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IPHP > Applied Economics > Flashcards

Applied Economics Flashcards

1
Q

What is economics

A

Management of scarce resources
- Production, distribution, and consumption

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2
Q

Needs

A

Essential to human survival

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3
Q

Wants

A

Desired but not essential to survival

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4
Q

Opportunity Cost

A

giving up an alternative for the best option

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5
Q

Economic development

A

process of growth in the economy

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6
Q

Applied Economics

A

Application of ec to irl situations

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7
Q

Rational Choice Theory

A

choosing the option that gives you the most advantages

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8
Q

What is the use of a GPD

A

Measures level of production within the nation

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9
Q

What is the use of a GNP

A

The total value of all the finished goods produced by a country’s citizens

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10
Q

What does GPD stand for

A

Gross domestic production

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11
Q

What does GNP stand for

A

Gross National Product

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12
Q

Poverty

A

the population is only able to meet basic needs

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13
Q

Factors of poverty

A
  1. Inequality
  2. overpopulation
  3. Unemployment
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14
Q

Absolute poverty

A

Deprivation of basic needs

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15
Q

PH minimum wage

A

516

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16
Q

Frictional

A

In between jobs

17
Q

Cyclical

A

changes in the economy which leads to unemployment ( inflation)

18
Q

Seasonal

A

Certain times during the year ( farmers)

19
Q

Structural

A

Changes in the economy, and mismatch between skills in the workplace

20
Q

Inflation

A

Continuous price increase

21
Q

What is used for measuring inflation

A

CPI

22
Q

CPI

A

consumer price index

23
Q

What is Elasticity

A

change in the demand for goods/ service

24
Q

Elastic

A

An increase in price is less than a decrease in demand

25
Q

Inelastic

A

An increase in price is greater than a decrease in demand

26
Q

Unitary Elastic

A

An increase in price that is equal to an increase of demand

27
Q

Equilibrium

A

center balanced ( center point in the graph)

28
Q

Shortage

A

price low, demand high

29
Q

Surplus

A

price high, demand low

30
Q

What is the Market

A

Place where buyers and sellers make transactions

31
Q

Perfect competition

A

All products are identical
multiple sellers and buyers
Easy entry

32
Q

is the market physical or digital

A

Ant

33
Q

Monopoly

A

single seller

34
Q

Oligopoly

A

Products are almost similar
Entry to market: collusion

34
Q

What do you call a single seller

A

Monopolist

35
Q

Monopolistic competition

A

Monopoly + Perfect competition

IPHP (2 decks)

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