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📋 HETAR: Health Economics with Taxation and Agrarian Reform > Chapter 1: Introduction to Economics > Flashcards

Chapter 1: Introduction to Economics Flashcards

1
Q

a social science that deals with the efficient allocation of scarce resource to satisfy human unlimited needs and wants

A

Economics

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2
Q

study of choice under the condition of scarcity

A

Economics

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3
Q

two main activities in the economy

A

production,

consumption

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4
Q

the art of producing something

A

production

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5
Q

the art of consuming something

A

consumption

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6
Q

goals of economics

A 
to strengthen economic freedom,
to promote economic efficiency,
to promote economic stability,
to promote economic security,
to attain a high level of growth in the economy
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7
Q

sciences Economics has a relationship with

A 
Anthropology,
Political Science,
Sociology,
Psychology,
History
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8
Q

ability to do things or better with less resources

A

efficiency

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9
Q

ability to do things right

A

effectiveness

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10
Q

examples of scarce resources

A

trees,
oil,
air (pure air),
water

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11
Q

scarcity takes place in a society when

A

someone controls the natural resources

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12
Q

factors of production

A

land,
labor,
capital,
entreprenurial ability

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13
Q

ability to choose what product to produce or consume

A

economic freedom

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14
Q

the power of choice

A

economic freedom

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15
Q

doing something with less resources

A

efficiency;

economic efficiency

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16
Q

In order for a nation to be economically stable, should the prices be maintained or go up?

A

latter, but the price changes should be decided upon by the supplier and consumers, and it shouldn’t be drastic or abrupt

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17
Q

GNP is now known as

A

GNI

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18
Q

GNI stands for

A

Gross National Income

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19
Q

international income

A

GNI

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20
Q

local income

A

GDP

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21
Q

GDP stands for

A

Gross Domestic Product

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22
Q

study of evolution of man

A

Anthropology

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23
Q

study of the biological, psychological, and cultural aspect of human life

A

Anthropology

24
Q

study of society

A

Sociology

25
Q

study of human behaviour

A

Psychology

26
Q

defines the needs of a society

A

culture

27
Q

two main branches of economy

A

macroeconomics,

microeconomics

28
Q

the study of the behavior of individual households, firms, and government, the choices they make and their interaction in specific markets and individuals

A

microeconomics

29
Q

the study of the economy as a whole

A

macroeconomics

30
Q

scientific methodologies of Economics

A

normative economics,

positive economics

31
Q

the study of what should be; it is used to make value judgments, identify problems, and prescribe solutions

A

normative economics

32
Q

the study of what is, of how the economy works

A

positive economics

33
Q

father of Economics

A

Adam Smith

34
Q

book Adam Smith wrote

A

An Inquiry in the Nature and Causes of the Wealth of Nations

35
Q

year Adam Smith wrote his book

A

1776

36
Q

900-page economic treatise

A

An Inquiry in the Nature and Causes of the Wealth of Nations

37
Q

believes in the division of labor, harmony of interest and limited government

A

Adam Smith

38
Q

year Adam Smith was born

A

1723

39
Q

year Adam Smith died

A

1790

40
Q

father of macroeconomics

A

John Maynard Keynes

41
Q

year John Maynard Keynes was born

A

1883

42
Q

year John Maynard Keynes died

A

1946

43
Q

book John Maynard Keynes wrote

A

The General Theory of Employment, Interest and Money

44
Q

year John Maynard Keynes wrote his book

A

1938`

45
Q

believes in government intervention

A

John Maynard Keynes

46
Q

date when the Great Depression happened

A

October 29, 1929

47
Q

the Great Depression is also known as the

A

Black Tuesday

48
Q

Nobel-prize winning economist

A

Milton Friedman

49
Q

believes in limited government intervention

A

Milton Friedman

50
Q

rejected Keysianism

A

Milton Friedman

51
Q

optimizing behaviour

A

Milton Friedman

52
Q

date Milton Friedman was born

A

July 31, 1912

53
Q

date Milton Friedman died

A

November 16, 2006

54
Q

two fundamental assumptions in Economics

A

Fundamental Assumption #1,

Fundamental Assumption #2

55
Q

Fundamental Assumption #1 states

A

Every economic decision maker tries to make the best out of any situation.

56
Q

Fundamental Assumption #2 states

A

Every economic decision maker faces constraints.

57
Q

eight basic principles of Economics

A 
maximization subject to constraints,
opportunity cost,
specialization and exchange,
markets and equilibrium,
short-run versus long-run,
marginal decision making,
policy tradeoffs,
the importance of real values

📋 HETAR: Health Economics with Taxation and Agrarian Reform (1 decks)

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