APPLIED ECONOMICS Flashcards

1
Q

Most democratic form of economic system. Based on the workings of the demand and supply.

A

MARKET ECONOMY

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2
Q

The owner of the capital earns an income called_____.

A

INTEREST

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3
Q

An Authoritative System. Decision-making is centralized in the government. Holds true in dictatorial, socialist, and communist nations.

A

COMMAND ECONOMY

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4
Q

The social science that involves the use of scarce resources to satisfy unlimited wants.

A

ECONOMICS

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5
Q

He described economics as a study of mankind in ordinary business of life.

A

ALFRED MARSHALL

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6
Q

Man-made resources used in production of goods and services. (Machineries and Equipment)

A

CAPITAL

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7
Q

The three economic resources are:

A

LAND, LABOR, AND CAPITAL

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8
Q

Soil and natural resources that are found in nature and not man-made.

A

LAND

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9
Q

The income received by labors is referred to as______.

A

WAGE

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10
Q

Decisions are made based on practices upheld over the years. The methods are Stagnant and therefore not progressive.

A

TRADITIONAL ECONOMY

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11
Q

The three economic systems are:

A

TRADITIONAL ECONOMY, COMMAND ECONOMY, AND MARKET ECONOMY

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12
Q

Physical and human effort to produce goods and services. Includes manual workers, machine operators, production workers, and professionals.

A

LABOR

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13
Q

Concerned with the behavior of individual entities such as the consumer, the producer, and the resource owner.

A

MICROECONOMICS

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14
Q

The reason why people have to practice economics. There are insufficient resources to satisfy all the needs and wants of a population.

A

SCARCITY

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15
Q

Land owners receive payment known as____.

A

RENT

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16
Q

Concerned in overall performance of the entire economy. It also studies economic system as a whole rather than individual economics.

A

MACROECONOMICS

17
Q

A good is scarce because of the circumstances (ex. typhoon) that surrounds the availability of the goods.

A

RELATIVE SCARCITY

18
Q

2 Branches of Economics

A

MACROECONOMICS AND MICROECONOMICS

19
Q

The mean through which the society determines the answer to the basic economic problems.

A

ECONOMIC SYSTEMS

20
Q

The study of society and how people behave and influence the world around them.

A

SOCIAL SCIENCE

21
Q

Also known as factors of production. The resources used to produce goods and services.

A

ECONOMIC RESOURCES

22
Q

When supply is limited and we rely heavily on imports.

A

ABSOLUTE SCARCITY