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MIXED > Second Preliminaries > Flashcards

Second Preliminaries Flashcards

1
Q

3 strands of development of the definition of economics

A

Wealth, decision making process, allocation process.

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2
Q

3 economic goals of the society

A

Survivability, stability, and development

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3
Q

Economics

A

has been defined as a science of wealth getting and wealth using.

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4
Q

Five elements in the definition of economics:

A

Social Science, resources, human wants, scarcity, allocation.

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5
Q

what is Explicit Cost

A

cost that are measurable in terms of value

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6
Q

what is implicit cost

A

cost that is not totally measurable/can only be estimated

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7
Q

can be considered not only a place but a state where transactions are made.

A

market

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8
Q

______ -Aid from foreign chu chu from what ive understood.

A

Tradition system

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9
Q

the state or an agency of the government may be in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution.

A

 Command system

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10
Q

Increase the price to lower the demand or increase both demand and resources in order to meet the satisfaction of customers.

A

 Market system

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11
Q

can be defined as a social mechanism to respond to the economic problem of society.

A

Allocation

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12
Q

marginal cost and marginal benefits

A

mugawas sa exam hehe

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13
Q

what is shortage

A

Shortage implies a situation wherein the supply of a product is lower than its demand

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14
Q

what is scarcity

A

scarcity is a naturally occurring limitation on the resource that cannot be replenished.

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15
Q

differentiate scarcity and shortage

A

shortage implies a situation wherein the supply of a product is lower than its demand while scarcity is a natural occurence wherein the resources used in the product is limited and can’t be produced.
The shortage can be cured through the command system. Through command system the government can export goods which a location has a high demand while scarcity cant be cured yet can be managed through the used of market system. By lowering the demand, the product can last in the market.

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16
Q

types of resources

A

natural resources
human resources
man made resources

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17
Q

economics as a social science

A

how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth. Preservations, stability and development are the concerns in this study.

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18
Q

resources and the study of economics

A

Human resources, man-made resources and nature resources. Human resources may include, labor, intelligence, creativity, health, education, talents and many more. Man-made are machineries and buildings which depreciates over time yet remains their function. Nature-resources are trees, crude oil and minerals.

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19
Q

human wants and Economic analysis

A

expanded human needs. Example, food. Most people who are in the higher tier of social status tends to eat luxurious foods yet people who are born with low social status tends to eat staple and budget friendly food.

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20
Q

• Economics as a study of Allocation // Allocation and the Act of Economizing

A

Allocate the resources in order to scarce resources to answer the unlimited human wants. Allocation can be defined as a social mechanism to respond to the economic problem of society.

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21
Q

factors of Pestle analysis?

A 
Political
Economic
sociological 
technological
legal 
environmental
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22
Q

What is P in pestle analysis?

A

Politcal- the current and potential influences from politcal pressures

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23
Q

what is E in pestle analysis

A

Economic- the local, national, and global world economic impact.

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24
Q

what is S in pestle analysis

A

Sociological - the ways in which a society affect the project

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25
Q

What is T in pestle analysis?

A

Technological- how new and emerging technology affects our project/organization

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26
Q

What is l in pestle analysis

A

Legal - how local, national and global legistationb affects the project.

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27
Q

What is 2nd E in pestle analysis

A

Environmental- local, national, and global environmental issues.

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28
Q

activities that doesnt require much energy. It only requires observation

A

Passive recreation

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29
Q

how can we classify recreation

A

recreation can be classified through its nature.

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30
Q

Motives of recreation

A

exploratory motive
competitive motive
associative motive
socializing motive

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31
Q

other types of recreational activities

A

pysical
cultural
intellectual
social

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32
Q

activities which you need to participate directly or you are required to do the task

A

active recreation

33
Q

values derived from recreation

A 
psychological awareness
social fitness
emotional stability
physical and health growth
mental health
34
Q

the way you live your life in a daily basis, it includes the eating habits, physical activities participation and recreational choices.

A

lifestyle

35
Q

the best way of preventing illness and early death

A

lifestyle change

36
Q

activity that is intended for relaxation and enjoyment purposes.
activity that rejuventates your body, emotions, and mind.

A

recreation

37
Q

consist of factors that affect customers purchasing power and spending patterns.

A

economic environment

38
Q

what are the marketing mix

A

product place price promotion

39
Q

what is goods?

A

are tangible products that can be physically inspect or touch.

40
Q

what is services?

A

intangible benefits a customer enjoys that are performed by the machines.

41
Q

…. exchanging offerings that has value for customers and etc.

A

Marketing

42
Q

can be goods or services thaT ARE OFFERED to the market.

A

Products.

43
Q

captures the value of a product’s offering when you put a price tag that equated to the benefits the product offer to its customers

A

price

44
Q

includes the necessary activities to make the products available to consumers.

A

place

45
Q

is the component that informs, persuades, and reminds the potential buyers of the value they can get to the product.

A

Promotion

46
Q

is defined as a state of felt deprivation.

A

need

47
Q

these are basic needs for survival.

A

physiological needs

48
Q

people need to secure once they satisfy their basic needs.

A

safety needs

49
Q

this referes to living in a community that is free from crime and violence.

A

personal security

50
Q

this is characterized by job security and financial freedom.

A

financial security

51
Q

this can be form of health/life insurance that provides security

A

assurance

52
Q

they need to feel a sense of belonginess and form relationships with other people.

A

social needs

53
Q

people need to be respected and confident of themselves.

A

esteem needs

54
Q

need for achievement after working hard for something.

A

self actualization

55
Q

five aspects of maslow’s hierarchy of needs

A 
Physiological needs
safety needs
social needs
esteem needs 
self actualzation
56
Q

what is the marketing process

A
  1. analyze the market place and understand the customers needs and wants
  2. design a customer driven marketing strategy
  3. formulate an effective market program
  4. build profitable relationships and establish customer loyalty
  5. capture value from customers to earn frofits in echange for value created for customer
57
Q

when needs are shaped by culture and individual’s personality, they became ____

A

wants

58
Q

____ are wants that are backed with buying power.

A

demands

59
Q

what are the four aspects of pyramid of corporate social responsibility?

A

economic responsibility
legal responsibility
ethical responsibility
philantropic responsibility

60
Q

three pillars of sustainability

A

profit people planet

61
Q

is a statement of the organization’s purpose and what it wants to accomplish in the bigger environment

A

mission statement

62
Q

long term goals of a company

A

vision

63
Q

consist of components close to the company that directly affect its ability to maintain position in the market and its capacity to serve its customers.

A

microenvironment

64
Q

consist of bigger factors that are beyond the control of the management. /larger factors that can affect the whole industry

A

macroenvironment

65
Q

provide the resources and materials needed by the company to manufacture goods and services.

A

suppliers

66
Q

are entities that help get teh products tot the final consumers.

A

marketing intermediaries

67
Q

are integral part in the microenvironment.

A

customers

68
Q

offer products belonging in the same product category or industry

A

competitors

69
Q

is any group of individuals nthat has an actual or potential interest in the company or its products.

A

public.

70
Q

Porters five forces of analysis

A 
threat of new entrants
bargaining power of buyers
threat of substitute products or services
bargaining power of suppliers
rivalry among existing competitors
71
Q

brought selfishness and isolation to humanity

A

sin

72
Q

is the way to restore this lost unity among human beings, to correct eroneous human choices and to destroy structures of sin

A

conversion

73
Q

gives people that firm and persevering determination to commit themselves to the common good.

A

interdependence

74
Q

is what is the best for the whole of human society.

A

common good.

75
Q

demands respect from everyone. it is only when such mutual respect is present that authentic solidarity can thrive.

A

human dignity

76
Q

christian virtue that is a permanent disposition for good

A

solidarity.

77
Q

4 candles of adven

A

peace
love
joy
hope

78
Q

what did olaf said about love

A

love is putting someone else’s needs before yours.

79
Q

it is characterized by the absence of all self-seeking, genuine acceptance of the other, and the authentic quest for the good of the other.

A

charity

MIXED (6 decks)

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