Chapter 1-2 Flashcards
the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.
Economics
is concerned with the efficient use or management of limited productive resources to achieve maximum satisfaction of human material wants (Brue).
Economics
“The science that studies how societies use scarce resources to produce valuable commodities and distributes them among different people.” By _________ and __________.
Economics Samuel and Nordhaus
Economics is the science that studies how societies use ________ ______ to produce ____ ______ and ________ them among different people.
scarce resources, valuable commodities and distributes
Economics is a social science that deals with _________ __ ___ _____ ______ to the _________ __ ____ ___ ______through a given _________to satisfy ______ _____ ____(Calderon, M.)
allocation of scarce resources, production of goods
and services , technology , unlimited human wants
Foundations of Economics
Human Wants
Resources
Techniques of Production
Classification of resources based on renewability
Renewable resources
Non-renewable resources
It can replace themselves or increase with proper management regime
Renewable resources
It do not have the capacity to replace themselves; total physical quantities do not increase significantly with time, or do so at very slow rates to be economically relevant
Non renewable resources
Why do we study economics?
To achieve social change wherein you will gain tools to understand origins of social problems and design effective solutions
To help prepare for other careers
To become an economist
the application of economic principles to a wide range of subjects extending from management of the various forest resources through the ________, ________, and ________ of forest products.
Forest economics- production, distribution and consumption
Unique characteristics of forestry
Long production periods
Complex production Relations
External Benefits and costs
Renewability/non-renewability
Unpriced values
Production period in forestry is much longer than in agriculture and industry, makes planning difficult because of _________ _____ AND _______.
substantial risk and uncertainty
T/F. Many essential forest goods and services have no market prices.
TRUE
Traditional view is that forests are ______, but not all _________ of the _______ are renewable
renewable, attributes of the forest
a word that is commonly used to refer to some businesses.
Enterprise
A project or undertaking that is especially difficult, complicated, or risky.
Enterprise
means to plan a business, to start it and run it. It means to bring the factors of
production together, assign each its proper task, and pay them remuneration when the work is done. It implies not only running of a business, but also shouldering the loss, if any.
Enterprise
means the state of being busy.
Business
includes all human activities concerned with earning money. An activity in which various persons regularly produce or exchange goods and services for mutual gain or profit.
Business
Is the goods and services produced or purchased for personal use are included in “business”?
No
“Business may be defined as human activities directed toward _________ or ________ _______ through ________ and ________ of ______.”
providing, acquiring wealth, buying selling of goods.
“Business may be defined as human activities directed toward providing or acquiring wealth through buying and selling of goods.”
Business
Differentiate business from enterprise
Enterprise can be a business but business can’t be an enterprise because an enterprise connotes something more extensive and far-reaching than just a business since it reflects an entrepreneur’s initiative or ability to take significant risks.
