SOCIAL STUDIES

Question 1

What is economics?

Answer 1

Is the study of efficient allocation of available resources.

Question 2

Branch of economics that deals
with the study of individuals,
households and businesses.

Answer 2

microeconomics

Question 3

The study of the aggregate or
much bigger scale than what
is covered in
microeconomics, such as the
national or global economics.

Answer 3

Macroeconomics

Question 4

Developed during the
late 18th to 19th century

Advocated by Adam Smith,
David Ricardo, Jean-Baptiste
Say, Thomas Malthus and
Stuart Mill.

Answer 4

classical economics

Question 5

(1723-1790) was a Scottish
political economist and the
lead advocate of classical
economics.

Answer 5

adam smith

Question 6

According to Smith markets are
believed to be self-regulating
and work best if there is no or
minimal government
intervention.

Answer 6

Theory of free market system

Question 7

States that the value of
a good is determined
by the cost of
production.

Answer 7

Theory of value

Question 8

According to Jean-Baptiste
Say which proposes that
supply creates its own
demand.

Answer 8

Law of markets

Question 9

Based on the ideas of John
Maynard Keynes (1883-
1946)

Answer 9

keynesian economics

Question 10

Keynes proposed that economic output is driven by
aggregate demand.
The government should have active role in the
management of the economy.

Answer 10

keynesian economics

Question 11

Developed during the 19th century.
Neoclassical approach is centered on microeconomics.

Answer 11

neoclassical economics

Question 12

Firms are naturally
profit maximizing.

Answer 12

Theory of the firm

Question 13

Claims that collective individual
decisions drive the aggregate social
behavior.

Answer 13

Rational choice theory

Question 14

what are the four factors of production?

Answer 14

land, labor, entrepeneurship, capital

Question 15

Is the result of the interaction between demand
and supply in the market.

Answer 15

shortage

Question 15

Used to explain the idea that economic resources
are limited.

Answer 15

scarcity

Question 16

Products of nature or
naturally occurring in the
environment.
Examples: forest, air, bodies
of water and minerals

Answer 16

natural resources

Question 16

Based on the assumption of..
The supply of land is fixed
The quality is the same in every area of the land

Answer 16

theory of rent

Question 17

Came up with the theory of
rent.
Rent defined as the return on
the use of land.

Answer 17

David Ricardo

Question 17

Those resources get
replenished and appear to
be constantly available.
Examples: air, wind, water,
sunlight

Answer 17

renewable resources

Question 18

Those do not replenish
naturally or take an
extremely long time to do so.

Answer 18

nonrenewable resources

Question 19

Refers to the price per unit of input.

Answer 19

Unit Cost

Question 19

Where the price of the good is
driven by its relatively limited
supply

Answer 19

scarcity value

Question 20

are the goods that
are critical for survival.
◦ Examples: water, food,
shelter and air the
absence of which will
lead to one’s demise.

Answer 20

needs

Question 20

According to Maslow, this is
the most basic human needs,
which are essential for
survival.

Answer 20

physiological needs

Question 21

goods that one can
live without. Wants are desires
or extras that may bring
comfort.

Answer 21

wants

Question 22

American psychologist, known for his theory on
human needs and self actualization.

Answer 22

abraham harold maslow

Question 23

human
beings have a need to feel
secure.

Answer 23

safety needs

Question 24

The need to
feel recognized and
respected.

Answer 24

esteem

Question 24

This
can be satisfied by
friendship and family.

Answer 24

love and sense of belongingness

Question 25

– Desire in
self-improvement and the
need to accomplish
something

Answer 25

self actualization

Question 26

For instance, nuns
who vow to lead a
life of simplicity.

Answer 26

religious factors

Question 27

Smith’s concept of the
“invisible hand” is the?

Answer 27

foundation of the
classical theory of the
free market system

Question 27

A person’s age may
influence his/hers
needs and wants.
-People have needs
and wants that are
influenced by their
gender.

Answer 27

demographic factors

Question 28

• Social factors include
  the society and group
  (friends and family) a
  person belongs to.

Answer 28

social and cultural factors

Question 29

-For instance, nuns
who vow to lead a
life of simplicity.

Answer 29

religious factors

Question 29

Personal Income
greatly influence the
needs and wants of
person.

Answer 29

economic factors

Question 30

Status or prestige
that comes with
owning somethings
also influence a
person’s wants

Answer 30

Psychological Factors

Question 31

Location and
Climate
geographic
factors likewise do
have impact on
the needs and
wants.

Answer 31

geographic factors

Question 31

Political stability
citizens under a
political turmoil
would need more
supply of food and
medicine for survival.

Answer 31

political factors

Question 32

-Happens because of decision-making wherein
you have to choose among alternatives.

Answer 32

trade off

Question 33

Is the study of the cost and benefits
of an additional input

Answer 33

marginal analysis

Question 34

Defined as the next best alternative or the
benefit you are giving up when you make
a choice.

Answer 34

Opportunity cost