ECONOMICS Flashcards

1
Q

It is a social science means studies of human behaviour.

A

ECONOMICS

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2
Q

limited resources are allocated to meet the unlimited resources desired by the consumer

A

ECONOMICS

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3
Q

CREATION OF PRODUCTS OR PROVISION OF SERVICES

A

RESOURCES

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4
Q

FUNDAMENTAL ECONOMY CHALLENGE. LIMITLESS DESIRED

A

SCARCITY

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5
Q

WHAT IS THE TWO ECONOMIC BEHAVIOUR?

A

SELF-INTEREST AND RATIONAL BEHAVIOUR

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6
Q

PURSUING A HIGHER PAYING JOBS OR BETTER WORKING CONDITIONS

A

SELF-INTEREST

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7
Q

PEOPLE DO THEIR BEST BASED ON THE VALUES AND INFORMATION

A

RATIONAL BEHAVIOUR

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8
Q

WHAT ARE THE BRANCHES OF ECONOMICS?

A

MICROECONOMICS AND MACROECONOMICS

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9
Q

DEALS WITH INDIVIDUAL UNITS.

A

MICROECONOMICS

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10
Q

PRICE THEORY

A

MICROECONOMICS

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11
Q

DEALS WITH WHOLE ECONOMY

A

MACROECONOMICS

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12
Q

CENTER OF THE COMPREHENSIVE VIEW OF AN ECONOMY

A

MACROECONOMICS

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13
Q

FOCUES ON BROAD ISSUES

A

MACROECONOMICS

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14
Q

AMOUNT OF GOODS AND SERVICES THAT THE CONSUMERS ARE WILLING ANG ABLE TO PURCHASE DESIRELY

A

DEMAND

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15
Q

AMOUNT OF GOODS AND SERVICES THAT THE CONSUMER ARE WILLING AND ABLE TO PURCHASE IN THE PARTICULAR TIME, PLACE, AND PRICE

A

QUANTITY DEMAND

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16
Q

WHEN THE PRICE INCREASES THE QUANTITY DEMAND DECREASES (VICE VERSA)

A

LAW OF DEMAND

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17
Q

JUSTIFICATION FOR THE LAW OF DEMAND

A
  1. INCOME EFFECT
  2. SUBSTITUTE EFFECT
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18
Q

DETERMINANTS OF DEMAND

A
  1. INCOME (I)
  2. PRICE EXPECTATION (PE)
  3. PRICE OF RELATED PRODUCTS (PR)
  4. NUMBER OF CONSUMERS (N)
  5. TASTE AND PREFERENCE (T)
  6. RANGE OF AVAILABLE GOODS (R)
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19
Q

CHANGE IN INCOME WILL CAUSE A CHANGE IN DEMAND

A

INCOME (I)

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20
Q

WHAT ARE THE UNDER OF INCOME (I)

A

NORMAL GOODS (+)
INFERIOR GOODS (-)

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21
Q

BASIC NECESSITIES FOR US TO BE ABLE TO SURIVE

A

NORMAL GOODS (+)

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22
Q

PEOPLE BUY MORE WHEN THE INCOME INCREASES

A

NORMAL GOODS (+)

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23
Q

LOW QUALITY. PEOPLE BUY LESS WHEN THE INCOME INCREASES

A

INFERIOR GOODS (-)

24
Q

MAXIMIXE THE PURCHASING POWER

A

PRICE EXPECTATION (PE)

25
Q

DEMAND OF FOR A PRODUCT CHANGE WHEN THE PRICE OF RELATED GOODS CHANGE

A

PRICE OF RELATED PRODUCTS

26
Q

WHAT ARE THE UNDER OF PRICE OF RELATED PRODUCTS?
(demand)

A

SUBSTITUTE PRODUCT (+)
COMPLEMENTARY GOODS (-)

27
Q

GOODS THAT CAN BE USED OR REPLACE OF OTHER GOODS

A

SUBSTITUTE PRODUCT (+)

28
Q

PRODUCT THAT ARE USED TOGETHER. CANNOT BE USED WITHOUT THE OTHER.

A

COMPLEMENTARY GOODS (-)

29
Q

MORE CONSUMERS BUY A GOODS AND SERVICES.

A

NUMBER OF CONSUMER (N)

30
Q

RELIGION, CULTURE, TRADITIONS, AND AGE AFFECT ON PURCHASING A GOODS AND SERVICES

A

TASTE AND PREFERENCE (T)

31
Q

AVAILABLE OPTIONS OR ALTERNATIVES DIVIDED BASED ON THE AVAILABILITY OF THE COMMODITIES.

A

RANGE OF THE AVAILABLE GOODS (R)

32
Q

QUANITITY OF A GOOD AND SERVICES THAT PRODUCERS WILLING AND ABLE TO OFFER/SELL IN THE MARKET

A

SUPPLY

33
Q

PRODUCERS ARE WILLING AND ABLE TO SELL AT A PARTICULAT TIME, PLACE AND PRICE

A

QUANTITY SUPPLY

34
Q

PRODUCERS TEND TO SUPPLY MORE AT A HIGHER PRICE. IT COULD GIVE THEM MORE PROFIT.

A

LAW OF SUPPLY

35
Q

DETERMINANTS OF SUPPLY

A

TECHNOLOGY (TE)
COST OF PRODUCTION (C)
PRICE EXPECTATION (PE)
PRICE OF RELATED PRODUCT (PR)
GOVERNMENT REGULATIONS AND TAXES (TX)
GOVERNMENT SUBSIDIES (SB)
NUMBER OF SELLERS (SE)
AVAILABILITY OF INPUTS (A)
WEATHER (W)

36
Q

ENCHANCE PRODUCTION EFFIENCY

A

TECHNOLOGY (TE)

37
Q

COSTS OF MAKING A PRODUCT AFFECT HOW MUCH OF IT IS PRODUCED

A

COST OF PRODUCTION (C)

38
Q

CAN HAVE AN INDIRECT IMPACT

A

PRICE OF RELATED PRODUCT (PR)

39
Q

WHAT ARE THE UNDER OF PRICE RELATED PRODUCT (PR)
(supply)

A

SUBSTITUTE PRODUCT (-)
COMPLEMENTARY PRODUCT (+)

40
Q

ITEMS THAT CAN BE SUBSTITUTED FOR ONE OTHER

A

SUBSTITUTE PRODUCT (-)

41
Q

GO TOGETHER OR CANNOT BE USED WITHOUT THE OTHER

A

COMPLEMENTARY PRODUCT (+)

42
Q

IMPOSED BY THE GOVERNMENT INCREASES COST OF PRODUCTION

A

GOVERNTMENT REGULATIONS AND TAXES (TX)

43
Q

FINANCIAL HELP PROVIDED BY THE GOVERNMENT INCREASES COST OF PRODUCTION

A

GOVERNMENT SUBSIDIES (SB)

44
Q

PRODUCERS ENTERING A MARKET CAN INCREASE SUPPLY

A

NUMBER OF SELLERS (SE)

45
Q

LAND, LABOR, AND RAW MATERIALS CAN AFFECT SUPPLY

A

AVAILABILITY OF INPUTS (A)

46
Q

NATURAL DISASTER CAN IMPACT THE SUPPLY OF AGRICULTURAL PRODUCTS

A

WEATHER (W)

47
Q

RELATIONSHIP BETWEEN SUPPLY AND ALL OF ITS DETERMINANTS

A

SUPPLY FUNCTION

48
Q

QUANTITY DEMANDED IS EQUAL TO QUANTITY SUPPLIED (BALANCE)

A

MARKET EQUILIBRIUM

49
Q

QUANTITY DEMANDED EXCEEDS QUANTITY SUPPLIED

A

SHORTAGE

50
Q

QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED

A

SURPLUS

51
Q

EQUALS TO 1

A

UNITARY ELASTIC

52
Q

EQUALS TO >1

A

ELASTIC

53
Q

EQUALS TO <1

A

INELASTIC

54
Q

INFINITE

A

PERFECTLY ELASTIC

55
Q

EQUALS TO 0

A

PERFECTLY INELASTIC