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Humanities > Humanities Exam > Flashcards

Humanities Exam Flashcards

1
Q

Define Economics

A

Economics is the study of people and choices. There is limited amounts of everything worth having. Economics is not the study of money or the stock market.

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2
Q

Define opportunity cost

A

Opportunity cost is the cost of the next best alternative foregone.

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3
Q

Define scarcity

A

Scarcity is the result of unlimited wants but limited resources

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4
Q

Define economic problem

A

The economic problem is that there are not enough resources to satisfy all our wants. Resources are limited but wants are unlimited

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5
Q

Production possibility frontier (PPF)

A

The production possibility frontier is an important economic model that economists use to illustrate the economic problem and opportunity cost. It shows both goods and services produced by an economy.

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6
Q

Incentives

A

An incentive is something that motivates one individual to perform an action
It can be both a punishment and reward

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7
Q

Perverse incentives

A

A perverse incentive is an incentive that has undesirable consequences contrary to their intended objective

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8
Q

Sustainability

A

Meeting the needs of the present without compromising the needs of future generations

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9
Q

Communism

A
  • Everything is decided by a central planning agency
  • collective rather than individual goals
  • no private property
  • Governments own all the resources and sets prices
  • consumers have very little power
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10
Q

Capitalism

A
  • the Government does not intervene
  • All decisions are driven by individual profit motives
  • ## supply and demand affect economic decisions
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11
Q

Demand

A

Demand is the amount a consumer is both willing and able to spend at a particular price and time

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12
Q

Law of demand

A

The inverse relationship between price and quantity demanded
As price rises, demand contracts

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13
Q

Supply

A

The amount a producer is willing to supply at a particular price and time

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14
Q

Law of supply

A

The positive relationships between price and quantity supplied
Firms will supply at a higher price to maximise their profit
As price rises, supply expands.

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15
Q

Types of unemployment

A
  • cyclical
  • seasonal
  • structural
  • Frictional
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16
Q

Causes of climate change

A
  • Green house gases
    • water vapour
    • Nitrous oxide
    • Methane
    • Carbon Dioxide
17
Q

Effects/impacts of Climate Change

A
  • glaciers shrink
  • plant and animal ranges shift
  • sea levels rise
  • Longer and more intense heat waves
  • Growing seasons will lengthen
  • more droughts
  • changes in precipitation patterns
  • hurricanes will become stronger
  • Arctic to becomes ice free
18
Q

Solutions/strategies of Climate Change

A
  • Improvement in transport
  • electric cars
  • limit deforestation
  • use less fossil fuels
  • focus on renewable energy
19
Q

Green house effect

A

The increasing number of carbon and other greenhouse gas particles in the atmosphere. The particles trap an increasing amount of solar rays

20
Q

Global warming

A

The increasing trapped solar rays have led to an increase in average global temperatures

21
Q

Climate change

A

Changes in climate, including changes to rainfall and temperature patterns aswell as increasing extreme weather events

22
Q

Carbon sinks

A

Carbon based organisms that can absorb atmospheric carbon sink

23
Q

Carbon sequestration

A

The process of absorbing carbon from the atmosphere

24
Q

Deforestation

A

Cutting down tress, bushes and scrub

25
Q

Affluence

A

The state of having a great deal of money

26
Q

Urbanisation

A

The movement of people from rural to urban areas

27
Q

Albedo effect

A

A measure of the earths ability to absorb or reflect incoming solar radiation

28
Q

Sustainable development

A

Development that meets the needs of the present without compromise the ability of future generations to meet their own needs

29
Q

Stakeholder

A

A person, community group, organisation, business or government with an interest or concern in something

30
Q

Lorenz curve

A

A graphical representation of the distribution of income or of wealth.the goal of this curve is to measure the level of income inequality in a country compared with other countries.

31
Q

Gini Co-Efficient

A

Ranges from 0-1, a society in which income was equally distributed would have a gini co-efficient of 0. Absolute inequality would yield a gini co-efficient of 1

32
Q

Absolute poverty

A

Measures poverty in relation to the amount of money necessary to meet basic needs such as food, clothes and shelter. The concept fails to recognise that individuals have important social and cultural needs.

33
Q

Relative poverty

A

Poverty in relation to the economic status of other members of society

Humanities (3 decks)

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