics is a ____________ concerned with the explanation and prediction of observe phenomena in the society.

A

social science

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Economics is also an________________because it uses the scientific method in its explanation, which consists of observing reality and presenting questions and problems to arrive at the formulation of theories and models

A

applied science

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

implies a limited quantity of resources needed in production

A

Scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

The issue of_________ on supply due to limited resources, but unlimited wants, is the ultimate economic problem.

A

scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

therefore, is concerned with the allocation of resources to make the most efficient use of these resources.

A

Economics,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

If there is scarcity of goods in a society, the firms have to make wise decisions on what goods/services should be produced and determine the quantity to be produced.

A

What to Produce?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

The production of goods or services needs effective methods and processes.

A

How to Produce?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

The society would always consider the immediate beneficiary of the goods.

A

For whom to Produce?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

A society uses all its resources for current consumption

A

What provisions/laws should be made for economic growth?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

The Four Basic Economic Problems

A

What to produce
How to Produce
For whom to produce
What provisions/laws should be made for economic growth?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

the quantity supplied is greater than the quantity demanded

A

Oversupply/surplus –

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q
  • The quantity supplied is less than quantity demanded
A

Shortage/scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

or the amount of good or service consumers are willing to purchase at each price.

A

Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

is what a buyer pays for a unit of the specific good or service

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

The total number of units purchased at that price

A

Quantity Demanded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

explains the interaction between the sellers of a product and the buyers. It shows the relationship between the availability of a particular product and the desire (or demand) for that product has on its price

A

The law of supply and demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

If all other factors remain equal, the higher the price of a good, the fewer people will demand that good

A

The Law of demand

48
Q

Factors Affecting Demand

A

a) income of buyers
b) number of potential buyers
c) preferences
d) complementary products

49
Q

Factors Affecting Supply

A

a) Production capacity,
b) production costs such as labor and materials
c) the number of competitors
d) Ancillary factors such as
e) material availability,
f) weather, and
g) reliability of supply chain

50
Q

is the price at which the producer can sell all the units he wants to produce and the buyer can buy all the units he wants

A

Equilibrium price or market-clearing price

51
Q

Where is the Equilibirum point of the demand and supply graph?

A

where all the lines intersect

52
Q

This is the term refers to a group of companies that are related in terms of their primary business activities.

A

Industry

53
Q

This is the study of firms, industries, and markets

A

Industrial Economics

54
Q

aims to aid business men and economists in their decision making

A

Industrial Economics

55
Q

happen when there are a large number of producers or sellers who compete with one another to satisfy the needs and wants of an even larger number of consumers.

A

❖Competitive Markets

56
Q

is identified as the prime motivator of Economic Activity.

A

Self-Interest

57
Q

is identified as the seeking of personal gains of individuals.

A

Self-Interest

58
Q

is the regulator of Economic Activity.

A

Competition

59
Q

regulates not just economic activity but also the ability to purchase and sell of buyers and sellers respectively

A

Competition

60
Q

is the regulator and is the way for sellers to gain their self-interests and that is profit.

A

Competition

61
Q

Profits are earned when firms gain revenue which exceeds the costs of production

A

The profit motive

62
Q

This is the diminishing of stocks of goods as the good is continuously purchased.

A

The principle of Diminishability

63
Q

Consumers are forced to compete with obtain the benefit of the good or service.

A

The principle of rivalry

64
Q

This is the exclusion of consumers from gaining the benefit of a product.

A

The principle of Excludability

65
Q

Consumers can reject goods if they do not need nor want them

A

The principle of rejectability

66
Q

What are the Principles in the Formation of Competitive Markets

A

The Profit Motive
The Principle of Diminishability
The Principle of Rivalry
The Principle of Excludability
The Principle of Rejectability

67
Q

is best defined as the organizational and other characteristics of a market

A

Market structure

68
Q

his is where the buyers or the consumers dictate the price.

A

Pure Competition

69
Q

Another name of Pure competition

A

Perfect competition

70
Q

This is where there are many sellers but the sellers act independently from one another

A

Monopolistic Competition

71
Q

Another name for monopolistic competition

A

Imperfect competition

72
Q

There are many buyers and only a few sellers that do not act independently.

A

Oligopoly

73
Q

This happens when there are many buyers and only one seller.

A

Monopoly

74
Q

There are no eligible substitutes for the product that they sell.

A

Monopoly

75
Q

This happens when there are many sellers but there is only one buyer of that product

A

Monopsony

76
Q

This market structure is quite rare.

A

Monopsony

77
Q

In this market structure, there are many buyers and only two sellers.

A

Duopoly

78
Q

What are the 6 Market Structures

A

Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
Monopsony
Duopoly

79
Q

It simple terms it’s the act of combining the factors of production by business firms in order to produce goods and services

A

Production

80
Q

– refers to the natural resources. This also refers to our environmental resources like clean air and potable water.

A

Land

81
Q

– this refers to the physical and mental abilities used in the production of goods and services.

A

Labor

82
Q

– these are the goods that are used in the production of other goods and services.

A

Capital

83
Q

– these are the ideas that are used in the production process

A

Entrepreneurship

84
Q

Elements of input

A

Land
Labor
Capital
Entrepreneurship

85
Q

How many Sellers and buyers do pure competitions have?

A

Many|Many

86
Q

How many Sellers and buyers do Monopolistic competitions have?

A

Many|many

87
Q

How many Sellers and buyers do monopoly have?

A

One|Many

88
Q

How many Sellers and buyers do Monopsony?

A

Many|One

89
Q

How many Sellers and buyers do oligopoly have?

A

Few|Many

90
Q

How many Sellers and buyers do Duopoly Have?

A

Two|Many

91
Q

is when there is an excess demand for the quantity supplied.

A

shortage

92
Q

is excess in supply.

A

surplus

93
Q

the willingness to buy goods and services should be accompanied by the ability to buy, also called the

A

“purchasing power

94
Q

acts as a signal for shortages and surpluses which help firms and consumers respond to changing market conditions.

A

Price

95
Q

– price will tend to rise. Rising prices discourage demand, and encourage firms to try and increase supply

A

If a good is in shortage

96
Q

– price will tend to fall. Falling price encourage people to buy, and cause firms to try and cut back on supply.

A

If a good is in surplus

97
Q

The producers can make what they want and consumers are free to purchase what they want.

A

Market economy

98
Q

quantity is less than the demand;

A

shortage,

99
Q

measures the responsiveness of the quantity demanded or supplied of a good to a change in its price.

A

Price elasticity

100
Q

is the responsiveness of quantity demanded, or how much quantity demanded changes, given a change in the price of goods or services.

A

Price elasticity of demand

101
Q

the percentage change in price brings about a more than proportionate change in quantity demanded.

A

Elastic Demand (PED > 1) -

102
Q

– is when an increase in price causes a smaller % fall in demand.

A

Inelastic Demand (coefficient of the elasticity is less than 1)

103
Q
  • When the percentage change in demand is equal to the percentage change in price,
A

Unitary Elastic Demand

104
Q
  • the PED is =0 any change in price will not have any effect on the demand of the product
A

Perfectly Inelastic

105
Q

is the relationship between changes in quantity demanded for a good and a change in real income.

A

The Income Elasticity of Demand

106
Q

are those goods for which the demand rises as consumer income rises; positive income elasticity of demand so as consumers’ income rises more is demanded at each price. These goods shift to the right as income rises.

A

Normal Goods

107
Q

As income rises, the proportion spent on cheap goods will reduce as now they can afford to buy more expensive goods.

A

YED IS POSITIVE

108
Q

– the demand decreases when consumer income rises; demand increases when consumer income decreases)

A

Inferior Goods

109
Q

is he effect on the change in demand of one good as a result of a change in price of related to another product

A

Cross price elasticity of demand

110
Q

The measure of the responsiveness of quantity to a change in price. It is the percentage change in supply as compared to the percentage change in price of a commodity.

A

IV. Price Elasticity of Supply(PES)*

111
Q

If the cost of producing one more unit keeps rising as output rises or ____________ rises rapidly with an increase in output, the rate of output production will be limited.

A

Marginal Cost-

112
Q
  • Over time price elasticity of supply tends to become more elastic. The producers would increase the quantity supplied by a larger percentage than an increase in price.
A

Time

113
Q
  • The larger the number of firms, the more likely the supply is elastic. The firms can jump in to fill in the void in supply
A

Number of Firms

114
Q

If factors of production are movable, the price elasticity of supply tends to be more elastic. The labor and other inputs can be brought in from other location to increase the capacity quickly.

A

Mobility of Factors of Production-

115
Q
  • If firms have spare capacity, the price elasticity of supply is elastic. The firm can increase output without experiencing an increase in costs, and quickly with a change in price
A

Capacity

116
Q

Determinants of Price Elasticity of Supply

A

MArginal Cost
Time
Number of Firms
Mobility of factors of production
Capacity

2nd Semester (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions