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DISCIPLINE AND IDEAS IN SOCIAL SCIENCE > ECONOMICS > Flashcards

ECONOMICS Flashcards

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1
Q

It refers to the rules implemented in the household to ensure an efficient management

A

ECONOMICS

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2
Q

It is a greek word/s for economics

A

OIKOS(House), NOMOS(custom or living

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3
Q

A basic economic problems the gap between limited resources and theoretically limitless wants

A

SCARCITY

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4
Q

Concern with the behavior and activities in specific economic units, individuals, households, firms, industries, and resource owners

A

MICROECONOMICS

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5
Q

What are the factors of production

A

LAND, LABOR, CAPITAL, ENTREPRENEURSHIP

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6
Q

Utilizes economic theories and formulas to real world scenarios with the goal of predicting the possible events

A

APPLIED ECONOMICS

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7
Q

He is the father of Economics

A

ADAM SMITH

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DISCIPLINE AND IDEAS IN SOCIAL SCIENCE (4 decks)

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