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ECON REVIEWER > CHAPTER 1: BASIC ECONOMIC PRINCIPLES > Flashcards

CHAPTER 1: BASIC ECONOMIC PRINCIPLES Flashcards

1
Q

One of the social sciences which consists of that body of knowledge dealing with people and their assets or resources.

A

ECONOMICS

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2
Q

Defined as the sum total of knowledge which treats of the creation and utilization of goods and services for satisfaction of human wants.

A

ECONOMICS

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3
Q

Branch of economics which involves application of definite laws of economics, theories of investment, and business practices to engineering problems involving cost.

A

ENGINEERING ECONOMY

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4
Q

May be considered to mean the study of economic problems with concept of obtaining max benefit at the least cost

A

ENGINEERING ECONOMY

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5
Q

Involves the study of cost features and other financial data and their applications in field of engineering as bases for decision.

A

ENGINEERING ECONOMY

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6
Q

Engineering economy seeks to discover _______which hinder success of a project.

A

limiting factors

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7
Q

Considers all factors affecting economy of project w/c can be reduced to specific monetary values.

A

The Economy Analysis

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8
Q
  • Determine methods and sources of financing project, either through equity capital or borrowed capital, or combination of both.
  • Follows economy analysis, it is dependent upon the latter for necessary data
A

Financial Analysis

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8
Q
  • Determine all aspects of project w/c can’t be reduced to monetary values
A

Intangible Analysis

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9
Q

Factors expressed in monetary values

A

Tangible Factors

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10
Q

Factors that are difficult or impossible to express definitely in terms of monetary values. Also called Irreducable Factors.

A

Intangible Factors

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11
Q

Type of competition where a certain product is offered for sale by many vendors/suppliers. No restriction from entering the market.

A
  • Perfect Competition
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12
Q
  • Opposite of perfect competition
A

Monopoly

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13
Q

It is when unique product or service is available only from single supplier.
- single vendor can control supply and price of product or service

A
  • Perfect monopoly
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14
Q
  • There are few suppliers and any action will affect the course of action of others
A

Oligopoly

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15
Q
  • Amount of money or its equivalent given exchange for it.
A

Price

16
Q

A limited locality where certain goods such as those that are perishable are sold.

A

Local Market

17
Q

Where certain goods sold all over the country said to have this.

A

National Market

18
Q

Where goods that are exported to other countries.

A

World Market-

19
Q

Goods Consumed/used directly by people, things & services w/c satisfy human needs.

A

Consumer Goods

20
Q
  • Produce goods and services for human consumption, like lathes, generators, tools, ships, buses, airplanes.
A

Producer Goods

21
Q
  • Quantity of certain commodity that is bought at a certain price at a given place and time.
A

Demand

22
Q

Stated that the demand for a commodity varies inversely as the price of the commodity, though not proportionately.

A

Law of Demand

23
Q

Type of demand when decrease in selling price will cause greater than proportionate increase in the volume of sales.

A

Elastic Demand

24
Q

Type of demand when decrease in selling price will cause less than proportionate increase in sales.

A
  • Inelastic Demand
25
Q

It is when the mathematical product of price and volume of sales remain constant regardless of price change.

A

Unitary Elasticity of Demand

26
Q

It is the capacity of commodity to satisfy human want.

A
  • Utility-
27
Q

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

A

Law of Diminishing Utility

28
Q
  • Utility of the last unit of the same commodity which is consumed or acquired.
A

Marginal Utility

29
Q

____ is the last unit of similar commodities consumed or acquired.

A
  • Marginal Unit-
30
Q

The supply of a commodity varies directly as the price of the commodity, though not proportionately.

A

Law of Supply

31
Q

It states that when free competition exists, the price of a product will be that value where supply is equal to the demand.

A

Law of Supply and Demand

32
Q

Originally applied in agriculture, correlating input of men, fertilizers, and other variable factors to the output in crops or harvest.

A

Law of Diminishing Returns

33
Q

Amount received from sale of an additional unit of a product.

A
  • Marginal Revenue
34
Q

Additional cost of producing more unit.

A
  • Marginal Cost- a
35
Q

A common measure of financial efficiency

A

rate of return

ECON REVIEWER (5 decks)

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