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3 - SSE 301 - ComEcoPla > Lesson 2 - Unemployment & Economic Policy > Flashcards

Lesson 2 - Unemployment & Economic Policy Flashcards

1
Q

________ are considered as the basic items essential for human survival. Food, water, and shelter are examples of needs.

A

Needs

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2
Q

_______ are anything that we desire or would like to have.

A

Wants

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3
Q

Wants can be for _______ purposes, or tools that make our lives easier.

A

entertainment

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4
Q

_______ pertains to the quantity of goods or services that people are ready to buy at a given time, price, and place.

A

Demand

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5
Q

______ pertains to the quantity of goods or services that firms are ready and willing to sell at a given time, price, and place.

A

Supply

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6
Q

_________ measures the goods and services produced within the country’s geographical borders, by both Filipino residents and aliens in the country.

A

GDP

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7
Q

_______ measures the goods and services produced by only Filipino residents, both domestically and abroad.

A

GNP

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8
Q

3 BASIC ECONOMIC PROBLEMS

A
  1. What to produce?
  2. How to produce?
  3. For whom to produce?
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9
Q

The question is answerable by knowing the trend of the demand for goods and services of the people.

A

What to produce?

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10
Q

The people of the society must determine who will do the production, with what amount of goods and services, and what production techniques they will use.

A

How to produce?

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11
Q

The answer to this question is simple; we produce for the
people or the target market.

A

For whom to produce?

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12
Q

FACTORS OF PRODUCTION

A
  1. Land
  2. Labor
  3. Capital
  4. Entrepreneur
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13
Q

This broadly refers to all natural resources given by nature. These are all the things and powers that are given free to humankind by nature.

A

Land

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14
Q

Compensation - Land

A

Rent

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15
Q

Any form of human effort exerted in the production of goods and services. This includes the skills, abilities, and characteristics of laborers.

A

Labor

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16
Q

Profession payment for labor is called

A

Wage/Salary

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17
Q

Refers to the human-made goods used in the
production of other goods and services.

A

Capital

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18
Q

The payment for the use of capital (money)

A

Investment or Interest

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19
Q

The person who organizes, manages, and plans. The entrepreneur possesses managerial skills needed in building, operating, and
expanding a business.

A

Entrepreneur

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20
Q

compensation or reward the entrepreneur received

A

Profit

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21
Q

TYPES OF ECONOMIC SYSTEMS

A

*Traditional Economic System
*Mixed Economic System
*Market Economic System
*Command Economic System

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22
Q

A _________ is a system that relies on customs, history, and time-honored beliefs.

A

traditional economy

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23
Q

Tradition guides economic decisions such as ______ and _________.

A

production and distribution

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24
Q

Societies with ______ _______ depend on agriculture, fishing, hunting, gathering, or some combination of them.

A

traditional economies

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25
Q

They use barter instead of money.

A

TRADITIONAL ECONOMIC SYSTEM

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26
Q

Market economic systems are based on the concept of _____ _____

A

free markets.

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27
Q

In other words, there is very little government interference in this economic system

A

MARKET ECONOMIC SYSTEM

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28
Q

There is no government
intervention in a pure market economy (_____ _____).

A

“laissez-faire”

29
Q

However, no truly free ______ _______ exists in the
world.

A

market economy

30
Q

there is a dominant centralized authority that controls a significant portion of the economic structure and government makes all economic decisions.

A

COMMAND ECONOMIC SYSTEM

31
Q

Also known as a _____ _____, the command economic system is common in communist societies since production decisions are the preserve of the government.

A

planned system

32
Q

a combination of different types of economic systems—cross between a market economy and command economy

A

MIXED ECONOMIC SYSTEM

33
Q

In the most common types of
_____ ______, the market is more or less free of government ownership except for a few key areas like transportation or sensitive industries like defense and railroad.

A

mixed economies

34
Q

The _____ _____ refers to the alternating phases of economic growth and decline. Since the phases are recurring, they often occur in an identifiable pattern where one phase usually follows the other.

A

business cycle

35
Q

______ is the rate of increase in prices over a given period of time.

A

Inflation

36
Q

Inflation is typically a ___ measure, such as the overall increase in prices or the increase in the cost of living in a country

A

broad

37
Q

a term referring to individuals who are employable and actively seeking a job but are unable to find a job.

A

UNEMPLOYMENT

38
Q

The unemployment rate in July 2024 was estimated at _______

A

4.7 percent

(2.38 million individuals)

39
Q

The unemployment rate in July 2023 was

A

4.9 percent

(2.29 million individuals)

40
Q

The unemployment rate in April 2024 was

A

4.0 percent

(2.04 million individuals)

41
Q

the biggest cause of unemployment that typically happens during a recession.

A

DEMAND DEFICIENT UNEMPLOYMENT

42
Q

When companies experience a reduction in the demand for their products or services, they respond by cutting back on their production, making it necessary to reduce their workforce within the organization.

A

DEMAND DEFICIENT UNEMPLOYMENT

43
Q

occurs from the inevitable time delays in finding new employment in a free market.

A

FRICTIONAL UNEMPLOYMENT

44
Q

It may also be called ‘search unemployment’ as it relates to the time taken to search for new employment. Refers to those workers who are in between jobs.

A

FRICTIONAL UNEMPLOYMENT

45
Q

Happens when the skills set of a worker does not match the skills demanded by the jobs available, or alternatively when workers are available but are unable to reach the geographical location of the jobs.

A

STRUCTURAL UNEMPLOYMENT

46
Q

It can also happen when there is a technological change in the organization, such as workflow automation that displaces the need for human labor.

A

STRUCTURAL UNEMPLOYMENT

47
Q

Voluntary unemployment happens when a worker decides to leave a job because it is no longer financially compelling. An example is a worker whose take-home pay is less than his or her cost of living.

A

VOLUNTARY UNEMPLOYMENT

48
Q

(Working-age population) Part of the Labor Force

A

Unemployed
Employed part time
Employed full time

49
Q

(Working-age population) Not the Labor Force

A

Not looking for other reasons
Retired
Permanently unable to work

50
Q

Economic policy covers a wide range of measures which governments use to manage their economy.
These include:

A

monetary policy and fiscal policy.

51
Q

GOALS OF ECONOMIC POLICY

A
  1. Economic Growth
  2. Price Stability
  3. Full Employment
52
Q

Means that the incomes of all consumers and firms (after accounting for inflation) are increasing over time.

A

Economic Growth

53
Q

The goal is to prevent increases in the general price level known as inflation, as well as decreases in the general price level known as deflation.

A

Price Stability

54
Q

The goal of full employment is that every member of the labor force who wants to work is able to find work.

A

Full Employment

55
Q

refers to central bank activities that are directed toward influencing the quantity of money and credit in an economy.

A

MONETARY POLICY

56
Q

GOALS OF MONETARY POLICY

A
  1. Inflation
  2. Exchange Rates
  3. Unemployment
57
Q

Monetary policy is used to target a high level of inflation and reduce the level of money circulating in the economy.

A

Inflation

58
Q

The exchange rates between domestic and foreign currencies can be affected by monetary policy. With an increase in the money supply, the domestic currency becomes cheaper than its foreign exchange.

A

Exchange Rates

59
Q

Policy decreases unemployment as a higher money supply and attractive interest rates stimulate business activities and expansion of the job market.

A

Unemployment

60
Q

Refers to the government’s decisions about taxation and
spending.

A

FISCAL POLICY

61
Q

GOALS OF FISCAL POLICY

A
  1. Taxation
  2. Government Borrowing
  3. Government Spending
62
Q

The most important generating measure of the government.

A

Taxation

63
Q

Borrowing play a central role in the fiscal policy in the government due to deficiency of its local and national tax collection.

A

Government Borrowing

64
Q

The spending system is the government fiscal arm producing, allocating, and distributing social goods and services.

A

Government Spending

65
Q

______ is the process of estimating revenue and expenses during a specific period of time.

A

Budgeting

66
Q

A ______ _______ is the budget of a country.

A

national budget

67
Q

The government gets money from ______ and _____, and spends it on things like national defense, infrastructure, grants for research, education, and the arts, and social programs such as Social Security and Medicare

A

taxes and fees

68
Q

money spent by the public sector on the acquisition of goods and provision of services such as education, healthcare, social protection, and defense

A

Government spending

69
Q

The Budget Cycle

A

Preparation
Authorization
Execution
Accountability

3 - SSE 301 - ComEcoPla (3 decks)

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