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1 - FOUNDATION OF SOCIAL STUDIES > ECONOMICS > Flashcards

ECONOMICS Flashcards

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1
Q

The origin of the word Economics.

A

Oikos - household
Nomos - management

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2
Q

Oikonomos means?

A

household management

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3
Q

A social science concerned with the production, distribution, and consumption of goods and services.

A

Economics

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4
Q

Economics studies how individuals, businesses, governments, and nations make _____ about how to allocate resources.

A

choices

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5
Q

To understand the society, economics seeks to analyze _____ made by the society and its members, particularly concerning on their behavior and decision making.

A

transactions

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6
Q

Understanding of economics develops individuals to be ____ voters.

A

wise

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7
Q

With this in mind, voters have an ____ choice in selecting leaders based on their economic, social, and political platform and not just based on their appearances or popularity.

A

informed

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8
Q

Economics seeks to explain the ______ and _____ of different countries.

A

internal operation

trade policies

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9
Q

2 Branches of Economics

A

Microeconomics

Macroeconomics

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10
Q

It is the analysis of economics in the small. It looks at individuals and firms; and the conditions under which they make buying, consumption and production decisions.

A

Microeconomics

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11
Q

Microeconomics focuses on how individual consumers and firms make decisions, these individual decision making units can be:

A

a single person, a household, a business/organization, or a government agency.

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12
Q

It studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy.

A

Macroeconomics

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13
Q

Economics is the study of the ____ economy in terms of the total amount of goods and services produced, total income earned, level of employment of productive resources, and general behavior of prices.

A

entire

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14
Q

The Scientific Methods of Economics

A
  • Data Gathering
  • Economic Analysis
  • Economic Conclusion
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15
Q

Economic knowledge is mostly obtained from observation of economic events.

A
  • Data Gathering
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16
Q

Data is obtained through _____ and _____ of past performances which are organized in a way that can be easily understand.

A

historical records and events interviews

17
Q

Data gathered is useless if not analyzed.

A
  • Economic Analysis
18
Q

After laying down all assumption, one proceeds to reasoning in order to generate conclusion.

A
  • Economic Conclusion
18
Q

After laying down all assumption, one proceeds to reasoning in order to generate conclusion.

A
  • Economic Conclusion
19
Q

____ can either be verbal or with the statistics.

A

Reasoning

20
Q

Monetary measure of the market value of all the final goods and services produced and sold in a specific time period by countries.

A
  • GDP – Gross Domestic Product
21
Q

Value of all products and services produced by the citizens of a country both domestically, and internationally minus income earned by foreign residents.

A
  • GNP – Gross National Product
22
Q

Means if you chose one activity you are giving up the opportunity to do a different option.

A
  • Opportunity Cost
23
Q

Tension between infinite wants and finite resources.

A
  • Scarcity
24
Q

External motivators that explain people’s choices.

A
  • Incentives
25
Q

Types of Economic Systems

A
  1. Traditional Economic System
  2. Command Economic System
  3. Market Economic System
  4. Mixed System
26
Q
  • Barter System/Exchange
A

Traditional Economic System

27
Q
  • Communists
  • Controlled by the government
A

Command Economic System

28
Q
  • Government is likely not involved
  • Controlled by private institutions
  • Does not exist anymore
A

Market Economic System

29
Q
  • Controlled by both businessmen and government
  • Combination of Traditional and Command Economic System
A

Mixed System

1 - FOUNDATION OF SOCIAL STUDIES (6 decks)

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