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9 | Social Studies > Q1: Lesson 1 | Economics > Flashcards

Q1: Lesson 1 | Economics Flashcards

1
Q

The so called “Science of Choice”

A

Economics

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2
Q

It is derived from two Greek words “oikos” and “nomos”

A

Economics

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3
Q

Short supply of resources

A

Scarcity

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4
Q

Is the branch of economics that deals with human behavior and choices as they relate to relatively small units - an individual, a firm, an industry, a single market

A

Microeconomics

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5
Q

Is the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets (such as the goods and services market) or to the entire economy

A

Macroeconomics

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6
Q

The study of “what is” in economic matters. Essentially, it deals with cause-effect relationships that can be tested. Capable of being verified of refuted by resorting to fact or further investigation

A

Positive economics

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7
Q

The study of “what should be” in economic matters. It deals with value judgements and opinions that cannot be tested. Contains a value judgement which cannot be verified by resort to investigation or research

A

Normative economics

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8
Q

Pinakamaliit na unit ng economics

A

Isang bahay

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9
Q

The condition in which our wants are greater than the limited resources available to satisfy them

A

Scarcity

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10
Q

Is the satisfaction one receives from a good. It refers to satisfaction in economic terms

A

Utility

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11
Q

Anything that gives someone satisfaction. Anything from which individual receives satisfaction

A

Good

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12
Q

TRUE OR FALSE: All goods give utility

A

False

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13
Q

It is the opposite of utility. Dissatisfaction one receives from a bad

A

Disutility

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14
Q

Anything from which individuals receive disutility/dissatisfaction

A

Bad

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15
Q

Includes all natural resources, saan kinukuha ang materyales para sa produksyon

A

Land

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16
Q

Consists of produced goods that can be used as inputs for further production. Lahat ng mga bagay na ginagamit sa produksyon

A

Capital

17
Q

The factors of production (salik ng produksyon)

A
  • land
  • capital
  • labor
  • entrepreneur
18
Q

Refers to the physical and mental talents people contribute fo production process

A

Labor

19
Q

What are the 3 main economic problems

A
  • WHAT goods to produce
  • HOW should goods be produced
  • TO WHOM should goods be produced
20
Q

It is how limited resources are used

A

Resource use

21
Q

The cost expressed in terms of the next best alternative sacrificed. Ang halaga na nawala saatin batay sa ginawa mong desisyon

A

Opportunity cost

22
Q

You are concerned with two choices. You are making choices. You are making decisions

A

Trade-off

23
Q

TRUE OR FALSE: Mas malaki ang opportunity cost, mas maganda ang desisyon

A

False

24
Q

Shows different combinations of goods and services that can be produced with a given amount of resources

A

Production possibility frontiers

25
Q

No ‘idea’ point on curve

A

Point of concern

26
Q

Can produce a possible combination of capital goods and consumer goods if it’s _________ ______ __________

A

Along the curve

27
Q

The resources are not maximized or used efficiently if the point is ______ _______ _______

A

Inside the curve

28
Q

Hindi kakayanin ng resources available if the point is _____ ________ ________

A

Outside the curve

29
Q

The curve _______________________ when the economy got better due to technological advancements

A

Moves to the right

30
Q

Ideas were centered on the walls of making a living. The bible and the holy men regulated economic practices and relationships

A

Ancient economic ideas

31
Q

He was against the accumulation of wealth through lucrative trade or commerce to him. To him, agriculture is very important and he was in favor of specialization of production. He said that there is a need for diversity of occupations singe no person is self-efficient

A

Plato

32
Q

He likewise stressed the value of management of agriculture. Like Plato, he was not in favor of too much wealth, he did not like ursury in trade

A

Aristotle

33
Q

He was also in favor of capitalism. He proposed that trade and shipping must be promoted by the government

A

Xenophon

34
Q

It reached its peak during the Middle Ages in Europe. Ito ang pagkakahati hati sa lipunan kung saan ang “peasants” ang mga nagtra-trabaho havang ang mga “landlord” ang nakakakuha sa pera

A

Feudalism

35
Q

Great thinkers like Machiavelli, Bodin, and Serra claimed that it is the duty of the state to create and accumulate wealth. Wealth came from good and silver and a wealthy nation was considered powerful and prestigious

A

Mercantilism

9 | Social Studies (6 decks)

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