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E. Project Management, Feasibility Study Preparation, Evaluation, Research, Development and Extension on Agricultural and Biosystems Engineering > EEcon_Concepts and Terminologies > Flashcards

EEcon_Concepts and Terminologies Flashcards

1
Q

formulation, estimating, and evaluating the expected economic outcomes of alternatives designed to accomplish a defined purpose

A

Engineering Economics

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2
Q

Quantifies the benefits and costs associating with
engineering projects to determine if they save enough money to warrant their capital investments

A

Engineering Economics

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3
Q

Applied social science dealing with how mankind chooses to use technical knowledge and scarce productive resources (land, labor, capital, and management) to produce desired level of output and to distribute it for consumption
to various members of society over time

A

Agricultural Economics

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4
Q

It is the study of the allocation, distribution, and utilization of the resources used, along
with the commodities produced, by farming

A

Agricultural Economics

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5
Q

It attempts to study the smaller section or small component of the economy. It is a study of one particular unit rather than all the unit combined together.

A

Microeconomics

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6
Q

It is a branch of economic analysis which studies the behavior of all the unit combined together.

A

Macroeconomics

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7
Q

It is a branch of economic analysis the studies the decisions made by countries and government. It takes a top-down approach.

A

Macroeconomics

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8
Q

It is a branch of economic analysis the studies individuals and business decisions It takes a bottom-up approach.

A

Microeconomics

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9
Q

It describes and explains various economic phenomena. It is based on fact and cannot be approved or disapproved.

A

Positive Economics

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10
Q

It focuses on the value of economic fairness, or what the economy “should be” or “ought to be.” It is based on value judgments.

A

Normative Economics

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11
Q

The condition of having to choose among alternatives.

A

Scarcity

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12
Q

One for which the choice of one alternative use of the good requires that another be given up.

A

Scarce good

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13
Q

One for which the choice of one use does not require that we give up another.

A

Free good

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14
Q

What, how much, when, how, and for whom to produce

A

Economic Problems

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15
Q

4 essential factor for cycle of economy to continue

A

Production, consumption, investment, distribution

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16
Q

Examines the relationship between the factors of production (land, labor, capital, entrepreneur) and the output of goods and services.

A

Theory of production

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17
Q

A period of production that allows production to change the amount of variable input, in this case, labor.

A

Short run

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18
Q

A period of production that is long enough for producers to adjust various inputs to analyze the best mix of the factors of production, i.e., purchase of more land and equipment.

A

Long run

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19
Q

It is a factor of production that refers to all natural resources. It includes rivers, oceans, climate, mountain, land, mines, forests, etc.

A

Land

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20
Q

Payment for land

A

Rent

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21
Q

It is a factor of production that refers to all human effort that assists in production.

A

Labor

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22
Q

Payment for labor

A

Wage

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23
Q

It is a factor of production that refers to all manmade resources used in the production process. It is a produced factor of production.

A

Capital

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24
Q

Factories, machinery, tools, equipment, raw materials, wealth etc.

A

Capital

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25
Q

Payment for capital

A

Interest

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26
Q

A factor of production that refers a person who brings other factors of production in one place. He uses them for the production process. A person who takes these decisions along with the associated risk.

A

Entrepreneur

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27
Q

Payment for entrepreneur

A

Profit

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28
Q

Expenses incurred in the business operation which include monetized and non-monetized items.

A

Cost

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29
Q

Amount or equivalent paid or charged for something. It can be an outlay or expenditure made to achieve an object. In some references it is termed as expense.

A

Cost

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30
Q

Cost that remain unchanged regardless of the amount of output a company produces.

A

Fixed cost

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31
Q

Cost that change with production volume.

A

Variable cost

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32
Q

Cost that can be attributed to a specific product or service.

A

Direct cost

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33
Q

Also called overhead cost.

A

Indirect cost

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34
Q

Costs that cannot be easily associated with a specific product or activity.

A

Indirect cost

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35
Q

Clerical salaries - variable or fixed cost

A

Fixed

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36
Q

Insurance (building) - variable or fixed cost

A

Fixed cost

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37
Q

Electricity used by a paint sprayer in a painting shop - variable or fixed cost

A

Variable cost

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38
Q

Varnish consumed in a furniture factory - variable or fixed cost

A

Variable cost

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39
Q

Cacao powder used in the production of chocolates - variable or fixed cost

A

Variable cost

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40
Q

In a venturing a business for rice milling business, what type of cost is palay? Direct or indirect cost?

A

Direct cost

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41
Q

In a venturing a business for rice milling business, what type of cost are office supplies? Direct or indirect cost?

A

Indirect cost

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42
Q

In a venturing a business for rice milling business, what type of cost are labor (per move)? Direct or indirect cost?

A

Direct cost

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43
Q

It is the cost of best rejected (foregone) income

A

Opportunity cost

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44
Q

It is also known as alternative cost or the value of what you lose when you choose from two or more alternatives.

A

Opportunity Cost

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45
Q

Type of cost that has
occurred in the past and has
no relevance to estimates of
future costs and revenues
related to an alternate course
of action

A

Sunk cost

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46
Q

Expenses intended to protect the society and the environment.

A

Social Cost

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47
Q

Cost items use in the economic analysis of the business operation

A

Conventional Cost

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48
Q

Type or cost that goes beyond the pure monetary value of a course of action or economic decision.

A

Economic Cost

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49
Q

Also known as nominal cost. It is nothing but the expenses incurred by a firm to produce a commodity.

A

Money Cost

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50
Q

Initial cost or investment cost. The cost of getting an activity started.

A

First cost

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51
Q

It is experienced continually over the useful life of an investment project or venture.

A

Operation and Maintenance Cost (OM Cost)

52
Q

In a rice and corn farm, costs of planting materials and fertilizers, and wages of farm laborers are examples of:

a. direct labor costs
b. fixed costs
c. operation and maintenance cost
d. overhead expenses
e. sunk costs

A

c. operation and maintenance costs

53
Q

Among the following, that which can be classified as fixed cost is
a) cost of direct materials
b) electricity on the assembly plant
c) hired labor
d) rent on the building
e) none of the above

A

d) rent on the building

54
Q

In a bamboo plantation, the item that will most
likely fall under variable costs is

a. Hired labor being paid on a “per pole” basis to
harvest bamboo poles
b. Cost of bamboo propagules
c. Cost of fertilizer
d. All of the above
e. None of the above

A

d. All of the above

55
Q

It is a kind of conventional cost, marginal cost, average cost

A

Conventional cost

56
Q

Kind of conventional cost. The sum of fixed costs and variable costs at a particular level of output

A

Total Cost

57
Q

Kind of conventional cost. The cost of one more unit of output. In other words, the increase in total cost from producing one more unit of output.

A

Marginal cost

58
Q

Kind of conventional cost. Total costs divided by the level of output.

A

Average cost

59
Q

An aspect of average cost which refers to total cost divided by the level of output.

A

Average total cost

60
Q

An aspect of average cost which refers to total fixed cost divided by the level of output.

A

Average fixed cost

61
Q

An aspect of average cost which refers to total variable cost divided by the level of output.

A

Average variable cost

62
Q

An economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them.

A

Demand

63
Q

Consumers buy more of a product when its price decreases and consume comparatively less when its price increases in the market with other factors remaining constant.

A

Law of demand

64
Q

In what cases is the law of demand not applicable?

A

Good having prestige value (Veblem Effect)
Giffen Paradox

65
Q

Refers to shift in demand curve, which happens only due to demand shifters such as change in income, population, price of related goods, tastes, special influences.

A

Change in demand

66
Q

Refers to movement along the demand curve. When it increases, it refers to movement along the demand curve which is exclusively due to change in the price of the commodity in question.

A

Change in quantity demanded

67
Q

A small rise in price results in fall in demand to zero, while a small fall in price causes increase in demand to infinity. e=∞

A

Perfectly Elastic Demand

68
Q

There is no change produced in the demand of a product with change in its price. e=0

A

Perfectly Inelastic Demand

69
Q

Refers to the demand when the proportionate change produced in demand is greater than the proportionate change in price of a
product. e>1

A

Relatively Elastic Demand

70
Q

It is when the percentage change produced in demand is less than the percentage change in the price of a product. e<1

A

Relatively Inelastic Demand

71
Q

When the proportionate change in demand produces the same change in the price of the product, the demand is referred as _________. e=1

A

Unitary Elastic Demand

72
Q

It refers to the measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.

A

Elasticity

73
Q

True or false. Goods that are elastic see their demand respond rapidly to changes in factors like price or supply.

A

True

74
Q

True or false. Inelastic goods retain their
demand even when prices rise sharply (e.g., gasoline or food).

A

True

75
Q

Type of elasticity when e=∞

A

Perfectly Elastic

76
Q

Type of elasticity when e=0

A

Perfectly Inelastic

77
Q

Type of elasticity when e=1

A

Unitary Elastic / Unit Elastic

78
Q

Type of elasticity when e>1

A

Relatively Elastic

79
Q

Type of elasticity when e<1

A

Relatively Inelastic

80
Q

Quantity of a certain commodity that is offered for sale at certain price at a given place and time. It represents how much the market can offer.

A

Supply

81
Q

It states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied

A

Law of Supply

82
Q

It is achieved at the price at which quantities demanded and supplied are equal. In a graph showing the combined price and quantity, it is the point at which the supply and demand curves intersect

A

Equilibrium

83
Q

In a market setting, it occurs when quantity supplied is not equal to the quantity demanded

A

Disequilibrium

84
Q

It is when the quantity demanded of a good, service, or resource is greater than the quantity supplied.

A

Shortage

85
Q

It is when the quantity supplied of a good, service, or resource is greater than the quantity demanded.

A

Surplus

86
Q

4 types of market structure

A
  1. Perfect Competition
  2. Monopolistic Competition
  3. Monopoly
  4. Oligopoly
87
Q

It is a type of market structure where a large number of small firms compete against each other. A single firm does not have any significant market share or market power.

A

Perfect Competition

88
Q

It is a type of market structure where any given product is supplied by a large number of sellers and there is no restriction on additional vendors entering the market.

A

Perfect Competition

89
Q

A type of market structure where a large number of small firms compete against each other. The firms sell similar product but slightly differentiated, giving them a certain degree of market power.

A

Monopolistic Competition

90
Q

A type of market structure dominated by only a small number of firms that serve many buyers.

A

Oligopoly

91
Q

It refers to a type or market structure where a single seller controls the entire market. In this case, the single seller has the highest level or market power as consumers do not have any alternatives.

A

Monopoly

92
Q

In which market structure is the market control the highest?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

A

Monopoly

93
Q

In which market structure is the market control the lowest?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

A

a. Perfect Competition

94
Q

Which market structure has the highest number of competitors?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

A

a. Perfect Competition

95
Q

Which market structure has the least number of competitors?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

A

d. Monopoly

96
Q

It is a process in which there is a continuous increase in the general price level of good and services and the money is continuously losing its value.

A

Inflation

97
Q

It refers to the total satisfaction or benefit from consuming a good or service.

A

Utility

98
Q

A type of utility that refers to the concept of one good being more useful or desirable than another

A

Ordinal utility

99
Q

It is the idea of measuring economic value through imaginary units, known as “utils.

A

Cardinal utility

100
Q

It is the utility gained by consuming an additional unit of a service or good.

A

Marginal utility

101
Q

Trade between people or firms in different country

A

International trade

102
Q

The sale of goods and services abroad

A

Export

103
Q

The purchase of goods and services abroad

A

Import

104
Q

Value of goods and services sold abroad minus the goods and services from the rest of the world; exports minus imports.

A

Net exports

105
Q

A complete prohibition against the import or export of a commodity

A

Embargo

106
Q

In reference to foreign trade policy, it is a limitation on the quantity of an item that may be imported.

A

Quotas

107
Q

Tax levied on an import

A

Duty

108
Q

A duty or tax imposed on an import or an export; a schedule of charges of a business, especially of a public utility

A

Tariffs

109
Q

An indirect tax (also known as ad valorem tax) levied at the time of each exchange of goods and services from primary production to consumption, generally stated as a proportion of the value added at each stage of production.

A

Value added tax

110
Q

In present economy studies, when REVENUES and other economic BENEFITS are present and vary among alternatives, choose the
alternatives that

A

maximizes overall profitability

111
Q

In present economy studies, when REVENUES and other economic BENEFITS ARE NOT PRESENT or are CONSTANT among all alternatives, consider only the COST and select the alternative that

A

minimizes total cost

112
Q

D*

A

demand that will maximize profit

113
Q

D hat

A

demand that will maximize total revenue

114
Q

D’

A

demand at breakeven point

115
Q

π

A

profit/loss

116
Q

TR

A

total revenue

117
Q

cv

A

variable cost per unit

118
Q

Cv

A

total variable cost

119
Q

Market structure where number of buyers and sellers is sufficiently large so that no individual can perceptively influence price by his own decision to buy or sell.

A

Purely Competitive Market

120
Q

Market structure where distinguishing characteristics is a single seller

A

Absolute Monopoly

121
Q

Market structure where product is sufficiently homogeneous so that the product of one firm is essentially a perfect substitute for that of another firm.

A

Purely Competitive Market

122
Q

Market structure with large number of sellers offering differentiated products which are close substitutes, but the individual sellers are able to
differentiate it based on trade name, style, quality, service, location, or other factors.

A

Monopolistic Competition

123
Q

Market with a few sellers. Each firm produces a large fraction of industry’s total product wherein the action of one firm in the industry can greatly influence other firms

A

Oligopoly

124
Q

Type of oligopoly where sellers produce homogeneous product

A

Pure Oligopoly

125
Q

Type of oligopoly where firms produce similar but not identical products

A

Differentiated oligopoly

126
Q

Market with single buyer

A

Monopsony

E. Project Management, Feasibility Study Preparation, Evaluation, Research, Development and Extension on Agricultural and Biosystems Engineering (9 decks)

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