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AGRI ECON (AE 111) > MODULE 1&2 (Midterm) > Flashcards

MODULE 1&2 (Midterm) Flashcards

1
Q

are concerned with issues related to resource use in the
production, processing, distribution, and consumption of products in the agricultural system.

A

Microeconomic Level

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2
Q

are interested in how agriculture and
agribusinesses affect domestic and world economies and how the events taking place in other sectors affect
these firms and vice versa.

A

Macroeconomic level

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3
Q

social science meaning that it uses scientific methods to study the way people
behave

A

Economics

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4
Q

science which studies human behavior as a
relationship between ends and scarce means which have alternative uses. It has also been defined as the
study of how societies use scarce resources to produce valuable commodities and distribute them among
different people.

A

Economics

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5
Q

The word economics comes from Greek word oikonomia whick means

A

Household Management

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6
Q

_________ is an individual or firm that produces (makes; manufactures) a good or provides a service.

A

Producer

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7
Q

A physical product

A

Good

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8
Q

is an individual or household that purchases a good or a service

A

Consumer

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9
Q

is an intangible product such as a haircut, an insurance policy,
or cell phone service.

A

Service

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10
Q

is the study
of individual decision-making units such as individuals, households, and firms.

A

Microeconomics

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11
Q

is based on factual statements.
‘What is?’

A

Positive Economics

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12
Q

is
based on statements that contain opinions and/or value judgments. A normative statement contains a
judgment about “what ought to be” or “what should be.”

A

Normative Economics

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13
Q

Agricultural Economics is the scientific study of methods,
practices, conditions and policies affecting agriculture. The definition itself is a justification that Agricultural
Economics goes beyond farming and farm management.

A

According to Merriam Webster

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14
Q

Economics is the study of production, distribution and consumption of goods and services related to food.

A

According to Lumenlearning

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15
Q

Moreover,
as defined by ___________, agricultural economics is an applied area as well as a hybrid discipline

A

intechopen.com

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16
Q

is an applied science in which the thought, process, analysis,
and organization of economics are studied in relation to the specific forces and relationships arising out of
agriculture being followed as a vocation and as well as a mode of life, under a particular political, social, and
cultural set-up. Agricultural economics is an applied social science that deals with how producers, consumers,
and societies use scarce and natural resources in the production, processing, marketing, and consumption
of food and agricultural product

A

Agricultural Economics

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17
Q

is a simplified representation of some part of reality; its function is to exhibit relationships and interdependence

A

model

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18
Q

latter means that all other things remain the same

A

Ceteris Paribus

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19
Q

means that there is less than the
desired quantity of something. Scarcity reflects the idea that we live in a world of finite
resources and unlimited wants and desir

A

Scarcity

20
Q

refers to the finite
quantity of resources that are available to meet
society’s needs.

A

scarcity

21
Q

_____________ can be broken down into Land,
Labor, Capital and Entrepreneurship. Some
categorized these resources as natural and
biological resources (refers to land), human resources (labor and entrepreneurship), and manufactured
resources (capital).

A

Scarce resources

22
Q

Entrepreneurship. The person who puts together or organizes the other factors of production to
make the needed goods and services is called the entrepreneur. This is also called as

A

Management

23
Q

_______ defines it as “the allocation of scarce resources among competing ends

A

Economics

24
Q
  1. What to produce?
  2. How much to produce?
  3. How to produce?
  4. For whom to produce
A

The four basic economic questions

25
Q

Resource scarcity forces consumers and producers to make ___________.

A

choices

26
Q

By focusing the use of our resources on a
specific task, we are engaging in ________

A

specialization

27
Q

One of the key elements of science is simplification or modelling, also known as “_____________.”

A

reductionism

28
Q

____________ for a good or services is defined as the amount or quantity of good or
service that a consumer is both willing and able to purchase during a specific period of
time

A

demand

29
Q

The quantity demanded is inversely related to its price and all other factors are assumed to be
constant.

A

Law of demand

30
Q

Is a numerical listing of the quantity demanded of a commodity and/or
services at alternative prices assuming other factors held constant

A

Demand schedule or table

31
Q

Graphical representation
shows the same information as depicted in the demand schedule

A

demand curve

32
Q

: the decline in the price of a commodity leads to an equivalent increase in the income of a consumer because he has to spend less to buy the same quantity of goods. This is also known as the Purchasing Power Effect.

Example, House Rent…

A

Income effect

33
Q

: is the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises.

Example, Restaurant Meal…..

A

Substitution effect

34
Q

Goods for which demand increases as the price increases, because of its exclusive nature and appeal as a status.

A

Veblen Goods

35
Q

The higher the price the higher will be the demand. (Shares, lotteries, gamble and ply-win type of markets.)

A

Speculative Market

36
Q

A special type of inferior goods for which demand increases as the price increases and falls when the price decreases.

A

Giffen Goods

37
Q

A special type of inferior goods where the increase in the price results into the increase in the quantity demanded

A

Ignorance (Exceptional Demand)

38
Q

quantity supplied is directly related or positively related to price

A

Law of supply

39
Q

all other things held constant

A

(ceteris paribus

40
Q

is a market situation in which the
market price does not equalize supply and demand.

A

Disequilibrium

41
Q

(Qs > Qd). A market situation in which the quantity supplied exceeds the quantity
demanded. At this point, producers are willing to supply more of a good than consumers are willing to
purchase at a given price

A

Surplus

42
Q

. A market situation in which the quantity demanded exceeds the quantity supplied. At this
point, consumers are willing and able to purchase more of a good than producers are willing to supply at a
given price.

A

Shortage

43
Q

occur at all prices below the equilibrium price (P*)

A

Shortages

44
Q

measures the responsiveness of one variable
to a certain change of another variable

A

Concept of elasticity

45
Q

a. When a commodity is a NECESSITY, its demand is generally ________.

A

inelastic

46
Q

b. When a commodity is a COMFORT, its demand is generally ________.

A

elastic

47
Q

c. When a commodity is a LUXURY, its demand is generally __________________ as compared to
the demand for comforts.

A

more elastic

AGRI ECON (AE 111) (1 decks)

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