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Managerial Economics > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

Science of scarcity

A

Economics

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2
Q

What is scarcity?

A

Unlimited wants and needs but limited resources

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3
Q

Who is the father of macroeconomics?

A

John Keynes

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4
Q

Who is the father of microeconomics?

A

Alfred marshall

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5
Q

Who is the father of modern economics?

A

Adam smith

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6
Q

Factors of production

A

Land
Capital
Labor
Entrepreneur

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7
Q

End goal of economics

A

To satisfy the unlimited wants and needs of a consumer despite limited resources

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8
Q

Who directs resources to achieve stated goals

A

Managers

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9
Q

Describe labor intensive business

A

Heavy in manpower

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10
Q

Describe capital. Intensive business

A

High finance

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11
Q

Constraints

A

Prevents of achieving the goal

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12
Q

Invisible hand

A

Hung pagcreate natin ng profit for ourselves ay nakakaapekto ng positive as pagsusupply sa needs ng consumers

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13
Q

Free market

A

Minimal gov intervention Kasi sila nag Dedecide kung ano

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14
Q

Incentive

A

Pang encourage sa subordiates para mas maging productive

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15
Q

Who pioneered five forces of framework?

A

Michael porter

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16
Q

What is five forces framework?

A

Competition and profitability of an industry

17
Q

What isthreat of new entry

A

More competition, more decrease in sale

18
Q

Input suppliers

A

Mas may power si supplier na magtaas ng profit or. Price kasi konnti lang ang provider

19
Q

Power of buyers

A

More sellers, more power to bargain the product at a lower price

Managerial Economics (1 decks)

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