Economics Flashcards
about weighing different choices or alternatives and how you make choices about those goals, it is a tool for desicion making
economics
“the study of how individuals and society in general make choices that involve the use of scarce resources from among alternative wants that need to be satisfied”
-Gerardo Sicat, a Filipino economists, definition of economics
“a social science that studies the optimum allocation, over time, of scarce human and non-human resources among their alternative uses in order to satisfy unlimited human wants and needs.”
-Bernardo Vilegas, a notable Filipino economists, definition on economics
“the science of which studies human behavior as a relationship between ends and scarce means which have alternative uses.”
-British economist, Lionel Robbins, definition of economics
the term economics comes from the french word (?), which is derived from the greek word (?), meaning (?)
- economie
- oikonomia
- management of the household
refers to the fact that society has limited resources
scarcity
refers to a situation in which the quantity supplied of a good/service is less that the demand
shortage
what are the 2 branches of economics
microeconomics and macroeconomics
study of individual desicion making, the concern with the behavior of individual entities such as households, firms and the market
microeconomics
concern with the overall performance of the economy
macroeconomics
refers to using raw materials to make a good or service that responds to human need or wants
production
factors of production
ability to start a business
euntrepreneur
factors of production
machines, buildings, tools
capital
factors of production
natural resources
(raw materials found in nature like animals, plants, oil)
land
factors of production
time and effort people spend on work
labor
