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Economics > Midterm > Flashcards

Midterm Flashcards

1
Q

An orderly working body joined in a regular interdependence to serve a common purpose

A

System

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2
Q

A set of economic institutions that dominates a given economy

A

Economic system

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3
Q

Is a set of rules of conduct of established ways of thinking or doing things.

A

Institution

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4
Q

Principal objective of economic system

A

To solve the basic economic problem

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5
Q

Goal of economic system

A

High standard of living for all citizens

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6
Q

Basic economic problems

A

Production
Consumption
Distribution
Growth

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7
Q

Sum total of the productive activity of an entire population

A

Economy

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8
Q

Smallest units in any economy

A

Individual

Firm

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9
Q

Are the unit of organization and the locus of decision-making

A

Firms

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10
Q

Production unit

A

Plant

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11
Q

Firms that produce similar or identical products

A

Industry

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12
Q

Classifications of economic systems by R. Subade

A
  • Custom or traditional economy
  • Command or planned economy
  • Market economy
  • Mixed economy
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13
Q

Classifications of economic system by Sicat

A 
1) Planned economy
A. Communist economy
B. Socialist economy
2) Mixed or regulated capitalism
3) Free economy or free capitalism
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14
Q

Reaction to mercantilism

A

Laissez faire

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15
Q

Reaction to the abuses of capitalism

A

Socialism

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16
Q

Criteria for economic system

A
  • as to ownership of the means of production
  • as to economic decision-making
  • as to presence or absence of price-control
  • as to availability of goods in the market
  • as to presence or absence of consumer rights
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17
Q

Comprises a group of buyers and sellers who engage in trade

A

Market

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18
Q

3 (4) fundamental questions

A
  1. What goods and services shall be produced?
  2. How shall they be produced?
  3. For whom shall they be produced?
    (4) How much shall be produced?
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19
Q

Stages of Philippine economy

A
  1. Direct appropriation economy
  2. Pastoral economy
  3. Agricultural economy
  4. Town economy
  5. National economy
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20
Q
  • appropriated the gifts of nature to satisfy their wants
  • gathered fruits and plants in the forest for their food
  • defended on hunting and fishing using simple implements or tools
A

Direct appropriation economy

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21
Q
  • people domesticated animals
  • they lived a nomadic life
  • trade was by means of barter
  • slaves were bought and sold
  • wealth considered of animals
A

Pastoral economy

22
Q
  • man settled down and cultivated soil
  • with greater economic security, population increased rapidly
  • family became the unit of production
A

Agricultural economy

23
Q
  • towns rose
  • merchants formed themselves into guilds
  • engaged in handicrafts and industries
  • trade was confined to a certain place
A

Town economy

24
Q
  • trade was no longer confined
  • trade extended across national boundaries
  • foreign trade gave rise to mercantilism
  • industry was controlled by individuals who possessed capital
  • laborers borrowed money foe capitalists and sold finished goods
A

National economy

25
Q

An economic organization or system in which means and methods of production are controlled, owned and operated by private individuals and through private initiative

A

Capitalism

26
Q

An economy in which the forces of demand and supply operate freely

A

Free economy

27
Q

Other name of free economy

A

Free-enterprise system or economy

28
Q

A form of society guided by the principle of equality, cooperation and concern for the poor and powerless

In modern era, this is associated with working class or political power

A

Socialism

29
Q

An economic system in which there is common or joint ownership of property by the state

A

Communism

30
Q

A type of economic system for decision-making which makes its economic choices through a sort of economic commander in chief or group of men whose wishes are the command of the producer

A

Command economy

31
Q

A system wherein all economic activities are planned centrally

The means of production particularly in major industries are often publicly owned and administered

Individual initiative in making economic decisions is replaced by centralized economic planning and control

A

Planned economy

32
Q

A type of economic system for decision-making whose economic choices are decide by the past.

A product is produced a certain way because it has always been that way

A

Traditional economy

33
Q

An economy in which both public and private institutions exercise economic control

A

Mixed economy

34
Q

Is an orderly working body joined in a regular interdependence to serve a common purpose

A

system

35
Q

Most simple form of business

Easiest to register

Oldest form of business organization

A

Single or sole proprietorship

36
Q

Advantages of sole proprietorship

A

Decisions made only by owner

Simple process to start

Profits belong to owner

Pride of ownership

Lower taxes

37
Q

Disadvantages of sole proprietorship

A

Unlimited liability
Limited life of business
Difficult to raise capital
Risk of loss is not shared

38
Q

Business owned and operated by two or more people

Bind themselves to contribute money, property or industry to a common fund

A

Partnership

39
Q

Advantages of partnership

A

Easy to start
Not many regulations
Not as difficult to raise capital
Combination of knowledge and skills

40
Q

Disadvantages of partnership

A

Unlimited liability
Profits are shared
Limited life of business
Disagreements

41
Q

Types of partnerships

A

General
Limited
Joint venture

42
Q

Partners divide responsibility

Equal shared assumed

A

General partnership

43
Q

Partners have limited liability
Limited input in management decisions
Not often used for retail
More complex and formal than general

A

Limited partnership

44
Q

Acts like general partnership

Limited period of time or single project

A

Joint venture

45
Q

Business owned by stockholders but operated by officers

Most common form of business organization

Limited liability of owners

A

Corporation

46
Q

Advantages of corporation

A 
Easy to raise capital
Limited liability
Unlimited life of business
Hire specialized skills
Shared risks
47
Q

Disadvantages of corporation

A

Difficult to start
Less direct control
Double taxation
Limited activity

48
Q

Types of market structures

A

Monopoly
Oligopoly
Perfect competition
Monopolistic competition

49
Q

Inner dimensions of health

A 
Physical
Mental
Emotional
Social
Spiritual
Sexual
50
Q

Outer dimensions of health

A

Societal
Occupational
Environmental

51
Q

Methods used in economic health evaluation

A

Cost minimization
Cost effectiveness
Cost utility
Cost and benefit analysis

52
Q

Enrollees

A

Formal sector
Indigents
Retirees
Individual paying program

Economics (2 decks)

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