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APPLIED ECON > Applied Economics > Flashcards

Applied Economics Flashcards

1
Q

is a social science which deals with the proper allocation of scarce resources to satisfy the unlimited human wants.

A

ECONOMICS

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2
Q

is a condition where there are insufficient resources to satisfy all the needs and wants of a population.

A

SCARCITY

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3
Q

are also known as factors of production or inputs.

A

Economic Resources

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4
Q

What are the five major factors of production?

A
  1. Land
    2.Labor
  2. Capital
  3. Entrepreneur
  4. Foreign exchange
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5
Q

consist of free gifts of nature which includes all natural resources above, on, and below the ground such as soil, rivers, lakes, oceans, forests, mountains, mineral resources and climate.

A

land

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6
Q

refers to all human efforts, be it mental or physical, that help to produce want satisfying goods and services.

A

Labor

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7
Q

a finished product, which is used to produce goods.

A

Capital

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8
Q

is the organizer and coordinator of the other factors of production: land, labor, and capital.

A

Entrepreneur

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9
Q

mostly affecting the national economy in terms of import and export transactions

A

Foreign exchange

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10
Q

deals with the economic behavior of individual units such as the consumers, firms, and the owners of the factors of production.

A

Microeconomics

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11
Q

deals with the economic behavior of the whole economy or its aggregates such as government, business and households. also known as

A

Macroeconomics

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12
Q

the organization of economic society with reference to the production, exchange, distribution and consumption of wealth.

A

Economic System

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13
Q

It is also known as the subsistence economy. In this type of economy, people produce goods and services for their own consumption.

A

Traditional Economy

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14
Q

Under this system, the government takes hold of the economy of the State. The government does policy formulation, economic planning and decision-making. It dictates on what to produce, how to produce and for whom to produce.

A

Command Economy

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15
Q
  • In a capitalistic system, business enterprises are owned and controlled by private individuals, with “free enterprise” meaning any individual can engage in any enterprise to make a profit. In a market economy, individualism or “laissez-faire” means freedom from government control. Private firms make major decisions about production and consumption.
A

Market System

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16
Q

This is a system which is a mixture of the different types of economy. The government sets laws and rules that regulate economic life, produces educational and police services, and regulates pollution and business.

A

Mixed Economy

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17
Q

is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.

A

Applied economics

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18
Q

He is attributed to be the first to use the phrase “applied economics.

A

John Neville Keynes

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19
Q

is the use of statistical techniques to understand economic issues and test theories.

A

Econometrics

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20
Q

the propositions or condition that are taken as given and do not need further investigation, as the basic starting point of investigation.

A

State

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21
Q

facts in connection with the activity that you want to theorize.

A

Observe

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22
Q

the rules of logic to the observed facts to determine causal relationships between observed factors and to eliminate facts that are unnecessary and irrelevant.

A

Apply

23
Q

a set of principles such that formulated hypotheses may be tested as to whether they are valid or not.

A

Establish

24
Q

deals with “what is” - things that are happening such as the current inflation rate, the number of employed laborers, and the level of the Gross National Product (GNP).

A

positive economics

25
Q

refers to “what should be” – that which embodies the ideal rate of population growth or the most effective tax system. It focuses on policy formulation that will help to attain the ideal situation.

A

Normative economics

26
Q

is the total monetary or market value of all the finished products produced with a country’s borders within a period.

A

Gross domestic product

27
Q

is an estimate of total value of all the final products and services turned out in each period by means of production owned by a country’s residents.

A

Gross National Product

28
Q

is still a main problem of the Philippine economy despite improvements reported by the National Statistic office.

A

Unemployment

29
Q

is an interaction between buyers and sellers of trading or exchange. It is where the consumer buys and the seller sell.

A

Market

30
Q

What are the 3 types of market?

A
  1. Good market
  2. Labor market
  3. Financial Market
31
Q

where workers offer services and look for jobs, and where employers look for workers to hire.

A

Labor market

32
Q

includes the stock market where securities of corporations are traded.

A

Financial market

33
Q

it is where we buy goods.

A

Good market

34
Q
  • is the willingness of a consumer to buy a commodity at a given price. A demand schedule shows the various quantities the consumer is willing to buy at various prices.
A

Demand

35
Q

refers to the quantity of goods that a seller is willing to offer for sale.

A

Supply

36
Q

refers to the expenses incurred to produce the good.

A

Cost of production

37
Q

defined as building up the capital stock for more future production and consumption.

A

Investment

38
Q

the lowest wage permitted by law or by a special agreement (such as one with a labor union).

A

Minimum wage

39
Q

a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.

A

Taxes

40
Q

a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.

A

Taxes

41
Q

a percentage of individual earnings filed to the federal government.

A

Income tax

42
Q

a percentage of corporate profits taken astaxby the government to fund federal programs.

A

Corporate tax

43
Q

taxeslevied on certain goods and services

A

Sales tax

44
Q

taxeslevied on certain goods and services

A

Sales tax

45
Q

is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth.

A

Competition

46
Q

Situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers. Agricultural marketsare examplesof nearly perfect competition

A

Perfect competition

47
Q

acompetitivemarket situation where there aremany sellers, but theyareselling heterogeneous (dissimilar) goods as opposed to the perfectcompetitivemarket scenario.

A

Imperfect competition

48
Q

is a type of imperfectcompetitionsuch that many producers sell products that are differentiated from one another and hence are not perfect substitutes.

A

Monopolistic competition

49
Q

is a market that is dominated by only a few large firms. These firms prefer not tocompetevia price wars and thereforecompetein various other ways, such as advertising, product differentiation and barriers.

A

Oligopoly

50
Q

market structure characterized by a single seller, selling a unique product in the market. In amonopolymarket, the seller faces no competition, as he is the sole seller of goods with no close substitute.

A

Monopoly

51
Q

individual or business that purchases another company’s goods or services.

A

Customers

52
Q

an entity that supplies goods and services to another organization. .

A

Supplier

53
Q
  • Any person or entity which is a rival against another. In business, a company in the same industry or a similar industry which offers a similar product or service.
A

Competitors

54
Q

goods are goods which, as a result of changed conditions, may replace each other in use (or consumption).

A

Substitute

APPLIED ECON (1 decks)

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