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Economics > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

A

Economy

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2
Q

the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

A

Economics

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3
Q

social science that analyzes the production, distribution, and consumption of goods and services

A

Economics

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4
Q

2 Branches of Economics

A

Microeconomics
Macroeconomics

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5
Q

small units of the economy

A

Microeconomics

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6
Q
  • studies how individual consumers and business makes decisions to allocate resources, such as how consumers spend their money.
  • includes businesses, markets, individuals, etc.
A

Microeconomics

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7
Q

amount companies produce

A

Supply

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8
Q

amount consumers want to buy

A

Demand

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9
Q

4 types of business

A

1) sole proprietorship
2) partnership
3) cooperative
4) corporation

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10
Q

studies the behavior and performance of an economy as a whole.

A

Macroeconomics

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11
Q

studies economic problems such as poverty, unemployment, inflation, and the circulation of money. also study economic growth, or how a nation’s wealth becomes larger.

A

Macroeconomics

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12
Q

building blocks for goods and services in an economy

A

4 Factors of Production

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13
Q

4 Factors of Production

A

Land
Labor
Capital
Entrepreneur

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14
Q

natural resources available to create supply, such as raw ground and anything that comes from it.

A

Land

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15
Q

work done by people, the value of the workforce depends on workers’ education, skills, and motivation.

A

Labor

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16
Q

man-made objects like machinery, equipment, and chemicals that are used in production.

A

Capital

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17
Q

the drive to develop an idea into a business

A

Entrepreneur

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18
Q

4 Types of Unemployment

A

Cyclical
Seasonal
Structural
Frictional

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19
Q

refers to the variation in the number of unemployed workers during cycles of economic strength and weakness.

A

Cyclical Unemployment

20
Q

Certain jobs are limited to a certain time period, sometimes leaving people who work in those jobs without employment after the season ends.

A

Seasonal Unemployment

21
Q

This unemployment happens when fundamental changes in the economy and labor markets, such as evolving technology, government policies, and competition.

A

Structural Unemployment

22
Q

job mismatch (from skill)

A

Structural Unemployment

23
Q

happens when a person is voluntarily job searching or searching for a new career. Hops from one job to another

A

Frictional Unemployment

24
Q

it means trying to address actual economic issues and be able to do something about them.

A

Applying Economic Theory

25
Q

typically characterized by applying the core, referring to the economic theory and econometrics.

A

Applied Economics

26
Q

still a central problem in the Philippine economy

A

Unemployment

27
Q

Who was the President that improved the economy?

A

President Aquino / Benigno Aquino III

28
Q

What was the significant growth rate during President Aquino’s administration?

A

 6.8% in 2012
 7.2 in 2013
 6.1 in 2014

29
Q

another significant socio-economic problem

A

Poverty

30
Q

How much does the population of the Philippines represent the world’s total population?

A

1.37%

31
Q

GNP means

A

Gross National Product

32
Q

Market value of final products, both sold and unsold, produced by the resources of the economy in a given period.

A

Gross National Product

32
Q

In GNP, market value is determined by?

A

Supply and Demand

33
Q

The economy’s resource belongs to?

A

to Filipino citizens and corporations

34
Q

What are the resources belonging to the economy that is not in the economy?

A

Capital and Entrepreneurship brought to the country

35
Q

GDP means

A

Gross Domestic Product

36
Q

The market value of final products produced within a country

A

Gross Domestic Product

37
Q

What are the resources included in the GDP

A

Capital & Entrepreneurship belonging to the other countries bought to the domestic economy by foreign business.

38
Q

Formula for GNP

A

Y = C + i + G + (X - M) + Net factor income from abroad

39
Q

What does every letter in the formula for GNP stand for?

A

Y = GNP
C = Household consumption expenditure
I = Investment / Capital Formation
G = Government Consumption expenditure
X = Export
M = Import

40
Q

Growth Rate formula

A

GNP from Current Year - GNP from Previous Year ÷ GNP from previous year x 100

41
Q

An economic icon and an example of how a
leader of a previously underdeveloped country
can lead to overcoming its country’s basic
economic problems and move toward
economic growth.

A

Lee Kuan Yew

42
Q

Prime minister of Singapore from 1959 — 1990

A

Lee Kuan Yew

43
Q

Longest-serving prime minister in world
history.

A

Lee Kuan Yew

44
Q

What did the prime minister introduce during his time?

A

five-year plan calling for urban
renewal construction

Economics (5 decks)

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