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3 - SSE 301 - ComEcoPla > Introduction > Flashcards

Introduction Flashcards

1
Q

Economics comes from the Greek words ________ and ______

A

Oikos and Nomos.

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2
Q

Oikos means?

A

household

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3
Q

Nomos means?

A

management

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4
Q

Oikonomos means?

A

Household Management

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5
Q

Economics is a social science concerned with the _______, ______, and ______ of goods and services.

A

production, distribution, and consumption

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6
Q

Economics studies how individuals, businesses, governments, and nations make choices about how to ______ ________

A

allocate resources.

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7
Q

NEDA means?

A

National Economic Development Authority

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8
Q

Who is the NEDA Secretary?

A

NEDA Secretary Arsenio Balisacan

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9
Q

NEDA Secretary Arsenio Balisacan stated that Filipinos were not food-poor if they spent more than ______ on meals each day.

A

Php 64.00

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10
Q

According to the 20th century economist, he define economics as the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society.

A

PROF. PAUL A. SAMUELSON

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11
Q

According to the 20th century economist, Samuelson define economics as the study of how men and society choose with or without the use of money, to employ the ______ ______ _____ which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society.

A

scarce productive resources

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12
Q

According to _________, economics is a science that deals with the management of scarce resources to achieve the maximum satisfaction of human wants. This means managing the limited resources we have in order for us people to achieve our level of satisfaction.

A

Bautista (2010)

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13
Q

According to Bautista (2010), economics is a science that deals with the management of scarce resources to achieve the _______ _____ of human wants.

A

maximum satisfaction

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14
Q

According to Bautista (2010), economics is a science that deals with the management of scarce resources to achieve the maximum satisfaction of human wants. This means managing the limited resources we have in order for us people to achieve our level of ________.

A

satisfaction

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15
Q

IMPORTANCE OF ECONOMICS

A

Informed Individuals
The Society
Global Affairs

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16
Q

Understanding of economics develops individuals to be wise voters. With this in mind, voters have an informed choice in selecting leaders based on their economic, social, and political platform and not just based on their appearances or popularity.

A

Informed Individuals

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17
Q

To understand the society, economics seeks to analyze transactions made by the society and its members, particularly concerning on their behavior and decision making.

A

The Society

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18
Q

Economics seeks to explain the internal operation and trade policies of different countries.

A

Global Affairs

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19
Q

2 BRANCHES OF ECONOMICS

A

Microeconomics
Macroeconomics

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20
Q

focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency.

A

Microeconomics

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20
Q

Microeconomics focuses on how ______ ________ and __________make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency.

A

individual consumers and firms

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21
Q

Individual Decision Making Units

A

single person
household
business/organization
government agency.

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22
Q

[Importance of Microeconomics]

Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in ________ and why they _______ what they do at particular price levels.

A

price

demand

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23
Q

[Importance of Microeconomics]

Microeconomics tries to explain how and why different goods are ________ ______, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another.

A

valued differently

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24
Q

[Importance of Microeconomics]

Microeconomics’ topics range from:

A

the dynamics of supply and demand to the efficiency and costs associated with producing goods and services;

they also include how labor is divided and allocated; how business firms organize and function.

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25
Q

studies an overall economy in both national and international level, using highly aggregated economic data and variables to model the economy.

A

Macroeconomics

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26
Q

[Importance of Macroeconomics]

Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are ______________ and _____________

A

recurrent economic cycles

broad economic growth and development

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27
Q

[Importance of Macroeconomics]

Topics studied include:

A
  • foreign trade
  • government fiscal and monetary policy
  • unemployment rates
  • the level of inflation and interest rates
  • the growth of total production output as reflected by changes in the Gross Domestic Product (GDP)
  • and business cycles that result in expansions, booms, recessions, and depressions.
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28
Q

Mercantilism was an economic system by maximizing their ___ and limiting their ____. (16th to 17th century)

A

exports

imports

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29
Q

Accumulation of gold and silver is the basis of wealth

A

Mercantilism

30
Q

Mercantilism occurred before the year?

A

1776

31
Q

He argued that population growth would outpace food production.

A

THOMAS MALTHUS 1798

32
Q

Malthus was writing at the beginning of the _________ _______ without considering the advancements in technology, agriculture production or transportation.

A

industrial revolution

33
Q

_____ ______ are constantly being proven, disproven and revised. The problem is when these theories are wrong, millions of people can be adversely affected.

A

Economic Theories

34
Q

o Father of Modern Economics

A

Adam Smith

35
Q

o In 1776, Adam Smith’s book, __________________ was published. It was an organized discussion about production, markets, and economic theory.

A

The Wealth of Nations

36
Q

[Adam Smith]

o A person following their own _________ could end up serving the common good.

A

self-interest

37
Q

Adam Smith advocated for?

A

free trade

38
Q

o British economist, _____________ expanded on Smith’s idea by introducing the theory of comparative advantage.

A

David Ricardo

39
Q

o “When both countries concentrate on producing what they are best at and then trade, everyone benefits.”

A

comparative advantage

40
Q

o In comparative advantage, both countries have ________ ________.

A

opportunity costs

41
Q

But the country who has a ________ opportunity cost has the comparative advantage.

A

lower

42
Q

o This theory has been the foundation of modern international trade

A

Comparative Advantage

43
Q

o When almost all scholar are peaching ideas like private property and freetrade and free-market, along comes the _________ _______ in 1848.

A

Communist Manifesto

44
Q

Communist Manifesto was published in what year?

A

1848

45
Q

o Their is a struggle between workers and property owners which leads to the stateless and classless system called _________

A

communism.

46
Q

o Communism advocates for the replacement of private ownership with a?

A

classless economic system

47
Q

Who advocated the Communism?

A

KARL MARX & FRIEDRICH ENGELS

48
Q

o Wrote the “Principle of Economics” which embodied classical economics in 1890.

A

Alfred Marshall

49
Q

Alfred Marshall organized fine concepts such as ___________ and _________

A

supply & demand and marginal utility.

50
Q

o Advent of the supply and demand diagram and the beginning of models to explain _______ _______ by putting the behavior in the graph.

A

human behavior

51
Q

In the ___________, as capitalism was expanded around the world, Marxist movements were too. The Great Depression crushed the market economies of the world’s richest countries. The theories of Smith and Marshall can’t explain on how to fix it.

A

early 20th century

52
Q

The _________ ________ crushed the market economies of the world’s richest countries. The theories of Smith and Marshall can’t explain on how to fix it.

A

Great Depression

53
Q

o British economist named _______________ who proposed A General Theory of Money, Interest, and Employment, published in 1936.

A

John Maynard Keynes

54
Q

o He founded macroeconomics

A

John Maynard Keynes

55
Q

o Keynes argued that market economies do not ____ itself fast enough because prices and wages take time to adapt.

A

correct

56
Q

Keynesian proposed that during economic busts, the government must be involved and intervened through _________ and ________. This is to increase production and decrease unemployment, even this if it means going into ________.

A

monetary and fiscal policies

debt

57
Q

o Some _____ _______ allow markets and private properties. They also allow their governments to own industries through strict regulation and massive social programs like universal education.

A

socialist economies

58
Q

o Scandinavian countries like ______ and ________ have these socialist policies.

A

Norway and Sweden

59
Q

As socialism and Keynesian economics drove some economies, other economists persisted to push for private property and free market. The most outspoken group was the __________

A

Austrian School of Economics.

60
Q

The most outspoken group was the Austrian School of Economics. The Austrians, _____________ and ____________, argued that heavy reliance on state intervention has never produced the results it sought to accomplish, and that government interference and strict regulations create more problems than solutions.

A

Friedrich Hayek and Ludwig von Mises

61
Q

The Austrians, Friedrich Hayek and Ludwig von Mises, argued that heavy reliance on _______ __________ has never produced the results it sought to accomplish, and that government interference and strict regulations

A

state intervention

62
Q

o They rejected nearly every idea of monetary and fiscal policy and for the Austrian School, the economy is too complex to warrant ______ ________

A

government manipulation.

63
Q

o The criticism against government intervention was shipped and continued on in the United States by the Nobel laureate __________.

A

Milton Friedman

64
Q

o As with Hayek and Von Mises, Friedman promoted the ____________ of many roles that the government has assumed and taken control. He was notable in proposing the deregulation of the economy.

A

privatization

65
Q

Milton Friedman was notable in proposing the ________ of the economy.

A

deregulation

66
Q

Milton Friedman established that the failure of the response to the Great Depression was because of _________ _________

A

Keynesian economics.

67
Q

In the 1970’s, Friedman ideas became more widespread when the US experienced very high inflation rate and low production, a stagflation. _________ became the very thing that the Chicago School claimed to have debunked Keynesian economics.

A

Stagflation

68
Q

Stagflation became the very thing that the ______________ claimed to have debunked Keynesian economics.

A

Chicago School of Economics

69
Q

It is focused on the stability of prices and recommended the slow and controlled increase of money supply to permit for consistent economic growth/.

A

Monetarism

70
Q

Who created the economic theory of monetarism?

A

Milton Friedman

71
Q

Today, modern economic theory stands on the shoulders of classical economics, Friedman’s monetarism and Keynesian economics. This integrated theory is often called the _____ ___________ ___________

A

new neoclassical synthesis.

72
Q

According to ________ __________ the rule of law is fundamental to international peace and security and political stability: to achieve economics and social progress and development; and to protect people’s rights and fundamental freedoms.

A

United Nations

73
Q

The rule of law is fundamental to international peace and security and political stability: to achieve economics and social progress and development; and to protect people’s rights and fundamental freedoms. It is foundational to people’s access to ________ _______, ________ _______, restraining the ________ ____ ________, and to establishing the ______ _______ between people and the state.

A

public services

curbing corruption

abuse of power

social contract

3 - SSE 301 - ComEcoPla (3 decks)

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