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Forest Resources Economics > MIDTERMS > Flashcards

MIDTERMS Flashcards

1
Q

a discipline in the field of social science that deals with the allocation of scarce resources among competing and insatiable human wants

A

Economics

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2
Q

It studies how people and society make choices to employ scarce resources

A

Economics

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3
Q

Allocation of scarce resources to the production of goods and services through technology to satisfy human wants

A

Economics

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4
Q

applied field which is concerned with
the production, distribution, and consumption of various forest goods and services.

A

Forest economics

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5
Q

It focuses on sustainable management of both marketable and non-marketable forest goods and services

A

Forest economics

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6
Q

What are the 3 foundations of economics?

A

Human wants, resources, techniques of production

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7
Q

What is the driving force of an economic system?

A

Human wants

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8
Q

What is the end goal of economics?

A

Satisfaction or fulfillment of human wants

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9
Q

A foundation of economics that recur and sometimes evolve.

A

Human wants

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10
Q

In microeconomics, human wants are measured by ________ and in macroeconomics it is measured by __________

A

Utility, capita per income

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11
Q

A resource that uses mind and muscle to produce goods and services

A

Labor

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12
Q

A resource that refers to all non-human resources that can contribute toward placing the goods in the hands of the ultimate consumer

A

Capital

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13
Q

A resources fabricated by men like car

A

Artificial resource

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14
Q

GOD endowed resources like air that is not man-made.

A

Natural resources

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15
Q

A resource that can be regenerated or perpetuated, although there is an issue in this definition since there are resources like forests which can be renewable in the long run but not in the short run production

A

Renewable

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16
Q

A resource that cannot be perpetuated or regenerated, like
minerals.

A

Non-renewable

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17
Q

resources that are not consumed despite constant use like sunlight.

A

Perpetual resource

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18
Q

a resource that is not of present use but may be of use in the future like garbage

A

Potential resource

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19
Q

resource whose use is free of charge although in some cases tapping it has cost, like water

A

Free resource

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20
Q

Give me the characteristics of a resource

A

Scarce
Versatile
Can be combined to produce goods

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21
Q

It is the goal of resource use and occurs when an input is maximized to outputs. ex. timber to plywood, fiberboard, and fuelwood

A

Efficiency of production

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22
Q

it sets the limit on production and thus the level
of want satisfaction in an economy.

A

Techniques of production and technology

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23
Q

It refers to the state of the arts that are
available for transforming resources into satisfying forms.

A

Techniques of production and technology

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24
Q

What are the ways to limit the production of goods?

A

Economic growth
Use of existing resources wisely
REDUCE WANTS

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25
Q

What is the best way for the Philippines to limit the production of goods?

A

Use of existing resources wisely
since we don’t have the technology.

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26
Q

It is renewable in the short run
period, if not properly managed, the time will come when these resources can also become non-renewable, just like our extinct endemic birds and
plants.

A

Forest resource

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27
Q

How to utilize resources wisely?

A

Ensure efficient and equitable distribution of goods and services

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28
Q

This considers the individual economic units such as the consumer and producer

A

Microeconomics

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29
Q

This type of economics focuses on larger units, like a country or a region, thus the National Income Theory, Per Capita Income, Gross National Product, and the like

A

Macroeconomics

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30
Q

the economics of a country or the economy as a whole that
may include the forces causing the recession, depression, and inflation together with the resulting economic growth

A

Macroeconomics

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31
Q

the economics of the individual parts or the interacting sub-units of the economic system, such as individual consumers and groups of consumers, resource owners, firms, industries, individual government agencies and the like

A

Microeconomics

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32
Q

the amount of money that has to be paid in order to acquire the resource

A

Price

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33
Q

What is the goal of forest economics?

A

Economic growth, reduced scarcity and maximized satisfaction from forest goods and services;

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34
Q

What is the general function of an economic system?

A

What to produce
How to produce
For whom
How to allocate them in time and space

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35
Q

What is the goal of the seller and buyer in an imperfect competition market?

A

Influence the price of the product

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36
Q

What usually exists in a freely competitive market?

A

Seller’s market

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37
Q

a market structure where there is only one buyer of a product and many sellers hence, it is the buyer who dictates the price.

A

Monopsony

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38
Q

a market structure where it has few buyers and many sellers of a product.

A

Oligopsony

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39
Q

A market structure that has one seller of a product that has no good substitute.

A

Monopoly

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40
Q

A market structure where there are few
sellers of either homogenous or differentiated goods. The fewness in the number of firms that produce the commodity allows each seller to have
limited influence over the price of the commodity

A

Oligopoly

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41
Q

A market structure wherein the product is somewhat differentiated so that the product’s demand depends on the degree of differentiation which can be real or imaginary in the minds of the consumers. (branding)

A

Monopolistic competition

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42
Q

A market structure that has (i) many buyers and sellers, (ii) homogeneity of the products, (iii) absence of artificial restraints or legal restrictions which allow only the market forces to determine the price level and (iv) mobility of goods and services

A

Pure Competition

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43
Q

market structure that is characterized by the features of pure competition
plus the (v) perfect knowledge of the market.

A

Perfect Competition

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44
Q

What is a Bilateral monopoly?

A

Single seller to a single buyer

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45
Q

an economic theory that states that the price of a good or service is based on the relationship between its supply and demand.

A

Price Theory

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46
Q

that point at which the total supply of a particular good or service being offered by firm/s can be reasonably consumed by potential consumer/s

A

Equilibrium Price

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47
Q

the various quantities of goods and services that consumers are willing to take in the market at various alternative prices all other things constant

A

Demand

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48
Q

The demand of a particular individual consumer or household is known as __

A

Individual/ household demand

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49
Q

What is the summation of all demand for that particular product?

A

Market demand

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50
Q

State the law of demand

A

The lower the price of a commodity the larger the quantity demanded

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51
Q

What is the graph of the demand curve?

A

Downward sloping right

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52
Q

contains the price per unit of the commodity side by side with the quantity which the consumer will take given all the possible prices of the commodity

A

Demand schedule

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53
Q

that point in Y where X is
equals to zero

A

a or Y Intercept

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54
Q

This equation is sometimes used to predict the acceptable price for the
commodity if we know how much each consumer is willing to take from the
market.

A

Demand Equation

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55
Q

It is characterized by being downward sloping to the right and convex to the origin.

A

Demand curve

56
Q

What are the 7 factors affecting demand?

A

Dx - Demand for commodity X/unit time
Px - Price of commodity X/ unit time
T - Taste and Preferences of Consumers
R - Range of Products to Choose From
Py - Price of Related Goods like Price of Y/ unit time
C - No. of Consumers
I - Income of Consumers and
E - Expectation of Future Prices

57
Q

These include fad, cultures, age, denominations, professions, educational background, traditions and the like which when disturbed or suddenly altered also influence the demand for a given commodity on a particular time and location

A

TASTE AND PREFERENCE

58
Q

A greater number of choices means more substitutes, hence lower demand for each commodity under choice

A

Range of Products to choose from

59
Q

a commodity that is consumed together with another commodity

A

Complementary good

60
Q

a commodity say A that can replace the use of another commodity like B without necessarily reducing the degree of satisfaction that should have been derived from consuming B.

A

Substitute good

61
Q

Two classification of goods based on Consumers’ Income

A

Inferior good
Superior good

62
Q

a type of commodity where if income increases, there is a decrease in consumption.

A

Inferior good

63
Q

a type of commodity where if there is an increase in income consumption increases. narra compared to gmelina

A

Superior good

64
Q

Each commodity has a natural pattern of consumption in a year or product
cycle.

A

Expectation of future prices

65
Q

the measure of the degree of
responsiveness of quantity demanded to a change in price.

A

Demand elasticity/ price elasticity

66
Q

Factors affecting price elasticity

A

Availability of substitute goods
Number of uses of the commodity
Price of goods
Time period of concern

67
Q

Price elasticity use absolute value, hence sign is ignored.

A

TRUE

68
Q

If elasticity (E) is greater than 1,

A

it is elastic

69
Q

If elasticity (E) is less than 1,

A

it is inelastic

70
Q

If elasticity (E) is equivalent to 1,

A

it is unitary elastic

71
Q

If elasticity (E) is equivalent to 0,

A

it is perfectly inelastic

72
Q

If elasticity (E) is equivalent to (infinite),

A

it is perfectly elastic

73
Q

What is the importance of elasticity measurement?

A

Analyzes the potential effect of a price change to a particular commodity

74
Q

A commodity that is more responsive to a change in price (elastic or non-essential good) has an _______

A

Unstable market

75
Q

the measure of the degree of responsiveness of quantity demanded to a change in income.

A

Income elasticity

76
Q

the measure of the degree of responsiveness of quantity demanded to a change in price of another good, say X and Y. This type of elasticity establishes the relationship between two commodities.

A

Cross elasticity

77
Q

What is the law of supply?

A

as price increases, quantity supplied also increases, and as price decreases quantity supplied decreases

78
Q

the various quantities of goods and services that sellers are willing to place in the market at various alternative prices all other things constant.

A

Supply

79
Q

What is the direction of the supply curve?

A

Upward sloping to the right

80
Q

What are the factors affecting supply?

A

Price of inputs and raw materials
Capital
Technology
Import and export
Subsidy
Tax

81
Q

The greater the amount of capital, the
greater is the production.

A

TRUE

82
Q

Import ________ the supply of Commodity in the market forcing the price to go down, on the contrary export reduces the supply of commodity in the market.

A

Increases

83
Q

_______ and _____ are examples of government policies utilized to influence
the price of commodity in the market.

A

Tax and subsidy

84
Q

An improvement of ________ means greater efficiency in production. More
commodity can be produced given the same amount of input.

A

Technology

85
Q

the equilibrium price and quantity are freely established by the interaction between __________

A

demand and supply

86
Q

a situation, caused by a price being set in the market above the equilibrium level.

A

Surplus

87
Q

The difference between quantity supplied (QS) and quantity consumed
(QD) is the surplus

A

Surplus

88
Q

a situation, caused by a price being set below the equilibrium level, in which case, the buyers want to buy larger quantities than sellers want to sell.

A

Shortage

89
Q

A market gives the sellers and the buyers a fair influence over the price of a commodity.

A

Pure competition market

90
Q

Ceteris paribus

A

All other things being equal

91
Q

The fixed cost per unit of product at various levels of output.

A

Average Fixed Cost

92
Q

The overall costs per unit of output.

A

Average Cost

93
Q

shows the various quantities of goods or services that the consumer
will take at all possible income levels, other things being equal

A

Engel Curve

94
Q

the costs of resources hired or purchased by a firm to be used in its production process.

A

Explicit Cost of Production

95
Q

the costs of the fixed resources used by a firm in the short run.

A

Fixed cost

96
Q

the costs of self-owned, self-employed resources used by a firm in its production process.

A

Implicit Cost of Production

97
Q

shows the combinations of resources required by a firm to produce a given level of product output. It is similar to an indifference curve which slopes downward to the right for resources that can be substituted for one another

A

Isoquant curve

98
Q

the change in total costs resulting from a one-unit change in output.

A

Marginal Cost

99
Q

the amount of one resource that a firm is just able to give up in return for an additional unit of another resource with no loss in output.

A

Marginal Rate of Technical Substitution

100
Q

the change in the total output of a firm
resulting from a one-unit change in the employment level of the resource, holding the quantities of the other resources constant.

A

Marginal Physical Product of a Resource

101
Q

the technical physical relationship between the quantities of a firm’s resource inputs and the quantities of its output of goods or services per unit of time.

A

Production function

102
Q

shows the alternative combinations of goods that can be produced

A

Production Possibility Frontier

103
Q

states that if the input of one resource is increased by equal increments per unit of time while the quantities of other inputs are held constant there will be some point beyond which the Marginal Physical Product (MPP) of the variable resource will decrease

A

The Law of Diminishing Returns

104
Q

the costs per unit of time of all its fixed resources.

A

Total Fixed Cost

105
Q

the alternative costs, or total obligations that a firm incurs for
its variable resources.

A

Total Variable Cost

106
Q

the summation of Total Fixed Cost and Total Variable Cost

A

Total Cost

107
Q

the flow of cash payments to or by an organization.

A

Cash flow

108
Q

the process of calculating the future value of money at a given interest rate.
Vn = Vo (1+ I)n

A

Compounding

109
Q

the interest of the first period is added automatically to the principal and
the interest of the following period is also added on the new principal, and so on thus the interest each year amounts to more than that of the preceding year. (Applied in forestry)

A

Compounding interest

110
Q

a technique or an economic tool which attempts to evaluate a
project in terms of all relevant costs and benefits associated with such project, including social cost and benefits

A

Cost-benefit analysis

111
Q

If the project benefits are greater than project cost, then the project is _________________

A

economically feasible/profitable.

112
Q

the allocation of the value of fixed asset investments to the period of their
usefulness.

A

Depreciation

113
Q

the process of converting the future value of money to present value with the given interest rate.

A

Discounting

114
Q

the rate at which production cost are deflated to a value at the present time

A

Discount rate

115
Q

any part of the firm’s business concerned with a particular product or group of similar product

A

Enterprise

116
Q

the negotiated price at which the owner of stumpage sells his timber or
other forest crops.

A

Stumpage price

117
Q

refers to standing timber (or other forest crops) which have some economic and market values.

A

Stumpage

118
Q

the residual value after deducting the cost of converting timber into its
intended products plus the margin for profits and risks from the established selling price of the said end product.

A

Stumpage value

119
Q

a process of raising prices, giving rise to reduction in the purchasing power of
money

A

Inflation

120
Q

the average rate earned on all costs made prior to the time of timber
harvest

A

Internal rate of return

121
Q

the added output that comes with one extra input.

A

Marginal output

122
Q

the value after deducting the cost of production plus a margin for profit and
risks from the estimated selling price

A

Residual cost

123
Q

appraises the present value of forest property, including standing mature
timber, young growing crops and soil, either in the form of single stand or a large tract with a diversity of ages, kinds of timber and conditions of forest cove

A

Forest valuation

124
Q

three ways to identify the best option for production

A

Total production function
Least-cost option
Benefit-cost analysis

125
Q

This is the highest point in the TP Curve

A

Silvicultural rotation - maximum production point

126
Q

Give three differences between consumers and producers.

A

The consumer purchases goods to GENERATE SATISFACTION while the producer purchases to produce GOODS
The consumer is constrained by INCOME and PRICE OF GOODS while the producer is constrained by TOTAL COST OUTLAY and PRICES OF RESOURCES

127
Q

Stage in a production function is characterized by an increase in the average product of labor as more labor per unit capital is used.

A

STAGE 1

128
Q

In stage 1, the increase means that the technical efficiency of labor or product per worker is ______

A

Rising

129
Q

In stage 2, as labor continues to increase the technical efficiency of labor _______

A

decreases

130
Q

Stage in a production function is characterized by decreasing average product and shrinking marginal physical product of labor.

A

STAGE 2

131
Q

Stage in a production function wherein the application of larger quantities of labor to a unit of capital further reduces the average product of labor.

A

STAGE 3

132
Q

In stage 3, the efficiency of both labor and capital __________ when the firm pushes to stage 3 condition

A

decreases

133
Q

What is the ultimate use of the production function?

A

Determining when to harvest

134
Q

Another term for the point of inflection

A

the point of the highest growth rate

135
Q

Another term for the point in tangency

A

The peak of the average product or most efficient rate

136
Q
A

Forest Resources Economics (2 decks)

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