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UCSP / Applied Economics > applied econ first quiz > Flashcards

applied econ first quiz Flashcards

1
Q

“oikonomia” greek word literally means

A

household management

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2
Q

the study of the ways individuals and societies allocate their limited resources to satisfy unlimited wants

A

economics

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3
Q

aspects of economy

A
  1. science that is concerned with human behavior
  2. it is concerned with decisions we make and the consequences of those choices
  3. it is concerned with man’s material happiness
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4
Q

SOCIAL OR APPLIED SCIENCE:

it uses scientific method to build theories that can help explain the behavior of different groups, organization and individuals in the society

A

SOCIAL SCIENCE

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5
Q

SOCIAL OR APPLIED SCIENCE

involves application of economic theories and principles to real world situations which aim at predicting potential outcomes

A

APPLIED SCIENCE

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6
Q

APPLIED OR SOCIAL SCIENCE

uses scientific methods in its explanations which consists of observing the reality, presenting questions and problems to arrive at the formulating of theories and models

A

APPLIED SCIENCE

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7
Q

APPLIED OR SOCIAL SCIENCE

concerned with human behavior and the relationship between ends and scarce means which have alternative uses

A

SOCIAL SCIENCE

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8
Q

follows a systematic procedure to solve issues and problems of the society

A

APPLIED SCIENCE

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9
Q

deals with the behavior of individual components as economic agent such as household, consumer, worker, firm, and owner of production

A

microeconomics

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10
Q

deals with the behavior of economy as a whole with the view to understand the interaction between economic aggregates

A

macroeconomics

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11
Q

basic categories of inputs used to produce goods and services, FACTORS OF PRODUCTION

A

economic resources

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12
Q

refers to all natural resources used in the production process

A

land

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13
Q

all physical and mental efforts that people make available for production

A

labor

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14
Q

all investment goods used to produce other goods and services

A

capital

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15
Q

special ability an individual needed to develop and produce products and services like organizational and managerial skills

A

entrepreneurship

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16
Q

it means not enough supply to meet human needs and wants, and a condition in which human wants are often greater than the available supply

A

scarcity

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17
Q

two types of scarcity

A

relative
absolute

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18
Q

relative

A

circumstances

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19
Q

absolute

A

absolute scarce that need to rely on import

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20
Q

4 main questions

A

what to produce
how to produce
from to produce
what provision should be made for economic growth

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21
Q

goods and services must ba based on the needs of the consumers

A

what to produce

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22
Q

the system must select the proper combination of economic resources in produce the right amount of output

A

how to produce

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23
Q

distribution of goods that are produced and for which that they be distributed properly

A

from whom to produce

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24
Q

society would not like to use all its scarce sources for current consumption only

A

what provision should be made for economic growth

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25
Q

the means through which society determines the answer to basic economic problems

A

economic system

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26
Q

decisions are based on traditions and practices upheld over the years and passed

A

traditional economy

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27
Q

authoritative system, decision making is centralized in the government, decision are imposed on the people who do not have a say in what goods are to be produced

A

command economy

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28
Q

most democratic form of economic system, decisions are made on what goods and services to produce

A

market economy

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29
Q

combination command and market economy, protects private property, consumer and environment

A

mixed economy

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30
Q

4 basic economic problem of the country

A

unemployment
poverty
quality of infrastructure
income inequality

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30
Q

4 basic economic problem of the country

A

unemployment
poverty
quality of infrastructure
income inequality

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31
Q

main cause of unemployment

A

overpopulation
rural urban migration

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32
Q

direct government policies to keep the price of essential products is a solution to

A

poverty

33
Q

encourage local and international investment through provision of attractive investment opportunities like tax incentives is a solution to

A

unemployment

34
Q

lesser budget allocation, bottlenecks, quality and timeliness of services is a cause to

A

quality of infrastructure

35
Q

government shall implement fiscal reform program is a solution to

A

quality of infrastructure

36
Q

political culture, “palakasan and utang na loob system” is a cause to

A

income inequality

37
Q

demand for a good or a services by an individual, interaction of an individual’s desires with the quantities of goods and services

A

individual demand

38
Q

individual demand is also called as

A

household demand

39
Q

what a buyer pays for a unit of goods or services

A

price

40
Q

TOTAL NUMBER of units purchased at that price

A

quantity demand

41
Q

TABLE that show the quantity demand of each price

A

demand SCHEDULE

42
Q

shows the RELATIONSHIP between price and quantity demanded

A

demand curve

43
Q

price increases, quantity demand decreases vice versa

A

law of DEMAND

44
Q

obtained by adding together all the individual DEMANDS of all the household in the economy

A

market demand

45
Q

slope of market demand is

A

downward

46
Q

total quality of good or services that all producers are willing to supply

A

market supply

47
Q

obtained by adding together the individual supply of all the firms in the economy

A

market supply

48
Q

price increases, quantity supplied increases

price decreases, quantity supplied decreases

A

law of supply

49
Q

achieved at the price at which quantities demanded and supplied are balanced and equal

supply and demand curves intersect

A

market equilibrium

50
Q

quantity supply is greater than quantity demand

A

surplus

51
Q

quantity demand is greater than quantity supply

A

shortage

52
Q

what a buyer pays for a unit of goods or services

A

price

53
Q

ability fo buy what you want

acts a signal for shortages and surpluses which help firms and consumers respond to changing market condition

A

purchasing power

54
Q

excess quantity demand

A

shortage

55
Q

excess in supply, amount of something left over when requirements have been met

A

surplus

56
Q

price will tend to rise, discouraging demand and encourage firms to try and increase supply

A

good is in shortage

57
Q

market equilibrium is also known as

A

market price

58
Q

determinants of demand

A

income
population
taste and preference
price expectations
price of related

59
Q

determinants of supply

A

technology
cost of production
number of sellers
taxes and subsidies
weather

60
Q

producer can sell all the units he wants to produce vice versa

A

equilibrium price

61
Q

all other things are equal or constant

A

the cetris paribus assumption

62
Q

measures the responsiveness of the quantity demanded or supplied of a good to a change in it’s price

A

price elasticity

63
Q

the absolute value of coefficient of elasticity is GREATER than 1

% Ed > % P

A

elastic

64
Q

change in determinant will lead to a proportionately lesser change in demand or supply

less than 1

% Ed < % P

A

inelastic

65
Q

change in determinant will lead to a proportionately EQUAL change, absolute value is equal to 1

A

unitary elastic

66
Q

computed by choosing two points in the demand curve and comparing the percentage changes in quantity and price of those two points

A

arc elasticity

67
Q

good is non essential

A

elastic

68
Q

good is essential

A

inelastic

69
Q

suggesting proportionate changes in quantity demanded and price

A

unitary elastic

70
Q

relationship between changes in QD for a good and a chance in real incomr

A

income elasticity of demand

71
Q

a positive sign for IE signifies good demanded which is what a consumer tends to buy more when income increases

A

normal good

72
Q

negative sign indicates the demand for _____ which goods that are brought when income are low because low income prevents consumer from buying

A

inferior goods

73
Q

measures how the QD changes as the price of related good changes, measures responsiveness of the demand of good to the change in price of substitute

A

cross price elasticity

74
Q

positive sign which means the price of the substitute good increases, demand for other good will increase

A

substitute

75
Q

negative sign indicates goods will increase if the price of a complement decreases

A

complement goods

76
Q

response of quantity offered for sale every change in price

A

price elasticity of supply

77
Q

goods that are easy to produce have _____ supply

A

elastic

78
Q

goods that are hard to make are _____ supply

A

inelastic

79
Q

small percentage change in price brings about a change in quantity demand from zero to infinity

A

perfectly elastic

80
Q

any change in price will not have any effect on the demand of the product

A

perfectly inelastic

UCSP / Applied Economics (9 decks)

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