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MICROECONOMICS > BASIC ECONOMIC CONCEPTS > Flashcards

BASIC ECONOMIC CONCEPTS Flashcards

1
Q

One who manages the households

A

Oikonomos

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2
Q

The study how society manages its scarce resources

A

Economics

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3
Q

Two central economic problems / individual economizing problems :

A

Scarcity of Resources and Multiplicity of wants and needs

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4
Q

Focuses on facts, Cause and effect, It avoids valued judgement, Concerns what is

A

Positive

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5
Q

Opinionated, incorporates valued judgement, ought or should

A

Normative

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6
Q

Father of Economics

A

Adam Smith

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7
Q

Book of Adam smith

A

Wealth of Nation 1776

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8
Q

Restrict options demand sources, The basic of all economic activities, Reason why opportunity costs arises

A

Scarcity

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9
Q

Which you forego or what are you willing to give up when you make a decision or choice

Foregone alternative

What a person loses by choosing one opportunity instead of another

A

Opportunity Costs

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10
Q

Refers to the value of what is given up in order to produce that additional unit

A

Marginal Costs

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11
Q

Refers to what people are willing to give up in order to obtain one more unit of good

A

Marginal Benefit

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12
Q

Is concern with the behavior of individual units, households, factors of production and firms

A

Microeconomics

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13
Q

Is concern with the economy as a whole

A

Macroeconomics

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14
Q

3 basic economic problems

A
  1. What are the goods produce & how much?
  2. How are the goods produce?
  3. For whom are the goods produce?
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15
Q

4 factors of production:

A
  1. Land
  2. Labor
  3. Capital
  4. Entrepreneurial ability or Entrepreneur
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16
Q

Includes all natural resources

A

Land

17
Q

Consist of physical actions and mental activities that contribute to the production of services

A

Labor

18
Q

Man made-aid production

A

Capital

19
Q

Combine land, labor and capital to make them more productive

Captain of industry

A

Entrepreneurial ability

20
Q

PPF, PPB

A

Production Possibility Frontier
Production Possibility Boundary

21
Q

In which large number of independently acting buyers and sellers come together to buy and sell standardized products

Bring together buyer and seller

A

Market

22
Q

Is a schedule or a curve the shows the various amount of a product the consumers are WILLING and ABLE to purchase at each of a series of possible prices during a specified period of time

A

Demand

23
Q

2 requisites of demand:

A
  1. Willingness to buy
  2. Ability to buy
24
Q

5 non price determinants of demand:

A
  1. Income
  2. Population
  3. Taste and preferences
  4. Price expectation
  5. Prices of related goods
25
Q

2 types of prices of related goods:

A
  1. Compliment goods
  2. Substitute goods
26
Q

Is one that is used together with another good

A

Compliment goods

27
Q

Is one that can be used in place of another good

A

Substitute goods

MICROECONOMICS (3 decks)

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