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G12 ABM - 1ST GRADING > ECON > Flashcards

ECON Flashcards

1
Q

follows historical stages

A

Linear Stages of Growth

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2
Q

agriculturally based economy

A

Traditional Society

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3
Q

Manufacturing national/international outlook

A

Pre-conditions for take off

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4
Q

industrialiation occurs, rapid growth

A

take off

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5
Q

takes a long period of time, national economy grows and diversifies, technology increases

A

drive to maturity

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6
Q

last “developed” stage. capitalist system. mass production and consumption

A

age of high mass consumption

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7
Q

reallocation of labor from agricultural to industrial sector

A

structural change model

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8
Q

dominance of developed countries over developing countries lead to dependence and underdevelopment

underdevelopment cos external market

A

international dependence

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9
Q

underdevelopment is caused by poor economic policies and resource allocation, and government corruption

developed if reduced government control and promotion of free market

A

neoclassical theory

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10
Q

underdevelopment is due to slow transmission of technology to developing countries

knowledge and technology is important in development

A

new growth theory or endogenous theory

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11
Q

underdevelopment is due to uncoordinated activities in the market

A

theory of coordination failure

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12
Q

development is because workers work together

high wages and investment on human capital are essential

A

o-ring theory

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13
Q

the proper allocation and
efficient use of available resources for
the maximum satisfaction of human wants

A

Fajardo

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14
Q

the science of choice. It
studies how people choose to use scarce
resources to produce various commodities

A

Nordhaus

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15
Q

a scientific study which
deals with how individuals and society

make general choices

A

Sicat

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16
Q

branch of knowledge that
deals with production, distribution and
consumption of goods and services

A

Webster

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17
Q

Economics studies about wealth
getting and wealth using activities of
man.

A

Marshall

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18
Q

economic process

A

unlimited wants > scarcity > decision-making

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19
Q

economics from greek word

A

oikanomia ; oikos - household; nomos - management

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20
Q

what is economics

A

study of how people
use their scarce
resources to
satisfy their
unlimited wants.

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21
Q

Deals with the economic behavior of the
whole economy or its aggregates
(composed of individual units)

aggregates: business, govn, household

A

macroeconomics

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22
Q

Gross national product
- Level of employment
- National income
- General level of prices

“EMPLOYMENT
AND INCOME
ANALYSIS”

A

macro

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23
Q

Deals with the economic
behavior of individual units
such as: consumers, firms, landowners

A

micro

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24
Q

Price of rice
- Number of workers in a certain firm
- Income of Mr. Fu
- Expenditures of PLDT

“PRICE
THEORY”

A

micro

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25
Q

are items that you can see, feel and touch that
requires scarce resources to produce and satisfy human
wants.

A

goods

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26
Q

Goods that has no opportunity cost

A

free goods

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27
Q

a product produced by a privately owned
business and purchased to increase the utility, or
satisfaction, of the buyer.

A

private goods

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28
Q

it refers to a commodity that is made
available to all members of a society. Paid by the
government.

A

public goods

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29
Q

Something not physical that requires scarce resources to
produce and satisfy human wants.

A

services

30
Q

also called factors of production, inputs,

or simply resources,

A

productive resources

31
Q

categories of productive resources

A

natural resources
capital resources
human resources

32
Q

are people who work to produce a good or service. Examples are a truck driver, plumber,

teacher and nurse.

A

human resources

33
Q

are things that occur naturally

in the world and can be used to produce a good

or service. These resources are gifts of nature

and are present without human intervention.

A

natural resources

34
Q

are goods produced and used

to make other goods and services. Examples are an office building,

computer, oven, and wrench.

A

capital resources

35
Q

everything comes with a price

A

there’s no such thing as free lunch

36
Q

These are goods and services that people needs in
order to live.
Without these things, people cannot survive.

A

needs

37
Q

good and services that makes the lives
easier and comfortable.

A

wants

38
Q

Wants and needs are never satisfied.

A
39
Q

branch of Economics that studies the
behavior of individuals and firms in making
decisions regarding the allocation of scarce
resources and the interactions among these
individual and firms.

A

micro

40
Q

economic problem

A

scarcity

41
Q

exists when the economy are not

enough to meet the wants or needs of

people or the society.

A

scarcity

42
Q

When resources needed to satisfy wants

and needs are not available

A

physical scarcity

43
Q

When resources are available but

cannot be used by the person or

entity to satisfy their wants or needs.

A

psychological scarcity

44
Q

A simplification of economic reality used to make
predictions about the real world.

A

economic theory

45
Q

A good theory is simple enough to be
understood. The more detailed a theory gets,
the more confusing it becomes, and the less
useful it may seem.

A

simplify the problem

46
Q

Assumptions aid us in better understanding
economic issues and make sense of the

behavior of individuals, groups and institutions
in an economy.

A

simplify the assumptions

47
Q

major assumptions in econ

A

Rationality
2. Profit Maximization

  1. Perfect Information
  2. Ceteris Paribus
48
Q

Economists assume that individuals act in a

logical and predictable manner and pursue goals
which will benefit them.

A

rationality

49
Q

It means you try to maximize the expected
benefit achieved with a given cost or to
minimize the expected cost of achieving a given
benefit.

A

profit Maximization

50
Q

In most markets, it is assumed that consumers
and producers have complete and accurate
information about products, services, prices,
utility, quality, and production methods.

A

Perfect Information

51
Q

Latin phrase which means “all things being
equal” or “other things held constant”, refers to
the assumption which controls the effects of
other variables apart from those that are being
analyzed in the study.

A

Ceteris Paribus

52
Q

fallacies in econ

A
  1. Failure to hold other things constant under
    ceteris paribus.
  2. Post hoc fallacy
  3. Fallacy of composition
  4. Sweeping Generalization
53
Q

This is an error in analysis committed when an
individual considers other extraneous variables

in studying an economic phenomenon. This
results in invalid conclusions since they are no
longer in keeping with the economic theory or
model being considered.

A

Failure to hold things constant
under ceteris paribus

54
Q

This fallacy relates to the Latin phrase post hoc
ergo propter hoc which describes how people
make the mistaken notion that since a change
happened after a event, then such change was
caused by the event that came before it.

A

Post hoc fallacy

55
Q

This fallacy occurs when one considers a trait of
one part or aspect of something as true and
applicable for the whole.

A

Fallacy of composition

56
Q

This fallacy refers to a statement that
oversimplifies a specific scenario presenting it as
a general rule.

A

Sweeping Generalization

57
Q

Seeks to understand behavior without making
judgements of the outcome.

It is measurable and can be proved.

A

Positive ECONOMICS

58
Q

Analyzes outcomes of economic behavior,
evaluates them as good and bad, and
sometimes prescribes a course of action.

It cannot be measured or proved.

A

Normative Statements

59
Q

Incremental, additional, extra or one more

refers to a change in economic variable,

or a change in the status quo.

A

Marginal

60
Q

maximum amount a consumer is

willing to pay for an additional good or

service.

also the additional satisfaction or

utility

A

marginal benefit

61
Q

the cost added by producing one

additional unit of a product or service.

A

Marginal Cost

62
Q

is an examination of

the additional benefits of an activity

compared to the additional costs

incurred by that same activity.

a decision-making tool to help them

maximize their potential profits.

A

Marginal Analysis

63
Q

states that all else equal, as consumption

increases, the marginal utility derived

from each additional unit declines.

A

Law of Diminishing Marginal
Utility

64
Q

a state where every resource is
allocated optimally so that each person is served in the best
possible way.

A

Economic Efficiency

65
Q

The basic economic problem is to match limited
resources to unlimited wants and needs.

A
66
Q

Resources are
allocated equally
and everyone
gets the same
share.

A

Equality

67
Q

Resources are
allocated
optimally and
we have
generated as
much
satisfaction as
possible.

A

Efficiency

68
Q

Giving up of one
thing in return to
another.

The alternatives we sacrifice when
we make a decision.
—— = Weigh of the Cost & Benefit

A

Trade-Off

69
Q

value that is given up

Opportunity Cost

The alternatives we sacrifice when
we make a decision.

C r e a t e s

The most desirable alternative
given up as a result of a decision

A

Opportunity Cost

70
Q

optimal method of producing goods at

the lowest cost.

it’s impossible to produce
more of one good without decreasing
the quantity of another good that’s
produced.

A

Productive Efficiency

71
Q

a curve that illustrates the variations in
the amounts that can be produced of
two products if both depend upon the
same finite resource for their
manufacture.

the point at which a country’s
economy is most efficiently producing
its various goods and services and,
therefore, allocating its resources in
the best way possible.

A

Production Possibility Frontier

72
Q

a state of the economy in which production represents
consumer preferences; in particular, every good or service is
produced up to the point where the last unit provides a
marginal benefit to consumers equal to the marginal cost of
producing.

A

Allocative Efficiency

G12 ABM - 1ST GRADING (26 decks)

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