SOCIAL PT 1 Flashcards
Is the study of efficient allocation of available resources
Economics
Government strategies focuses on the monetary and fiscal policies
Political Science
Those who are in power in the past affects a country’s economic policies
History
Study of individuals, households, and businesses
Microeconomics
Study of the aggregate, or something like national or global economies
Macroeconomics
What are the three Economic Schools of Thoughts
Classical, Keynesian, and Neoclassical
Individuals will maximize their satisfaction
Utility Maximization
Firms are naturally profit maximizing.
Theory of the Firm
Collective individual decisions drive the aggregate social behavior
Rational Choice Theory
It is the relationship between input (Labor and capital) which equals to production. Calculates production costs and if it’s profit maximizing or not
Cobb Douglas Equation
Are goods that are critical for survival
Needs
Are goods that one can live without
Wants
A psychologist who came up with a five-level hierarchy of human needs
Abraham Harold Maslow
The book that Abraham Harold Maslow introduced in 1943
Theory of Human Motivation
The stage of needs that include food, water, air, and sleep
Physiological needs
The stage of needs that may be in terms of finances, health or well-being
Safety Needs
The stage of needs that is classified by friendships or family
Love/Belonging
The stage of needs which includes the need to feel recognized and respected
Esteem
The stage of needs when the person desires self-improvement and the need to accomplish something
Self-actualization
It is when you are content with only satisfying four of the Five Stages of Needs
Deficit Needs or D-Needs
A factor like age may influence a person’s needs and wants
Demographic Factors
A factor like family and friends can influence a person’s needs and wants
Social and Cultural Factors
A factor like your beliefs and faith in a deity affects your needs and wants
Religious Factors
A factor like personal income may influence a persons needs and wants
Economic Factors
A factor like the status or prestige that comes with owning some things may also influence a person’s wants
Psychological Factors
A factor such as location and climate likewise impact human beings’ needs and wants
Geographic Factors
A factor like stability in the government can also influence a persons needs and wants
Political Factors
It is when you give up something in order to keep another thing.
Trade Off
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
Opportunity Cost
It is the study of the costs and benefits of an additional output
Marginal Analysis
It is defined as a phenomenon. When resources are insufficient
Scarcity
Is a result of the interaction between supply and demand that causes unavailability
Shortage
Are those that are products of nature or naturally occurring in the environment
Natural Resources
Are those that are naturally replenished and appear to be constantly available
Renewable Resources
What are the kinds of Renewable Resources
Solar Energy
Hydro Energy
Geothermal Energy
Wind Energy
Are those that do not replenish naturally or take an extremely long time to do so
Nonrenewable Resources
What are the kinds of Nonrenewable Resources
Coal, fossil fuels, nuclear, and natural gas
The kind of economy which is based on culture and rituals, it is focused on the community as a whole
Traditional Economy
The kind of economy that relies on the government to take all economic decisions including allocating and distributing resources and regulating prices
Command Economy
The kind of economy that is driven by consumers whose decisions determine how the industries will operate.
Market Economy
The kind of economy which utilizes limited government involvement while also applying free-market concepts
Mixed Economy
