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ENGINEERING ECONOMY > BASIC ECONOMICS > Flashcards

BASIC ECONOMICS Flashcards

1
Q

This tells you about the way resources are allocated among different members of society

A

Economy

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2
Q

An organized system, which encompasses production, distribution, consumption, and exchange of goods and services and level of employment in a nation

A

Economy

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3
Q

The social science which stresses on the behavior, interactions and decisions of economic agents regarding the satisfaction of their wants when the resources are limited

A

Economics

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4
Q

The branch of knowledge concerned with the production, consumption, and transfer of wealth

A

Economics

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5
Q

This is a subject concerned with the OPTIMIZATION of available resources, in an efficient manner.

A

Economics

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6
Q

Difference between the unlimited want and the limited resources

A

Scarcity

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7
Q

An analysis of how limited resources are distributed among producers, and how scarce goods and services are divided among consumers.

A

Allocation

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8
Q

What are the basic notions of economics.

A

Scarcity, Allocation, Establishing goals, end or objectives, and Reference to time must be included.

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9
Q

What are the establishing goals, end or objectives.

A

Freedom, Equity, Progress, Stability, Security, Efficiency, and Full employment.

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10
Q

Factors of Production: It includes raw property and anything that comes from the ground. It can be a non renewable resource or a renewable resource.

A

Land.

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11
Q

Factors of Production: Refers to the work done by people.

A

Labor

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12
Q

Type of skills/labor: labor that requires relatively little or no training or experience for its satisfactory performance

A

Unskilled labor

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13
Q

Type of skills/labor:requires education but it dos not require advance training

A

Semi-skilled labor.

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14
Q

Type of labors/skill: Requires education and advance training

A

Skilled labor.

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15
Q

Types of labor/skills: Example are Doctors, attorney, teacher and etc.

A

Professional labor

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16
Q

Factors of Production: These are man made objects like machinery, equipment, chemicals that are used in production. That’s what differentiates them from consumer goods

A

Capital

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17
Q

Factors of Production: The drive to develop an idea into a business. An entrepreneur combines the other three factors of Production to add to supply

A

Entrepreneurship

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18
Q

Process of purchasing or using the economic resources into the production process

A

Employment

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19
Q

Process of transformation of economic resources into actual goods and services

A

Production

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20
Q

Payment or reward for the use of a resource producing something; money changing hands

A

Income

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21
Q

(circular flow of income) It refers to someone who buys and consume goods and services or own and sell factors of production.

A

Household/consumers

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22
Q

Circular flow of income: Refers to someone who produce and sell goods and services or hires and use factors of production

A

Firm

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23
Q

The actual purchase of final goods and services.

A

Consumption

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24
Q

The branch of economics concerned with the process or resources allocation by individual decision unit or markets which are coordinated by the price system.

A

Microeconomics

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25
Q

The institutions involved in the borrowing and lending of money.

A

Financial sector

26
Q

Responsible for the collective (community) wants abd obtain resources by imposing taxes on the other sectors of the economy

A

Government sector

27
Q

Includes all international trade and financial flows that cover all transactions that our economy has with the rest of the world.

A

Overseas sector

28
Q

Set of policies that tend to affect savings and investments and bring them into desired level.

A

Monetary policy

29
Q

A sustained and general increase in prices in all or nearly all of the markets in an economy.

A

Inflation

30
Q

Princes going up every week, then every day, then every hour.

A

Hyperinflation

31
Q

Anything that is generally accepted and commonly used as a means of payment.

A

Money

32
Q

Monetary Policy: Interest rate- (Higher or Lower) interest rates reduce demand and lowers inflation

A

Higher

33
Q

Monetary Policy: Quantitative Easing- (Increase or Decrease) money supply decreases demand to lowers the inflation.

A

Decrease

34
Q

Monetary Policy: Quantitative Easing- (Increase or Decrease) money supply increases demand and investment to avoid recession

A

Increase

35
Q

Monetary Policy: Interest rate - (Higher or Lower) interest rates increase consumer spending and investment to avoid recession.

A

Lower

36
Q

Fiscal Policy: Decrease the taxes and increase the government spending to have a balance and avoid recession.

A

Expansionary Fiscal Policy

37
Q

Fiscal Policy: Increase the taxes and decrease the government spending

A

Contractionary Fiscal Policy

38
Q

Policy that controls the import and export of goods

A

Trade Policy

39
Q

The degree to which a demand or supply curve reacts to a change in price and other determinants

A

Elasticity

40
Q

Law of demand

A

As the price increase, the quantity demanded decreases; and as the price decreases, quantity demanded increase. Only true if all things are equal or constant (ceteris paribus).

41
Q

a movement occurs when a change in the quantity demanded is caused only by a change in price and vice versa.

A

Movement in the demand curve.

42
Q

The same amount of money can buy more goods when prices are lower, but lesser good when prices are higher

A

Income effects.

43
Q

Consumers tend to buy with lower prices.

A

Substitution effects.

44
Q

When the demand change but the price stays the same.

A

Shifting or shift in demands.

45
Q

Law of supply

A

As the price increase, quantity supplied also increases; and as price decreases, quantity supplied also decrease.

46
Q

The point where the demand and supply meet. Exchange takes place; consumers and resellers are satisfied.

A

Market equilibrium

47
Q

When the cost of materials is “mahal” , what will happen to supply.

A

“Mababa” o gamay ra

48
Q

Theory states that humans are motivated to fulfill their needs in a hierarchical order.

A

Maslow’s hierarchy of needs

49
Q

Until the basic needs are met, there is a “trade off” between resource use-waste management and environmental degradation and maintaining the pure state of the natural environment

A

Resources-Use Choice model

50
Q

It states that the percentage of income allocated for food purchases decreases as income rises.

A

Engel’s Law by Enrst Engel

51
Q

An increase in the quantity of any good consumed or acquired by an individual will decrease the amount of satisfaction derived from that good.

A

Law of diminishing utility

52
Q

When one factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output.

A

Law of diminishing returns

53
Q

Involves formulating, estimating, and evaluating the expected economics outcomes if alternatives designed to accomplish a defined purpose.

A

Engineering economy

54
Q

The analysis and evaluation of the factors that will affect the economic success of engineering projects to the end that a recommendation can be made which will insure the best use in capital

A

Engineering economy

55
Q

Level of production when the total income is equal to total expense.

A

Break-even Point(for one decision variable)

56
Q

Value of common variable of two alternatives that will result in equal cost for the alternatives considered.

A

Break-even Point (of two alternatives)

57
Q

In break even Point, the revenue is equal to the_____.

A

Total Cost

58
Q

What is the formula for the quantity of no profit.

A

D= FC/(p-VC)

59
Q

If your quantity is lower than the break even point, what will happen to your profit?

A

*Gansi, lugi.

60
Q

What is the formula for the quantity of maximum profit? For the maximum revenue?

A

Dmax.profit= (a-VC)/2b

Dmax.revenue= (a/2b)

ENGINEERING ECONOMY (3 decks)

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