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APPLIED ECONOMICS > M1 > Flashcards

M1 Flashcards

1
Q

study of social behavior that guides in the allocation of scarce
resources in order to meet the unlimited needs and desires

A

ECONOMICS

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2
Q

seeks to understand how people interact within the social structure
to solve questions concerning production and exchange of goods and services.

A

economics

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3
Q

the conversion of scarce resources into desired goods and services.

A

production

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4
Q

refers to the natural materials/gift of nature

A

land

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5
Q

payment for land

A

rent

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6
Q

the professionals, semiskilled, and unskilled

A

labor

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7
Q

payment for labor

A

salaries and wages

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8
Q

refers to the factories, machines, transportation equipment, and
infrastructure that can create another product

A

capital

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9
Q

payment of capital

A

interest

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10
Q

the factors of production and risk taking

A

entrepreneurship

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11
Q

intended to provide the complete production process needed

A

resources

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12
Q

refers to the condition
where the where the quantity desired of a particular resource exceeds the quantity
available in the absence of a rationing system.

A

scarcity

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13
Q

Rationing system includes

A

-tradition and culture
-planning and central government command
-voting and political procedures
-markets

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14
Q

This pertains to the problem of allocation
concerning social norms, customs and history.

A

tradition and culture

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15
Q

This refers to the use of
complex mathematical tables to determine output goals and inputs
requirements.

A

Planning and central government command.

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16
Q

This is the communication resource
allocation among individuals through the development of a consensus or
majority rule.

A

Voting and political procedures.

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17
Q

This refers to using a system of prices to act as a means of
communication about the availability of resources and the desire for those
resources.

A

markets

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18
Q

types of Goods and services

A
  • final goods and services
  • intermediate/capital goods
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19
Q

Individuals to satisfy their needs and wants
directly to consume these products.

A

final goods and services

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20
Q

These are goods used to produce other goods

A

intermediate/capital goods

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21
Q

determined by nature, climate, location are
often finite

A

needs

22
Q

determined by society and the culture in which people lives

A

human wants

23
Q

unlimited and represent the source of the problem facing the economic system

A

human wants

24
Q

The Scope of Economics

A
  • applied science
  • Positive and Normative Science
  • Social Science
  • Art and a Science
25
Q

he separated economics from Political Economy. The scope of economics includes the definition of
economics, whether economics is a science, social science and economic as an art.

A

Alfred Marshall

26
Q

It is application of economic principles and theories to real situations and
trying to predict what the outcomes might be.

A

Economics as Applied Science

27
Q

acts as a mechanism to determine what steps can reasonably
be taken to improve current economic situation. Example: Purchase of goods and
services, usage of raw materials, and division of labor.

A

applied economics

28
Q

can teach valuable lessons on how to avoid the recurrence of
a negative situation, or at least minimize the impact.

A

applied economics

29
Q

law of supply and demand
law of supply and demand
law of diminishing marginal utility.

A

applied economics

30
Q

involves value judgement or what is known as value. It is
concerned with the questions of what ought to be; what is

A

normative economics

31
Q

is concerned with
how the general price levels are determined.

A

positive economics

32
Q

The objective of
____________ is the establishment of scientific laws while the objective of _________ is the determination of the ideals.

A

positive science
normative science

33
Q

Economics is the scientific study of ownership, use and exchange of scarce
resources-often shortened to the science of scarcity.

A

Economics as Social Science

34
Q

Economics is regarded as a ____________ because it uses scientific methods to build theories that can help explain the
behavior of individuals, groups, and organizations.

A

social science

35
Q

Economics is
classified as ________ because it deals with the study of human’s life and how he lives with other man.

A

social science

36
Q

Economics is an ________ because different theories
and laws are explained with the help of graphs, figures, tables, equations.

A

art

37
Q

economics make use of assumptions, which helps to define the conditions for the
application of theories, laws and relationship between economic variables.

A

Economics as an Art and a Science

38
Q

Two Branches of Economics

A

microeconomics
macroeconomics

39
Q

Is a division of economics that is concerned with the overall performance of the entire economy.

A

macroeconomics

40
Q

This studies the decision and choices of the individual units and
how these decisions affect the prices of goods in the market.

A

microeconomics

41
Q

refers to what you have to give up to buy what you want in terms of other goods or services

A

opportunity costs

42
Q

a situational decision that involves diminishing or losing on quality, quantity, or property of a set or design in return for gains in other aspects

A

traded off

43
Q

aspects of economics

A

positive
normative

44
Q

“people build on interdependence among people”

A

adam smith

45
Q

factors of production

A

land
labor
capital
entrepreneurship

46
Q

what aspect is the statement of realities that can be prove/disprove - based on facts

A

positive economic

47
Q

what aspect of economic that can’t be prove/disprove

A

normative economic

48
Q

questions to consider

A
  • what to produce and how much
  • how to produce
  • for whom to produce
49
Q

what question that relate to society determine kind of quantity it will produce

A

what to produce and how much

50
Q

what question that relate who will produce/ machine/ workers

A

how to produce

51
Q

what question that relate to who will benefit

A

for whom to produce

APPLIED ECONOMICS (8 decks)

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