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Basic Microeconomics > Chapter 1: Economics (Definition, Branches, Goals, Tools, and Economic Thoughts) > Flashcards

Chapter 1: Economics (Definition, Branches, Goals, Tools, and Economic Thoughts) Flashcards

1
Q

the study of proper allocation and efficient use of scarce resources to be able to satisfy the unlimited needs and wants of humans.

A

Economics

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2
Q

Oikos means?

A

Household

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3
Q

Nomos means?

A

to contribute

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4
Q

A Social science that is concerned with production, distribution and consumption of goods.

A

Economics

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5
Q

the system of trade and industry by which the wealth of a country is made and used.

A

Economy

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6
Q

Why do we allocate resources?

A

Because of the unlimited wants and needs of people over the limited resources.

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7
Q

something you need in order to survive

A

Needs

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8
Q

something you desire

A

Wants

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9
Q

Can be accomplished once society is able to provide the greatest amount of enjoyment with the limited resources available.

A

Economic efficiency

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10
Q

Income and Riches are distributed properly in a nation.

A

Economic Equity

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11
Q

the distribution of wealth and income according to a fair standard.

A

Equity

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12
Q

Citizens’ capability to have economic decisions. (Free Entrepreneurship and Commerce, Engage in collective bargaining and Individual Choice).

A

Economic Freedom

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13
Q

Greater Blank results from a broader range of options.

A

Economic Freedom

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14
Q

the ability to participate in collective bargaining

A

Economic Freedom

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15
Q

to achieve stability by avoiding or reducing volatility in output, employment, and prices.

A

Economic Stability

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16
Q

Maintaining economic stability avoids economic blank and blank.

A

uncertainty and disruptions

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17
Q

Having a stable income or other resources to support a level of living and on the foreseeable future.

A

Economic Security

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18
Q

Blank and blank are the primary targets of policymakers to have financial security.

A

Price stability and inflation

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19
Q

the ability of the nation to enhance the economy’s production of commodities and services.

A

Economic Growth

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20
Q

People are better off living standards and blank becomes less of a concern as society gains more things that can be used to meet more wants and needs as a result of economic expansion.

A

Scarcity

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21
Q

The economy is growing if?

A

it generates more goods this year than last year.

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22
Q

Why is economics a social science?

A

because it studies peoples lives and how they interact with others and society.

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23
Q

The biological, psychological, social and cultural components of human life are studied in this branch of science.

A

Anthropology

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24
Q

It is the study of politics

A

Political Science

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25
Q

the scientific study of biological organisms’ behavior with the focus on human behavior.

A

Psychology

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26
Q

It investigates society by looking on human groupings, institutions and social relationships.

A

Sociology

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27
Q

Trying to make sense of historical events by using our understanding of economic dynamics.

A

Psychology

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28
Q

It tries to describe human economic behavior and the broadest historical, geographical, and cultural sense possible.

A

Anthropology

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29
Q

the study of country to country relationships as well as the activities of other organizations

A

International Relations

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30
Q

It is a Systematic examination of the state and its administration. It is concerned with democracy and the interaction of people and policy.

A

Political Science

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31
Q

A branch of economics that focuses on the actions of individual agents includes households, Firms, Consumers.

A

Microeconomics

32
Q

A branch of economics that examines the total economy on a national and international scale, modeling it with highly aggregated economic data and factors.

A

Macroeconomics

33
Q

A branch of economics that focuses on the broader issues like Unemployment, Interest and Inflation rates, Import/Export, Gross Domestic Product

A

Macroeconomics

34
Q

A branch of economics that examines economic growth and repeating economic cycles

A

Macroeconomics

35
Q

A branch of economics that tries to explain why various things are valued differently, how people make financial decisions, and how people trade, coordinate, and collaborate with one another in the most efficient way

A

Microeconomics

36
Q

A branch of economics that examines human behavior in order to understand how people react to price changes and why they demand what they do at a certain price level.

A

Microeconomics

37
Q

Micro and Macroeconomics are blank. However, they used different ideas and models that contradict at times

A

Intextricably linked

38
Q

A method of economics that describes and explains various economic phenomena in “What is” scenario

A

Positive Economics

39
Q

A method of economics that focuses on the value of economic fairness focuses on “should be” or “ought to be” aspect

A

Normative Economics

40
Q

A method of economics that examines real word economic occurrence from a moral and ethical standpoint

A

Normative Economics

41
Q

A method of economics that is based on Economic reality

A

Positive Economics

42
Q

A method of economics that focuses cause and effect relationships

A

Positive Economics

43
Q

A method of economics that is also known as policy economics

A

Normative Economics

44
Q

A method of economics that also known as descriptive or pure economics

A

Positive Economics

45
Q

A method of economics that examines and discusses correlation between variables that is unintentional.

A

Positive Economics

46
Q

A method of economics that is used to determine whether economic occurrences are beneficial or not.

A

Normative Economics

47
Q

an empirical approach of information acquisition that has characterized the evolution of science. It entails meticulous observation and strict skepticism of what is observed.

A

Scientific Method

48
Q

Data obtained through historical record and interviews of past performances in a way that is easily analyzed. It allows to answer pertinent questions

A

Data Gathering

49
Q

Synthesize gathered Data. It is the study of economic systems. An investigation of a manufacturing process of an industry.

A

Economic Analysis

50
Q

Reasoning to generate conclusion

A

Economic Conclusions

51
Q

Reasoning from particular to general

A

Inductive

52
Q

Reasoning from general to particular

A

Deductive

53
Q

Examination of intellectuals that evolve into economics

A

Economic Thoughts

54
Q

Father of Modern Economics

A

Adam Smith

55
Q

The economic thought that defended freedom of market economy

A

Classical Thought

56
Q

Adam Smith’s work focuses on the inquiry on the blank and Blank of blank

A

Nature
Causes
National Wealth

57
Q

Adam Smith’s successors

A

David Ricardo and John Stuart Mill

58
Q

The blank which differs from value derived from general equilibrium of supply and demand unified the views of classical economics.

A

Labor theory of value

59
Q

Blank and blank brought about by the industrial revolution were observed by the classical economist.

A

Economics and Social transformation

60
Q

a type of economics that has been selfish behavior by individual that leads to an outcome that benefits everyone in the society

A

Classical Economics

61
Q

According to the Birmingham School, what theory is government intervention is required to alleviate unemployment and economic fluctuations?

A

Consumption Theory

62
Q

Classical Economics Branches

A

General Equilibrium Theory

Quantity Theory of Money

63
Q

Who proposed the General Equilibrium Theory?

A

Leon Walras

64
Q

Who proposed the Quantity Theory of Money?

A

David Hume

65
Q

A theory that explains how much each product is produced and how the price of each good is related to all other goods

A

General Equilibrium Theory

66
Q

A theory that how much money an average individual would earn for an hour of work, price of product, and etc. (Focuses on the value of Money)

A

Quantity Theory of Money

67
Q

An economic thought where its performance of real-world economics is measured against the performance of classical economics.

A

Neoclassical Model

68
Q

assume an element of irrationality. Consumer’s willpower was flawed.

A

Neoclassical Economists

69
Q

Irrationality of people as a cause of?

A

Intertemporal Decision Making

70
Q

Father of Macroeconomics

A

John Maynard Keynes

71
Q

the catalyst for the great depression

A

stock market crash

72
Q

The blank was an impulsive loss of trust in the future, a mass panic impacting all stock market participants.

A

source of the great depression

73
Q

Founder of Keynesian Economics

A

John Maynard Keynes

74
Q

concerned with the supply of money or the total amount of money in circulation and how quickly it is rising or dropping.

A

Monetarism

75
Q

• Most important determinant of the economy’s overall performance.

A

Money

76
Q

People understand how the market works and use all available information in making economic decisions, according to Robert Lucas and Tomas Sargent’s rational expectation.

A

Classical economics in the 21st Century

Basic Microeconomics (8 decks)

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