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ECON > Lesson 2 Fundamentals Of Agricultural Economics > Flashcards

Lesson 2 Fundamentals Of Agricultural Economics Flashcards

1
Q

An applied field of science wherein the principles of choice are applied to the use of capital, labor, land, and management resources in the farming industries.

A

Agricultural economics

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2
Q

What are the scope of agricultural economics?

A

-policy analysis
-impact studies
-benefit-cost analysis
-natural resource
Economic development in rural areas

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3
Q

A Republic in conducting scientific research and investigation?

A

Republic Act No. 4059

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4
Q

Importance of agriculture?

A

-Provision of food
-Provision of jobs
-Government revenue
-Trading and foreign exchange earning
-provision of market for other industries
-Education and training

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5
Q

Top Philippine food export

A

Tuna
Banana
Mango
Pineapple
Coffee
Coconut

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6
Q

All accredited farmers and fisherfolk enterprises may be exempt from income tax on income derived from the enterprise provided they are registered as BMBEs.

A

Exemption from Income Tax

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7
Q

BMBEs stand for ______.

A

Barangay Micro-Business Enterprises

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8
Q
  • applies the principles front general economics to the agricultural industry.
  • it is an applied of science, static and dynamic, and is a mix of science and art.
A

Nature of Agricultural Economics

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9
Q

Oldest of arts and the queen of all social science.

A

Art

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10
Q

Role of agricultural economists in microeconomics level.

A

Production economist
Market economist
Financial economist
Resource economist

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11
Q

Examine how firms decide the optimal combination of inputs (labor,capital, and raw materials) to produce goods and services.

A

Production economist

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12
Q

Focus on the flow of goods and services in the market channels and determine prices,

A

Market economist

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13
Q

Concern with the issues related to financing of business.

A

Financial economist

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14
Q

Used and preservation of natural resources.

A

Resource economist

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15
Q
  • are abundant in nature
    -no price attached
A

Free products

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16
Q

Sunshine,sea water,air we breath are example of _______.

A

Free products

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17
Q

Goods and services that are relatively scarce, and transferrable to others.

A

Economic products

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18
Q

-Commodities and/products that an individual can use
-concret and tangible

A

Goods

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19
Q

-Work performed for someone else
-manual work such as carpentry, tailoring, etc.

A

Services

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20
Q

What are the type of goods

A

Consumer goods
Capital goods
Durable goods
Non-durable goods

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21
Q

-Used by individuals
-food, clothing, medicine, etc.

A

Consumer goods

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22
Q

-Used to produce other goods
-eg. Machineries, tractors, threshers

A

Capital goods

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23
Q

-Last for less than three(3) years
- e.g computers, cellphones, shoes

A

Non-durable goods

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24
Q

-will last for three (3) years or more
-buildings, trucks, etc.

A

Durable goods

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25
Q

-individuals who used goods and services to satisfy their needs and wants
-individuals or entities that purchase products and avail services offered to them.

A

Consumers

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26
Q

-Something with worth that can be expressed in monetary terms like peso or dollars.
-determined by the price someone would pay for something

A

Value

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27
Q

What are the basic concepts and principles of agricultural economics?

A
  1. Value
  2. Utility
  3. Capital
  4. Income
  5. Wealth
  6. Welfare
  7. Opportunity cost
  8. Economic efficiency
  9. Scarcity and choice
28
Q

In order for something to have value, it has to be scarce.

A

Paradox value

29
Q

-The capacity to be useful to someone
- not measurable and can be different from one person to the next
- the satisfaction that one achieves from consuming goods/services.

A

Utility

30
Q

Additional satisfaction one gets from each unit consumption.

A

Marginal utility

31
Q

-anything which has value
- the sum of economic products that are tangible, scarce, useful, and transferable from one person to another.

A

Wealth

32
Q
  • part of the wealth of individuals and of communities other than money
  • used to assist in the production of further wealth
A

Capital

33
Q

Tools, implements, machinery,seed, raw materials, transport facilities such as roads, railways, ships etc. are examples of ___________?

A

Capital

34
Q
  • money derived from property or assets
  • income generated from rented house, revenue generated from cultivating own farmland.
A

Income

35
Q

-Wealth is the means and welfare is the end
- generally derived from wealth
- In form of mental, moral, and physical well-being of individual

A

Welfare

36
Q

The value of the next-highest-valued alternative use of a source

A

Opportunity cost

37
Q

-Condition where each and every resource is allocated optimally so that each person is served in the best possible way.
-measure of output obtained with a given of inputs with least amount of wastage

A

Economic efficiency

38
Q
  • requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible given scarce resources.
A

Scarcity and choice

39
Q

What are the subject matter of economics?

A
  1. Consumption
  2. Production
  3. Exchange
  4. Distribution
40
Q
  • satisfaction of human needs and wants
  • produced goods are consumed immediately or sometime in the future
  • consumption represent using up of utilities
A

Consumption

41
Q

A process when needs and wants are satisfied ?

A

Consumption

42
Q

Creation of wealth, creation of utility, all activities which are undertaken to produce goods which satisfy human needs and wants.

A

Production

43
Q

A process of extracting minerals from the earth’s crust; fishing from rivers, lakes and oceans; and growing trees.

A

Production

44
Q

Transfer of goods, takes place among groups of individuals, countries, markets, regions, province etc.
- leads to increase in welfare of individuals through creation of higher utilities for goods and services.

A

Exchange

45
Q

Refers to the sharing of wealth produced by community among the agents of production, proper distribution of wealth, and resources leading to development and economic welfare of the people in a nation

A

Distribution

46
Q

Wealth is produced by the combination of ____, ____, ____, and ____.

A

Land, labour, capital and entrepreneurship

47
Q

Wealth is distributed in the form of ____, _____, ______, and _____.

A

Rent, wages, interest and profits

48
Q

Tools in Economic analyses

A

Economic model
Centeris paribus
Marginal analysis
Correlation and causation

49
Q

Examining changes, and refers to an additional or incremental unit of something.

A

Marginal analysis

50
Q

A simplified description of reality, designed to yield hypotheses about economic behavior that can be tested.

A

Economic models

51
Q

-Tools in Economic analyses which means “everything else being equal”.

A

Centeris paribus

52
Q

-used in economics to rule out the possibility of others factors changing.

A

Centeris paribus

53
Q

Used in economics to rule out the possibility of other factors changing.

A

Centeris paribus

54
Q

Refers to two events that share some sort of “mutual relationship” in a regular and predictable manner.

A

Correlation

55
Q

Refers to two events in which there is a “ cause-and-effect relationship.

A

Causation

56
Q

Two or more than two products are produced in the same production process.

A

Joint product

57
Q

Occurs when one of the products produces an input used by the product.

A

Complementary products

58
Q

If one product can be increased without increasing or decreasing the other product.

A

Supplementary productions

59
Q

Increase in one product requires a reduction in the other.

A

Competitive relationships

60
Q

Types of principles of combining enterprises:

A

Joint product
Complementary products
Supplementary production
Competitive relationships

61
Q

As you increase production of one good, the opportunity cost to produce an additional unit of that good will increase.

A

Law of increasing opportunity cost

62
Q

Types of law comparative advantage?

A

Comparative advantage
Absolute advantage

63
Q

Advantage if he can produce the crops at a lower opportunity cost than another farmer.

A

Comparative advantage

64
Q

If he can produce crops at a faster rate with the same amount of resources compared to another farmer.

A

Absolute advantage

65
Q

What are the agricultural economics principles?

A

Law diminishing marginal returns
Law of equi-marginal returns
Law of substitution
Principles of combining enterprises
Law of increasing opportunity cost
Law of comparative advantage

ECON (1 decks)

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