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SCHOOL > SOCIAL PT 1 > Flashcards

SOCIAL PT 1 Flashcards

1
Q

Is the study of efficient allocation of available resources

A

Economics

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2
Q

Government strategies focuses on the monetary and fiscal policies

A

Political Science

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3
Q

Those who are in power in the past affects a country’s economic policies

A

History

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4
Q

Study of individuals, households, and businesses

A

Microeconomics

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5
Q

Study of the aggregate, or something like national or global economies

A

Macroeconomics

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6
Q

What are the three Economic Schools of Thoughts

A

Classical, Keynesian, and Neoclassical

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7
Q

Individuals will maximize their satisfaction

A

Utility Maximization

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8
Q

Firms are naturally profit maximizing.

A

Theory of the Firm

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9
Q

Collective individual decisions drive the aggregate social behavior

A

Rational Choice Theory

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10
Q

It is the relationship between input (Labor and capital) which equals to production. Calculates production costs and if it’s profit maximizing or not

A

Cobb Douglas Equation

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11
Q

Are goods that are critical for survival

A

Needs

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12
Q

Are goods that one can live without

A

Wants

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13
Q

A psychologist who came up with a five-level hierarchy of human needs

A

Abraham Harold Maslow

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14
Q

The book that Abraham Harold Maslow introduced in 1943

A

Theory of Human Motivation

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15
Q

The stage of needs that include food, water, air, and sleep

A

Physiological needs

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16
Q

The stage of needs that may be in terms of finances, health or well-being

A

Safety Needs

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17
Q

The stage of needs that is classified by friendships or family

A

Love/Belonging

18
Q

The stage of needs which includes the need to feel recognized and respected

A

Esteem

19
Q

The stage of needs when the person desires self-improvement and the need to accomplish something

A

Self-actualization

20
Q

It is when you are content with only satisfying four of the Five Stages of Needs

A

Deficit Needs or D-Needs

21
Q

A factor like age may influence a person’s needs and wants

A

Demographic Factors

22
Q

A factor like family and friends can influence a person’s needs and wants

A

Social and Cultural Factors

23
Q

A factor like your beliefs and faith in a deity affects your needs and wants

A

Religious Factors

24
Q

A factor like personal income may influence a persons needs and wants

A

Economic Factors

25
Q

A factor like the status or prestige that comes with owning some things may also influence a person’s wants

A

Psychological Factors

26
Q

A factor such as location and climate likewise impact human beings’ needs and wants

A

Geographic Factors

27
Q

A factor like stability in the government can also influence a persons needs and wants

A

Political Factors

28
Q

It is when you give up something in order to keep another thing.

A

Trade Off

29
Q

It is defined as the next best alternative or the benefit you are giving up when making a choice. Can be viewed as the outcome of a trade off

A

Opportunity Cost

30
Q

It is the study of the costs and benefits of an additional output

A

Marginal Analysis

31
Q

It is defined as a phenomenon. When resources are insufficient

A

Scarcity

32
Q

Is a result of the interaction between supply and demand that causes unavailability

A

Shortage

33
Q

Are those that are products of nature or naturally occurring in the environment

A

Natural Resources

34
Q

Are those that are naturally replenished and appear to be constantly available

A

Renewable Resources

35
Q

What are the kinds of Renewable Resources

A

Solar Energy
Hydro Energy
Geothermal Energy
Wind Energy

36
Q

Are those that do not replenish naturally or take an extremely long time to do so

A

Nonrenewable Resources

37
Q

What are the kinds of Nonrenewable Resources

A

Coal, fossil fuels, nuclear, and natural gas

38
Q

The kind of economy which is based on culture and rituals, it is focused on the community as a whole

A

Traditional Economy

39
Q

The kind of economy that relies on the government to take all economic decisions including allocating and distributing resources and regulating prices

A

Command Economy

40
Q

The kind of economy that is driven by consumers whose decisions determine how the industries will operate.

A

Market Economy

41
Q

The kind of economy which utilizes limited government involvement while also applying free-market concepts

A

Mixed Economy

SCHOOL (15 decks)

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