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Economics 3rd Semester > INTRODUCTION TO ECONOMICS > Flashcards

INTRODUCTION TO ECONOMICS Flashcards

1
Q

came from the Greek word which
means household management

A

OIKONOMIA

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2
Q

recognized only in 1776 when ADAM SMITH,
father of modern economics, wrote his book

A

“An Inquiry into the Nature and Causes of the Wealth of Nations”.

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3
Q

a social science that deals with the allocation of scarce resources to satisfy man’s unlimited needs and wants.

A

economics

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4
Q

the study of how societies use scarce resources to produce commodities and distribute them among different people.

A

economics

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5
Q

the study of production, distribution, selling and use of goods and services.

A

economics

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6
Q

4 SIGNIFICANT CONCEPTS

A
  1. as a science.
  2. as a social science.
  3. scarcity of resources.
  4. insatiable human wants
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7
Q

systematized body of knowledge that follows a scientific approach in dealing with economic issues

A

economics as a science

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8
Q

know and understand the problem.
formulate hypothesis.

A

Economics as a science

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9
Q

gather real-world data or facts that are relevant to the problem.

A

Economics as a science

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10
Q

based on the gathered facts, observe, analyze
and make interpretations.

A

Economics as a science

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11
Q

study of human behavior.

A

ECONOMICS AS A SOCIAL SCIENCE

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12
Q

includes psychology, sociology, anthropology,
history and law, etc.

A

ECONOMICS AS A SOCIAL SCIENCE

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13
Q

how society and individuals generally make
choices.

A

ECONOMICS AS A SOCIAL SCIENCE

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14
Q

choosing one thing over the other possibilities

A

TRADE OFF

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15
Q

the value of the best foregone alternative. (e.g.
graduation vs salary).

A

OPPORTUNITY COST

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16
Q

in general are unlimited, insatiable, and amenable people are never satisfied.

A

HUMAN WANTS

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17
Q

because of the presence of scarcity, there is a need for man to make decisions in choosing how to maximize the use of the scarce resources to satisfy as many wants as possible.

A

CHOICE AND DECISION MAKING

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18
Q

insufficiency of resources to meet all the needs and wants of a population.

A

SCARCITY

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19
Q

something that we desire but unimportant in daily life.

A

Wants

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20
Q

something that you must have in order to survive.

A

Needs

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21
Q

the efforts of people involved in production, including labor and entrepreneurship.

A

Human resources

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22
Q

the processed materials, equipment, and building used in production.

A

Capital resources

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23
Q

came from nature that are used in production, including land, raw materials, and natural process.

A

Natural resources

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24
Q

refers to the resources consumed in production in order to make products and services. (inputs used for production process)

A

Economic resources

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25
Q

also known as factors of production.

A

ECONOMIC RESOURCES

26
Q

resources used to produce goods and services.

A

Economics resources

27
Q

soil and natural resources.

A

Land

28
Q

the income payment for capital.

A

Interest

29
Q

a man-made resources used in production of goods and services

A

Capital

30
Q

income received

A

Wage

31
Q

payment for land owners

A

Rent

32
Q

physical and human effort exerted in production.

A

Labor

33
Q

2 TYPES OF SCARCITY

A

Relative
Absolute

34
Q

Bananas are abundant in the Philippines but when a typhoon destroys banana plants, they become what?

A

Relative scarcity

35
Q

oil is _______ in the Philippines so we rely heavily on imports from oil producing countries like Iran.

A

Absolute scarcity

36
Q

2 DIVISIONS OF ECONOMICS

A

Macroeconomic
Microeconomic

37
Q

it focuses on the overall flow of goods and resources and studies the causes of change in the aggregate flow of money, the aggregate movement of goods and services and the general employment of resources.

A

MACROECONOMICS

38
Q

division of economics that is concerned with the overall performance of the entiremeconomy.

A

MACROECONOMICS

39
Q

it is more concerned on how goods flow from the business firm to the consumer and howmresources move from the resource owner to the business firm.

A

MICROECONOMICS

40
Q

concerned with the behavior and decisions of individual entities such as the consumer, the producer, and the resource owner.

A

MICROECONOMICS

41
Q

BASIC PROBLEMS OF SOCIETY

A

WHAT TO PRODUCE AND HOW
MUCH?
HOW TO PRODUCE?
FOR WHOM TO PRODUCE?

42
Q

is about the market for goods. for whom will the goods and services be produced? (children, adults?, girl or boy?, rich or poor?)

A

FOR WHOM TO PRODUCE?

43
Q

is a question on the production method that will be used to produce the goods and services. (made of wood or bronze? machine or bare hands?)

A

HOW TO PRODUCE?

44
Q

society must have to decide what goods and services should be produced in the economy. having decided on the nature of goods that will be produced, the quantity of these goods should also be decided on. (for consumption or investment?)

A

WHAT TO PRODUCE AND HOW
MUCH?

45
Q

Types of economic systems

A

Traditional economy
Command economy
Market economy
Mixdd economy

46
Q

practiced in indigenous communities where life is less complicated and the simple needs of the society can be self-produced.

A

Traditional economy

47
Q

methods are stagnant and therefore, not progressive.

A

Traditional economy

48
Q

traditional societies exist in backward and primitive civilizations.

A

Traditional economy

49
Q

this economy exists in dictatorial, socialist, and
communist nations.

A

COMMAND SYSTEM

50
Q

the state or agency of government may be in charge in the allocation of resources by using its political power in answering the basic economic problems.

A

COMMAND SYSTEM

51
Q

decision-making centralized in the
government or a planning committee.

A

COMMAND SYSTEM

52
Q

the basic economic problems are answered based on the workings of demand and supply.

A

MARKET ECONOMY

53
Q

there is an equilibrium price and output in the
market.

A

MARKET ECONOMY

54
Q

people’s preferences may reflect on the prices they are willing to pay in the market which becomes the basis of the producers’ decisions on what goods to produce.

A

MARKET ECONOMY

55
Q

the most democratic form of economic system.

A

MARKET ECONOMY

56
Q

a mix of market and command economy.

A

MIXED ECONOMY

57
Q

the government has a large role in military, international trade, and transportation.

A

MIXED ECONOMY

58
Q

the federal government can safeguard people and markets.

A

MIXED ECONOMY

59
Q

federal government can safeguard people and markets, government may own some key industries, government can manage social welfare programs.

A

Command

60
Q

private property, supply x demand
= price, driven by self-interest.

A

Market

61
Q

A good is scarce compared to its demand. Is limited by nature. (demand and supply)

A

Relative scarcity

62
Q

supply is limited. it is where supply of a good is naturally limited (no substitutes) physical limitations of resources.

A

Absolute scarcity

Economics 3rd Semester (6 decks)

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