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MICROECONOMICS > INTRODUCTION TO ECONOMICS > Flashcards

INTRODUCTION TO ECONOMICS Flashcards

1
Q

comes from the Greek word oikos and nomos which means household management

A

economics

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2
Q

commodity or service being short in supply relative to its demand

A

scarcity

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3
Q

reasons for scarcity

A

• overpopulation
• unjust distribution
• resources decrease

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4
Q

according to bautista, ________ is a science that deals w/ the management of scarce resource

A

economics

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5
Q

according to him, economics is simply scarcity and choice

A

slavin

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6
Q

all other things are held constant/equal

A

ceteris paribus

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7
Q

methodology of economics (2)

A

• positive
• normative

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8
Q

is an economic analysis that considers economic conditions “as they are” / “as it is”

A

positive economics

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9
Q

example of positive economics

A

the economy is now experiencing a slowdown because of too much politicking and corruption in the government

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10
Q

incorporates value judgment about economics about ehat the economics should be like

“as it should be”

A

normative economics

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11
Q

basic economic problems (3)

A

• what to produce
• how to produce
• for whom to produce

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12
Q

all natural resources given by the nature used in the production process

A

land

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13
Q

any form of human effort exerted in the production

talents available for production

A

labor

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14
Q

refers to the human made goods used in the production of other goods and services

manufacturing aids

A

capital

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15
Q

process of producing and purchasing capital goods

A

investment

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16
Q

consumer goods satisfy wants directly while capital goods…

A

indirectly by aiding production of consumer goods

17
Q

the person who organizes, manages and plans

special human resources, distinct from labor

A

entrepreneur

18
Q

money in factors of production

A

• land - rent
• capital - interest / money
• labor - salary
• entrepreneur - profit

19
Q

produce more and better goods and services or higher standard of living

A

economic growth

20
Q

provides suitable jobs for citizens

A

full employment

21
Q

achieve maximum fulfillment of wants using the available productive resources

A

economic efficiency

22
Q

avoid inflation and deflation, upswings or downswings

A

price level stability

23
Q

guarantees businesses have a high degree of freedom in economic activities

A

economic freedom

24
Q

ensure that no group of citizens faces poverty

A

equitable distribution of income

25
Q

provide those who are chronically ill, disabled, laid off, aged to earn minimal levels of income

A

economic security

26
Q

seek a reasonable balance in international trade and financial transaction

A

balance of trade

27
Q

is the branch of economics that deals with the individual decisions of units in the economy

A

microeconomics

28
Q

branch of economics as a whole

A

macroeconomics

29
Q

collection of specific economic units treated as if they were one unit

A

aggregate

30
Q

a particular set of institutional arrangements and a coordinating mechanism to respond to economizing problem

A

economic system

31
Q

places where buyers and sellers come together

A

market

32
Q

places where buyers and sellers come together

A

market

33
Q

subsistence economy, backward type, characterized by a system where the production of products trading and distribution of incomes are sanctioned by custom

A

traditional

34
Q

economy wherein government dictates

A

command

35
Q

resources are privately owned and people themselves makes the decision

“market economy”

A

capitalism

36
Q

economic system wherein key enterprises order are owned by the state

A

socialism

37
Q

this economy is a mixture of the market system and command system

A

mixed system

38
Q

also known as laissez-faire capitalism

A

pure competition

39
Q

importance of studying economics

A

• understand society
• understand global affairs
• to be an informed individual

MICROECONOMICS (4 decks)

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