Quiz 1 Flashcards
Science of scarcity
Economics
What is scarcity?
Unlimited wants and needs but limited resources
Who is the father of macroeconomics?
John Keynes
Who is the father of microeconomics?
Alfred marshall
Who is the father of modern economics?
Adam smith
Factors of production
Land
Capital
Labor
Entrepreneur
End goal of economics
To satisfy the unlimited wants and needs of a consumer despite limited resources
Who directs resources to achieve stated goals
Managers
Describe labor intensive business
Heavy in manpower
Describe capital. Intensive business
High finance
Constraints
Prevents of achieving the goal
Invisible hand
Hung pagcreate natin ng profit for ourselves ay nakakaapekto ng positive as pagsusupply sa needs ng consumers
Free market
Minimal gov intervention Kasi sila nag Dedecide kung ano
Incentive
Pang encourage sa subordiates para mas maging productive
Who pioneered five forces of framework?
Michael porter
What is five forces framework?
Competition and profitability of an industry
What isthreat of new entry
More competition, more decrease in sale
Input suppliers
Mas may power si supplier na magtaas ng profit or. Price kasi konnti lang ang provider
Power of buyers
More sellers, more power to bargain the product at a lower price
