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ECONOMICS > Chapter 1 and 2 > Flashcards

Chapter 1 and 2 Flashcards

0
Q

A fundamental problem that means resources are limited while human wants are unlimited

A

Scarcity

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1
Q

Means management of the household

A

Oikonomia

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2
Q

A fundamental problem meaning one may lack some resources but have plenty of others

A

Relative Scarcity

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3
Q

A fundamental problem that involves choosing the best alternative use of resources / maximizing the use of resources

A

Trade-off

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4
Q

Deals with practically everything that affects people’s ability to meet their needs

A

Economics

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5
Q

Purchase of commodities. Enables money to circulate in the economy. Is the purchase of goods and services

A

Consumption

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6
Q

Exchange of products between countries

A

International Trade

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7
Q

Is an act of setting aside a portion of income for future consumption

A

Saving

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8
Q

National product is a measure of economic performance of a country

A

Gross

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9
Q

Is an economic state of atleast two consecutive quarters of negative economic growth

A

Recession

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10
Q

Studies the economic behavior, decisions and interrelationships of the small units of the economy

A

Microeconomics

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11
Q

Focuses on the behavior of the decisions made by large economic units such as government, labor sector and monetary institutions

A

Macroeconomics

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12
Q

Father of Macroeconomics

A

John Maynard Keynes

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13
Q

Father of microeconomics

A

Alfred Marshall

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14
Q

Two types of needs

A
  1. Basic Needs

2. Higher Needs

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15
Q

Examples of Basic Needs

A
  1. Physiological Needs
  2. Safety and Security
  3. Love and Belongingness
  4. Self-Esteem and Esteem from Others
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16
Q

Example of Higher Needs

A
  1. Truth
  2. Order
  3. Justice
  4. Beauty
  5. Unity
  6. Self-efficiency
  7. Self-actualization
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17
Q

According to him “NEEDS” are the material and non-material things that satisfy men. He also said that the basic needs in the hierarchy must be satisfied before the higher needs could be met

A

Abraham Maslow

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18
Q

A mere expression of needs

A

Wants

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19
Q

Two types of “WANTS”

A
  1. Economic wants

2. Non-economic wants

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20
Q

Examples of non-economic wants

A

Love, dignity, respect, integrity and freedom

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21
Q

Examples of economic wants

A

Houses, cars, books and computers

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22
Q

Type of “want” that is satisfied through the consumption of goods and services.

A

Economic Wants

23
Q

Products acquired without cost

A

Free goods

24
Q

Products acquired with money/cost

A

Economic goods

25
Q

Two classifications of economic wants

A
  1. Basic and Created wants

2. Private and Public wants

26
Q

A classification of economic wants that are based on the degree of importance to consumers

A

Basic and Created wants

27
Q

A classification of economic wants that are based on the type and number of consumers

A

Private and Public wants

28
Q

Wants that are people’s necessities

A

Basic wants

29
Q

Two kinds of basic wants

A
  1. Universal basic wants

2. Relative basic wants

30
Q

A basic want that is needed by everyone

A

Universal Basic Wants

31
Q

Examples of Universal Basic Wants

A

Food, shelter and clothing

32
Q

Is a basic want that are the things that particular individuals consider as extremely important to them based on their condition and situation in life

A

Relative Basic Wants

33
Q

Example of Relative Basic Wants

A

Owning a car

34
Q

A kind of wants that provide people with luxury, prestige, comfort and convenience. These are the things that make life more enjoyable.

A

Created Wants

35
Q

Examples of Created Wants

A

Home theaters, liposuction, microwave ovens and air conditioners.

36
Q

Wants that is provided by the government. Is benefits the whole nation.

A

Public Wants

37
Q

Wants that are not provided by the government

A

Private Wants

38
Q

Factors affecting Economic Wants

A
  1. Income
  2. Population
  3. Advertisements
  4. Physical Location
  5. Urbanization
  6. Individual Needs
39
Q

Is a factor affecting economic wants that is a very important tool for consumption.

A

Income

40
Q

More people means more economic wants to satisfy

A

Population

41
Q

A powerful tool that conditions the minds of consumers and that alters their consumption behavior

A

Advertisements

42
Q

A phenomenon that has a tendency of the people to imitate what others do.

A

Demonstration effect

43
Q

The movement of the people from the country side to the city

A

Urbanization

44
Q

meaning of DTI

A

Department of Trade and Industry

45
Q

5 Responsibilities of Filipino Consumers

A
  1. critical awareness
  2. Action
  3. Social concern
  4. Environmental awareness
  5. Solidarity
46
Q

How many Laws are there that Protect Filipino Consumers?

A

9

47
Q

How many are the rights of filipino consumers?

A

8

48
Q

Meaning of FDA

A

Food and Drug Administration

49
Q

meaning NFA

A

National Food Authority

50
Q

Meaning of NGA

A

National Grains Authority

51
Q

Meaning of ERC

A

Energy Regulatory Commision

52
Q

Meaning of LTFRB

A

Land Transportation Franchising and Regulatory Board

53
Q

BTRCP

A

Bureau of Trade Regulation and Consumer Protection

54
Q

MTRCB

A

Movie Television Review and Classification Board

55
Q

OMB

A

Optical Media Board

56
Q

Rights of Filipino Consumers identified by DTI

A
  1. The right to basic needs
  2. The right to safety
  3. The right to information
  4. The right to choose
  5. The right to representation
  6. The right to redress
  7. The right to consumer education
  8. The right to a healthy environment

ECONOMICS (4 decks)

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