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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

25
study of human behaviour
Psychology
26
defines the needs of a society
culture
27
two main branches of economy
macroeconomics, | microeconomics
28
the study of the behavior of individual households, firms, and government, the choices they make and their interaction in specific markets and individuals
microeconomics
29
the study of the economy as a whole
macroeconomics
30
scientific methodologies of Economics
normative economics, | positive economics
31
the study of what should be; it is used to make value judgments, identify problems, and prescribe solutions
normative economics
32
the study of what is, of how the economy works
positive economics
33
father of Economics
Adam Smith
34
book Adam Smith wrote
An Inquiry in the Nature and Causes of the Wealth of Nations
35
year Adam Smith wrote his book
1776
36
900-page economic treatise
An Inquiry in the Nature and Causes of the Wealth of Nations
37
believes in the division of labor, harmony of interest and limited government
Adam Smith
38
year Adam Smith was born
1723
39
year Adam Smith died
1790
40
father of macroeconomics
John Maynard Keynes
41
year John Maynard Keynes was born
1883
42
year John Maynard Keynes died
1946
43
book John Maynard Keynes wrote
The General Theory of Employment, Interest and Money
44
year John Maynard Keynes wrote his book
1938`
45
believes in government intervention
John Maynard Keynes
46
date when the Great Depression happened
October 29, 1929
47
the Great Depression is also known as the
Black Tuesday
48
Nobel-prize winning economist
Milton Friedman
49
believes in limited government intervention
Milton Friedman
50
rejected Keysianism
Milton Friedman
51
optimizing behaviour
Milton Friedman
52
date Milton Friedman was born
July 31, 1912
53
date Milton Friedman died
November 16, 2006
54
two fundamental assumptions in Economics
Fundamental Assumption #1, | Fundamental Assumption #2
55
Fundamental Assumption #1 states
Every economic decision maker tries to make the best out of any situation.
56
Fundamental Assumption #2 states
Every economic decision maker faces constraints.
57
eight basic principles of Economics
``` 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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