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agmgt > Introduction to Agricultural Economics > Flashcards

Introduction to Agricultural Economics Flashcards

1
Q

“is the study of why John
doesn’t have his own farm.”

A

economics

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2
Q

This is the value of the next best alternative..

A

opportunity cost

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3
Q

these are the Most
Scarce Resources

A

Time and Money

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4
Q

We look at how
people make
choices on a?

A

personal and
societal level

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5
Q

these are the most scarce resources

A

time and money

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6
Q

the greek word which means “skilled in

household management”

A

Oikonomia

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7
Q

the ___________ concerned with
the efficient use of scarce resources
to achieve maximum satisfaction of
unlimited wants

A

social Science

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8
Q

the social Science concerned with
the efficient use of scarce resources
to achieve ____________________ of
unlimited wants

A

maximum satisfaction

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9
Q

the scientific study of methods,
practices, conditions, and policies
affecting agriculture

A

Agricultural Economics

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10
Q

it is a branch of economics that
specifically dealt with land usage. It is the
application of economic methods to optimizing the decisions made by agricultural producers.

A

Agronomics

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11
Q

the social Science concerned with
the efficient use of scarce resources
to achieve maximum satisfaction of
unlimited ______.

A

wants

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12
Q

it is dedicated to the study of land
use, natural resources, public utilities, housing,
and urban land issues.

A

Land Economics

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13
Q

Led to war and motivated colonial expansion

A

Mercantilists

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14
Q

Recognizes the important role of productive activities

A

Physiocrats (18th century French Economists)

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15
Q

They shared Adam Smith’s strong suspicion of
government and his confidence in the power of self-interest represented by his famous “invisible hand”

A

Classical School

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16
Q

he is Father of Economics

A

Adam Smith

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17
Q

His rent theory was foundational to free
trade policy

A

David Ricardo (England,1772-1823)

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18
Q

He did not foresee the impact of Industrial
Revolution (1760-1840) and modern technology.

A

Thomas Robert Malthus

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19
Q

His work later led to the Mathematical measurement of pleasure or
satisfaction (“utils”) of Alfred Marshall, Leon Walras and Carl Menger

A

John Stuart Mill

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20
Q

It is a wide-ranging school of ideas from which modern economic theory
evolved.

A

Neoclassical School

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21
Q

The usefulness of products influences _____ and _________

A

Supply
and Demand

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22
Q

He Also Established the Faculty of
Economics in Cambridge University

A

Alfred Marshall

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23
Q

“The _____ of a product is the point where
production cost meets consumer’s marginal utility”

A

price

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24
Q

His ideas influenced the economic policies of
most non-communist governments after
World War II. (1939-1945)

A

John Maynard Keynes(1883-1946), Great

Britain

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25
Q

he believes that DEMAND CREATES
SUPPLY

A

John Maynard Keynes

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26
Q

Some would consider this the most
significant document where Communism
is founded upon

A

MARXISM

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27
Q

Major Criticisms of
Capitalism

A

Marxist

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28
Q

what are Three elements of the “Economic
Perspective”?

A
  1. Scarcity (we need to make trade-
    offs)
  2. Rational Behavior
  3. Marginalism
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29
Q

Means that society has limited
resources and therefore cannot produce all the goods and services people wish to have. Just as a household cannot give every member everything he/she wants, a society cannot give every individual the highest standard of living to which he or she might aspire.

A

SCARCITY

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30
Q

The positive achievements in one particular goal can result in decreased levels of achievement with another goal.

A

Economic Goal Trade-offs

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31
Q

governments might bow to political pressures from one particular interest group even though they might claim to be “even handed”.
example: infant industries lobbying for protection

A

VOLUNTARY Goal trade-offs

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32
Q

The ______________ of an item is what you
give up to get that item.

A

Opportunity Cost

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33
Q

People systematically and
purposefully do the best they can to achieve
their objectives, given the opportunities they
have.

A

Rational

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34
Q

Economists use the term ___________ ____________to describe small incremental
adjustments to an existing plan of action.

A

Marginal Changes

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35
Q

Three elements of the “Economic
Perspective”

A
  1. Scarcity
  2. Rational Behavior
  3. Marginalism
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36
Q

Methodology in Analyzing Economic
Problems such as?

A
  1. Terminology
  2. Generalizations
  3. Other-things-equal assumption
  4. Abstractions
  5. Graphical Expression
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37
Q

a tentative explanation for a
phenomenon, used as a basis for further
investigation. It needs initial testing

A

Hypothesis

38
Q

it has already been tested but needs more
testing

A

Theory

39
Q

a theory that has strong
predictive accuracy, over and over

A

Law or Principle

40
Q

it is Simplified representation of reality which
combines several concepts /ideas into one single
representation

A

Model

41
Q

it is the Economic principles are expressed as the tendencies of typical or average
consumers, workers, or business firms

A

Generalizations

42
Q

It is used to indicate that something
would be the case if everything else
under consideration remains the same.

A

“Ceteris Paribus”

43
Q

they are not mirror to the whole
complexity of the real world. Albeit,
Economics remains practical because it gives
meaning to an otherwise overwhelming and
confusing maze of facts.

A

Abstractions

44
Q

it is a method or procedure that has characterized
natural science since the 17th century,
consisting in systematic observation,
measurement, and experiment, and the
formulation, testing, and modification of
hypotheses.

A

Scientific Method

45
Q

are designed to achieve
certain economic goals, then we need to
recognize a number of goals that are
widely accepted in many countries.

A

Economic Policies

46
Q

Produce more and better goods and services,
or more simply, develop a higher standard of
living.

A

Economic Growth

47
Q

It is the total market value of a country’s output.
It is the market value of all final goods and
services produced within a given period of time
by factors of production located within a country

A

GROSS DOMESTIC PRODUCT (GDP)

48
Q

Provide suitable jobs for all citizens who are
willing and able to work.

A

Full Employment

49
Q

Achieve the maximum fulfillment of wants
using the available productive resources.

A

Economic Efficiency

50
Q

it Avoids large upswings and downswings in the
general price level; that is, avoid inflation and
deflation.

A

Price-level Stability

51
Q

it Guarantee that businesses, workers, and
consumers have a high degree of freedom in
their economic activities

A

Economic Freedom

52
Q

it Ensure that no group of citizens faces poverty
while most enjoy abundance.

A

Equitable Distribution of Income

53
Q

it Provide for those who are chronically ill,
disabled, laid off, aged, or other-wise unable
to earn minimal levels of income.

A

Economic Security

54
Q

it Seeks a reasonable overall balance with the
rest of the world in international trade and
financial transactions.

A

Balance of Trade

55
Q

the Study of the economy as a whole or with the basic subdivisions or aggregates – such as the government, household, and business sector.

A

Macroeconomics

56
Q

it is Study of activity in individual markets. It is concerned with specific economic units and a detailed consideration of the behavior of these individual units.

A

Microeconomics

57
Q

it deals with what the economy is actually like. It focuses on facts and avoids value judgments. It tries to establish scientific statement about economic behavior. It is concerned with “what is”

A

Positive Economics

58
Q

it involves value
judgment about what the economy should be
like or what particular policy actions should be
recommended to get it to be that way.

A

Normative Economics

59
Q

The ________________ is at the
heart of the definition of economics…

A

Economizing Problem

60
Q

It shows the varying amounts of two types
of output that can be produced in relation
to that can be produced by the fixed
amount of resources.

A

Production Possibilities Frontier

61
Q

the ability to produce a larger total output –
a rightward shift of the production
possibilities curve is caused by

A

Economic Growth

62
Q

Due to scarcity problems, societies have been
forced to make certain basic economic
decisions in their desire to efficiently allocate
available resources.

A

Economic Ideologies of Nations

63
Q

An ______________ is defined as the sum
total of institutions and models of customs
which have become permanent and become a
part of the economic activities of a country.

A

Economic System

64
Q

it is structures of an economy
determine the use of economic inputs
(the means of production), distribution of
output, the level of centralization in decision-
making, and who makes these decisions.

A

Decision-making

65
Q

A ________ is one of many varieties
of systems, institutions, procedures, social
relations and infrastructures whereby parties
engage in exchange.

A

market

66
Q

It can be said that a market is the process by
which the prices of goods and services are
established.

A

Barter

67
Q

A market with single seller and multiple
buyers is a _______

A

monopoly

68
Q

A market with a single buyer and multiple
sellers is a _________

A

monopsony

69
Q

also called the private-enterprise system or
simply the market system.

A

capitalism

70
Q

centralized planning and no private
property

A

Command Economy

71
Q

with private property and with
government intervention or a combination of the
abovementioned

A

Mixed Economy

72
Q

It suggests a complex, interrelated web of
decision making and economic activity
involving businesses and households.

A

Circular Flow Model

73
Q

it is the place where resources
or the services of resource suppliers are
bought and sold.

A

Resource Market

74
Q

it is the place where goods and
services provided by businesses are bought
and sold.

A

Product Market

75
Q

This is the market where the goods and
services consumed by the household sector
come from.

A

Product Market

76
Q

Payment of the Business Sector to the
Resource Market in exchange of using the
Economic Resources such as Land, Labor,
Capital and Entrepreneurial Ability.

A

Costs

77
Q

This is received by the Business Firms in
exchange of providing the goods and services
to the household.

A

Revenue

78
Q

“The exclusive right of a
person to buy, keep, use and
sell or give away things of
value”

A

Private property

79
Q

Anyone has the freedom to make a living.
Private businesses are free to obtain economic
resources, to organize these resources in the
production of goods and services of the firm’s own choosing, and to sell them in the market of their choice.

A

Freedom of enterprise and choice

80
Q

Ensures that entrepreneurs and private businesses are free to obtain and use economic resources to produce their choice of goods and services and to sell them in their chosen market.

A

Freedom of Enterprise

81
Q

Enables owners to employ or dispose of their
property and money as they see fit. It allows workers to enter any line of work for which they are qualified. It also ensures that consumers are free to buy the goods and services that best satisfy their wants. (Legally of course)

A

Freedom of Choice

82
Q

it is Not the same with Selfishness

A

Self-interest

83
Q

it can be Sellers, Consumers,
Employers and Job
Seekers all compete
among themselves.

A

Competition

84
Q

it is the basic coordinating
mechanism of a capitalistic economy.

A

The Market System

85
Q

it is a
self regulating and self adjusting
economy precludes any extensive
economic role for government

A

pure capitalism

86
Q

he Published “The Wealth of Nations” in
1776

A

Adam Smith (Scotland, 1723-1791)

87
Q

he is known for the Theory of Comparative Advantage

A

David Ricardo

88
Q

he Questioned the “invisible hand”

A

Thomas Robert Malthus(England,1766-1834)

89
Q

he Published Principles of political economy in
1848 and “Utilitarianism” 1861

A

John Stuart Mill (England, 1806-1873)

90
Q

he Published “Principles of Economics” in 1890

A

Alfred Marshall

91
Q

A student of Alfred Marshall

A

John Maynard Keynes

92
Q

he Published “The Communist Manifesto in 1848”

A

MARXISM

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