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APPLIED ECONOMICS > INTRODUCTION > Flashcards

INTRODUCTION Flashcards

1
Q

MEANING HOUSEHOLD MANAGEMENT OR MANAGEMENT OF THE HOUSEHOLD

A

OIKANOMIA/OIKONOMUS

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2
Q

STUDY OF WHAT CONSTITUTES RATIONAL HUMAN BEHAVIOR IN THE ENDEAVOR TO FULFILL NEEDS AND WANTS OR THE STUDY THAT ATTEMPTS TO EXPLAIN HOW AN ECONOMY OPERATES AND HOW THE CONSUMER ATTEMPTS TO MAXIMIZE HIS/HER WANTS WITHIN LIMITED NEEDS

A

ECONOMICS

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3
Q

THREE “E’s” OF ECONOMICS

A
  1. EFFICIENCY
  2. EFFECTIVENESS
  3. EQUITY
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4
Q

IT IS THE PRODUCTIVITY AND PROPER ALLOCATION OF ECONOMIC RESOURCES AND THE RELATIONSHIP BETWEEN SCARCE FACTOR INPUT AND OUTPUT OF GOODS AND SERVICES.

A

EFFICIENCY

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5
Q

IT IS THE ATTAINMENT OF GOALS AND OBJECTIVES.

A

EFFECTIVENESS

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6
Q

IT REFERS TO JUSTICE AND FAIRNESS

A

EQUITY

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7
Q

STUDY OR DISCIPLINE THAT AIMS TO EXPLAIN HUMAN BEHAVIOR. ECONOMICS, LIKE SOCIAL SCIENCE, USES THE SCIENTIFIC METHOD IN FORMULATING MODELS BASED ON THEORIES TO HELP ADDRESS ARISING ISSUES BECAUSE OF HUMAN INTERACTIONS

A

SOCIAL SCIENCE

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8
Q

STUDIES HUMAN BEHAVIOR AND HOW PEOPLE MAKE DECISIONS TO SATISFY THEIR UNLIMITED WANTS BY ALLOCATING LIMITED RESOURCES

A

ECONOMICS AS SOCIAL SCIENCE

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9
Q

TWO BRANCHES OF ECONOMICS

A
  1. MACROECONOMICS
  2. MICROECONOMICS
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10
Q

STUDY OF THE ECONOMIC BEHAVIOR OF THE ECONOMY AS A WHOLE, ESPECIALLY THE NATIONAL ECONOMY AND STUDY OF THE ECONOMIC BEHAVIOR OF THE ECONOMY AS A WHOLE, ESPECIALLY THE NATIONAL ECONOMY

A

MACROECONOMICS

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11
Q

STUDY OF ECONOMIC BEHAVIOR IN PARTICULAR MARKETS, SUCH AS THE MARKET FOR COMPUTERS OR UNSKILLED LABOR.

TOPICS DISCUSSED IN MICROECONOMICS: PRINCIPLES AND ELASTICITY OF DEMAND AND SUPPLY, INDIVIDUAL DECISION-MAKING, AND FIRM’S COSTS AND OUTPUTS.

A

MICROECONOMICS

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12
Q

FOUR BASIC DECISION PROBLEMS

A
  1. CONSUMPTION
  2. PRODUCTION
  3. DISTRIBUTION
  4. GROWTH OVER TIME
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13
Q

IT IS A PROBLEM THAT PEOPLE HAVE TO DEAL WITH IN THEIR DAY-TO-DAY ACTIVITIES. HAVING THEIR INDIVIDUAL WANTS, PEOPLE DECIDE THE TYPES OF PRODUCTS AND SERVICES THEY WANT TO USE OR CONSUME AND THE CORRESPONDING AMOUNT THAT THEY SHOULD USE AND BUY.

A

CONSUMPTION

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14
Q

PRODUCERS ARE GENERALLY CONCERNED ABOUT THE PRODUCTION OF GOODS AND SERVICES. THEY DETERMINE THE CONSUMERS’ NEEDS, WANTS, AND DEMANDS AND ALSO DECIDE HOW TO DISTRIBUTE THEIR RESOURCES TO MEET CUSTOMER DEMANDS

A

PRODUCTION

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15
Q

THE GOVERNMENT PRIMARILY ADDRESSES IT. THERE MUST BE AN APPROPRIATE ALLOCATION OF ALL RESOURCES BENEFITING ALL MEMBERS OF SOCIETY.

A

DISTRIBUTION

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16
Q

THE PROBLEMS OF CHOICE, CONSUMPTION, PRODUCTION, AND DISTRIBUTION MUST BE PERCEIVED IN THE CONTEXT OF HOW THEY WILL AFFECT FUTURE EVENTS.

A

GROWTH OVER TIME

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17
Q

THREE TOOLS OF ECONOMICS

A
  1. LOGIC
  2. MATHEMATIC
    3.STATISTICS
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18
Q

A SCIENCE THAT DEALS WITH SOUND THINKING AND REASONING. FACTS AND EVIDENCE SHOULD BE PROVIDED

A

LOGIC

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19
Q

A SCIENCE THAT DEALS WITH NUMBERS AND OPERATIONS. IT HELPS ECONOMISTS ANSWER CONCRETE PROBLEMS INVOLVING NUMBERS. TO ARRIVE AT A CONCLUSION, MATHEMATICAL EQUATIONS AND OPERATIONS ARE USED.

A

MATHEMATICS

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20
Q

A BRANCH OF MATHEMATICS THAT ENGAGES WITH THE ANALYSIS AND INTERPRETATION OF NUMERICAL DATA. THE METHOD OF GATHERING, TABULATING, AND ANALYZING DATA LEADS TO THE VALIDITY OF SPECIFIC HYPOTHESES.

A

STATISTICS

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21
Q

THE RESOURCES OR INPUTS USED TO PRODUCE THE GOODS AND SERVICES THAT PEOPLE WANT.

A

ECONOMIC/PRODUCTION RESOURCES

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22
Q

CATEORIZED AS A FIXED RESOURCES

A

LAND

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23
Q

THE EXERTED EFFORT OF INDIVIDUALS WHEN PRODUCING GOODS AND SERVICES. IT COVERS A WIDE VARIETY OF ABILITIES, CHARACTERISTICS, AND SKILLS. IN A NATION

ALSO KNOW AS HUMAN RESOURCES

A

LABOR

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24
Q

COMPRISES ALL ABLE-BODIED PEOPLE CAPABLE OF WORKING IN THE NATION’S ECONOMY AND OFFERING OTHER INDIVIDUALS OR BUSINESSES DIFFERENT SERVICES.

A

HUMAN CAPITAL

25
Q

HE MAN-MADE GOODS(RESOURCES) USED WHEN PRODUCING OTHER GOODS AND SERVICES. ITIS A FORM OF AN ASSET USED MAINLY AS A MEDIUM OF EXCHANGE. INTEREST IS THE INCOME THAT THE OWNER OF THE CAPITAL IS EARNING

26
Q

MOVE A NATION’S ECONOMY AS PEOPLE PURCHASE AND SELL RESOURCES TO PEOPLE AND BUSINESSES.

A

MONETARY RESOURCES

27
Q

PART OF THE PERSON OR ECONOMY’S INCOME, NOT SPENT ON CONSUMPTION

28
Q

AN ECONOMIC ACTIVITY THAT MIGHT EARN THE ENTREPRENEUR A PROFIT OR INCUR A LOSS

A

ENTREPRENEURSHIP

29
Q

AN INDIVIDUAL THAT ORGANIZES, MANAGES, AND ASSUMES BUSINESS RISKS, DEVELOPS A NEWPRODUCT OR IDEA, AND TURNS IT INTO A SUCCESSFUL BUSINESS

A

ENTREPRENEUR

30
Q

THE DOLLAR AND THE DOLLARRESERVESTHATTHE ECONOMY HAS. WE USE FOREIGN CURRENCY, MAINLY DOLLARS, FOR INTERNATIONAL TRADE AND THE PROCUREMENT OF RAW MATERIALS FROM OTHER NATIONS.

A

FOREIGN EXCHANGE

31
Q

A CONDITION FACING ALL SOCIETIES BECAUSE INSUFFICIENT PRODUCTIVE RESOURCES SATISFY PEOPLE’S UNLIMITED WANTS

32
Q

THE VALUE OF THE BEST-FOREGONE ALTERNATIVE OR WHAT IS GIVEN UP WHEN ONE CHOOSES

A

OPPORTUNITY COST

32
Q

AN ECONOMIC ANALYSIS THAT CONSIDERS ECONOMIC CONDITIONS ‘AS THEY ARE’ OR CONSIDERS ECONOMICS ‘AS IT IS’

A

POSITIVE ECONOMICS

33
Q

AN ECONOMIC ANALYSISTHATJUDGES ECONOMIC CONDITIONS’ASTHESE SHOULD BE’. IT ALSO FOCUSES ON POLICYMAKING TO ACHIEVE THE IDEAL SITUATION

A

NORMATIVE ECONOMICS

34
Q

GREEK TERM MEANING ALL OTHER THINGS HELD CONSTANT OR ALL ELSE EQUAL, IS AN ASSUMPTION USED IN ANALYZING THE RELATIONSHIP BETWEEN TWO VARIABLES AS THE OTHER FACTORS ARE UNCHANGED.

A

CETERIS PARIBUS

35
Q

DEALS WITH APPLYING SCIENTIFIC KNOWLEDGE TO PROBLEMS TO DEVELOP PRACTICAL SOLUTIONS

A

APPLIED SCIENCE

36
Q

THE STUDY OF ECONOMICS RELATIVE TO REAL-LIFE SITUATIONS BY OBSERVING HOW THEORIES WORK IN PRACTICE. IT TYPICALLY DEALS WITH NUMBERS THAT ARE FOCUSED AND BACKED BY POTENTIAL RESULTS BEING REVIEWED

APPLICATION OF ECONOMIC THEORY AND ECONOMETRICS IN SPECIFIC SETTINGS TO ANALYZE
POTENTIAL OUTCOMES

A

APPLIED ECONOMICS

37
Q

SIMPLIFIES ECONOMIC REALITY USED TO MAKE PREDICTIONS ABOUT THE REAL WORLD

A

ECONOMIC THEORY

38
Q

THE APPLICATION OF STATISTICAL AND MATHEMATICAL THEORIES TO ECONOMICS FOR TESTING HYPOTHESES AND FUTURE FORECASTING TRENDS

A

ECONOMETRICS

39
Q

THREE WAYS TO APPLIED ECONOMICS APPLICATIONS

A
  1. IT IS A POWERFUL TOOL THAT ALLOWS THE REAL AND FULL PICTURE TO UNFOLD SO THAT FROM THE CURRENT POSITION, IT BECOMES POSSIBLE TO DETERMINE WHAT TO DO AND WHERE TO GO.
  2. IT SERVES AS A MECHANISM TO DECIDE WHAT STEPS TO ENHANCE THE CURRENT ECONOMIC SITUATION COULD LOGICALLY BE PURSUED.
  3. IT CAN ALSO TEACH USEFUL LESSONS ABOUT PREVENTING A NEGATIVE SITUATION FROM REPEATING, OR AT LEAST MITIGATING THE IMPACT.
40
Q

THE SET OF MECHANISMS AND INSTITUTIONS THAT RESOLVE QUESTIONS OF WHAT, HOW, AND FOR WHOM. IT IS HOW SOCIETY RESPONDS TO BASIC ECONOMIC QUESTIONS.

A

ECONOMIC SYSTEM

41
Q

STANDARDS USED IN DIFFERENTIATING BETWEEN ECONOMIC SYSTEMS

A
  1. THE OWNER/S OF THE RESOURCES
  2. THE PROCESS USED IN DECISION-MAKING IN THE ALLOCATION OF GOODS AND RESOURCES
  3. THE TYPES OF INCENTIVES DIRECTING THE ECONOMIC DECISION-MAKERS
42
Q

AN ECONOMIC SYSTEM IN WHICH PRIVATE FIRMS ACCOUNT FOR ALL PRODUCTION.

A

PURE MARKET ECONOMY

43
Q

AN ECONOMIC SYSTEM WHERE MARKETS PLAY A RELATIVELY SIGNIFICANT ROLE. IT IS ALSO KNOWN AS THE FREE MARKET ECONOMY. IT IS THE MOST DEMOCRATIC FORM OF AN ECONOMIC SYSTEM.

A

MARKET ECONOMY

44
Q

AN ECONOMIC SYSTEM IN WHICH ALL RESOURCES ARE GOVERNMENT-OWNED, AND THE CENTRAL PLANS OF THE GOVERNMENT DIRECT ALL PRODUCTION.

A

PURE COMMAND ECONOMY

45
Q

THE AUTHORITATIVE SYSTEM WHEREIN DECISION MAKING IS CENTRALIZED IN THE GOVERNMENT OR A PLANNING COMMITTEE.

A

COMMAND ECONOMY

46
Q

PRIMARILY GOVERNMENT-CONTROLLED, WITH THE GOVERNMENT DECIDING WHAT IS PRODUCED, ITS QUANTITY, AND ITS PRICE

A

PLANNED ECONOMY

47
Q

AN ECONOMIC SYSTEM THAT MIXES CENTRAL PLANNING WITH COMPETITIVE MARKETS. IT IS A MIX OF A RATHER FREE ECONOMY, SUCH AS A MARKET COMBINED WITH A PLANNED ECONOMY, AND AVOIDING THE ISSUES WITH CAPITALISM AND SOCIALIST ECONOMIES

A

MIXED ECONOMY

48
Q

AN ECONOMIC SYSTEM IN THE PROCESS OF SHIFTING FROM CENTRAL PLANNING TO COMPETITIVE MARKETS.

A

TRANSITIONAL ECONOMY

49
Q

AN ECONOMIC SYSTEM SHAPED LARGELY BY CUSTOM OR RELIGION. DECISIONS ARE BASED ON TRADITIONS AND PRACTICES THAT HAVE BEEN PRESERVED AND TRANSFERRED FROM GENERATION TO GENERATION OVER THE YEARS

A

TRADITIONAL ECONOMY

50
Q

SOLVE THE ISSUE OF SCARCITY AND TO ACT AS A GUIDE IN DECISION-MAKING

A

BASIC ECONOMIC QUESTIONS

51
Q

BASIC ECONOMIC PROBLEMS

A
  1. WHAT TO PRODUCE AND HOW MUCH
  2. HOW TO PRODUCE
  3. FOR WHOM TO PRODUCE
  4. ARE THE COUNTRY’SRESOURCES BEING UTILIZED, OR ARE SOME LYING IDLE AND UNEMPLOYED?
  5. ISTHE CAPACITY OF THE ECONOMY TO PRODUCE GOODS GROWING OR JUST REMAINING THE SAME OVER TIME?
52
Q

APPLIED ECONOMICS IN RELATION TO THE ECONOMIC PROBLEMS OF THE PHILIPPINE

A
  1. POVERTY LEVEL
  2. EMPLOYMENT, UNEMPLOYMENT, AND UNDEREMPLOYMENT
  3. POPULATION GROWTH
53
Q

HOW DO WE USE ECONOMICS AS APPLIED SCIENCE TO DEAL WITH SOME OF A COUNTRY’S ECONOMIC ISSUES OR PROBLEMS?

53
Q

How do we use economics as applied science to deal with some of a country’s economic issues or
problems?

A

There are various approaches to tackling the question of applying economic theories to the real world. To assist policymakers in making the right decisions, it is important to conduct thorough economic problem assessments and sound data analyses. When economists can analyze specific data and apply economic theories, they become more confident in their evaluations of the economic effects of policy decisions. These evaluations essentially translate into practical activities or solutions to a given situation, thereby creating problem-solving solutions.

APPLIED ECONOMICS (1 decks)

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