Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

G12 ABM - 1ST GRADING > INTRO TO ECON > Flashcards

INTRO TO ECON Flashcards

1
Q

The word economy comes from the Greek

A

oikonomia, management of the household

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Father of Modern Economics

A

adam smith, wrote the book an inquiry into the wealth of nations”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is economics

A

study of how society manages its scarce resources to produce goods and services to satisfy unlimited wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

two main branches of economics

A

microeconomics and macroeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

firms, industry, market, supply demand

A

microeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

types of economic statements

A

positive economics and normative economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

this refers to a tool used by economists to
explain economic phenomena. It uses assumptions to
simplify reality.

A

model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

This is an explanation of why-things are as
they are.

A

theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

is a conjecture/ proposition that is
subjected to empirical verification.

A

hypothesis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

is experienced when firms are able to reduce
the per unit cost of producing the output. In simple
terms, the firm maximizes the output at lowest
possible cost.

A

economic efficiency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

refer to tangible and intangible things that
can satisfy human wants.

A

goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

types of goods

A

free goods and economic goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

types of economic goods

A

finished/semi-finished products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

factors of production

A

land, labor, entrepreneurship, capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

a simple depiction of the macroeconomy

A

circular flow diagram

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

illustrates GDP as spending, revenue,
factor payments, and income (FIRS)

A

GDP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

own the factors of production,
sell/rent them to firms for income
▪ buy and consume goods & services

A

household

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

buy/hire factors of production,
use them to produce goods
and services
▪ sell goods & services

A

firms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What the Diagram Omits? (FFG)

A

financial system, foreign sector, government

20
Q

10 principles of economic

A

How people make decisions
1. People face trade-offs
2. the cost of something is what u give up to get it
3. rational people think at a margin
4. people respond to incentives

how people interact
5. trade can make everyone better off
6. markets are usually a good way to organie economic activity
7. government can sometimes improve market outcomes

how economy works as a whole
8. Country’s Standard of Living
Depends on Its Ability to Produce Goods
and Service
9. price rise when the government prints too much money
10. society faces a short-run face-off between inflation and unemployment

21
Q

 means that society is getting the maximum benefits from its
scarce resources.

A

efficiency

22
Q

benefits are distributed uniformly among
society’s members.

A

equality

23
Q

This refers to what you give up to get that item or option.

A

opportunity cost

24
Q

making decisions requires
comparing the costs and benefits of alternative courses of
action.

A

principle 2

25
Q

 people who systematically and purposefully do the best they
can to achieve their objectives.

A

rational people

26
Q

a small incremental adjustment to a plan of action

A

marginal change

27
Q

something that induces a person to act (e.g. rewards or
punishments)

A

incentive

28
Q

a group of buyers and sellers

A

market

29
Q

“Organize economic activity” means determining

A

what, how, how much, who

30
Q

an economy that allocates resources through
the decentralized decisions of many firms and households as they
interact in markets for goods and services

A

market economy

31
Q

what is the famous insight of adam smith in thhe wealth of nations

A

Each of these households and firms acts as if “led by an invisible
hand” to promote general economic well-being.

32
Q

 Important role for government:

A

enforce property rights
promote social welfare
ppl are less inclined to work, invest, purchase if large risk of their property being stolen

33
Q

the ability of an individual to own and exercise control
over scarce resources

A

property rights

34
Q

a situation in which a market left on its own fails
to allocate resources efficiently.

A

market failure

35
Q

the impact of one person’s actions on the well-being
of a bystander

A

externality

36
Q

the ability of a single economic actor (or small
group of actors) to have a substantial influence on market prices

A

market power

37
Q

the amount of goods and services produced
per unit of labor.

A

productivity

38
Q

increases in the general level of prices.

A

inflation

39
Q

fluctuations in economic activity, such as
employment and production

A

business cycle

40
Q

The process of improving the quality of all human lives
and capabilities by raising people’s levels of living, self-
esteem, and freedom.

A

development

41
Q

the study of the allocation of scarce resources which
have alternative uses to produce goods and services to satisfy unlimited human wants.

A

economics

42
Q

study of how economies are transformed from stagnation
to growth and from low-income to high-income status, and
overcome problems of absolute poverty.

A

development economics

43
Q

rates of growth of income per capita
 Gross national income (GNI) (monetary growth of GNI per
capita minus the rate of inflation)
 Gross Domestic produce

A

traditional economic measures

44
Q

Three Core values of Development

A

SSF
sustenance
self esteem
freedom from servitude

45
Q

Three Main objectives of Development

A

 To increase the availability and widen the distribution
of basic life-sustaining goods.
 To raise levels of living.
 To expand the range of economic and social choices.

46
Q

Basic Indicators of Development

A

HER
health
education
real income

47
Q
  • An index measuring national socioeconomic development, based on
    combining measures of education, health, and adjusted real income per
    capita.
A

human development index

G12 ABM - 1ST GRADING (26 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions