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SSE 201 - Microeconomics > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

the first modern economist

A

ADAM SMITH

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2
Q

Adam Smith defined Economics as?

A

“an inquiry into the nature and causes of the wealth of nations.”

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3
Q

Oikos means

A

household

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4
Q

Nomos means

A

management

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5
Q

Eventually, it was called _____ which means household management

A

oikonomos

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6
Q

Economics is a social science concerned with the ______, ______, and _______ of goods and services.

A

production, distribution, and consumption

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7
Q

It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

A

Economics

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8
Q

He defines economics the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society.

A

PROF. PAUL A. SAMUELSON

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9
Q

According to him, economics, is a science that deals with the management of scarce resources to achieve the maximum satisfaction of human wants.

A

BAUTISTA (2010)

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10
Q

IMPORTANCES OF ECONOMICS

A

The Society
Informed Individual
Global Affairs

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11
Q

To understand the society economics seeks to analyze transactions made by the society and its members, particularly concerning on their behavior and decision making.

A
  • The Society
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12
Q

Understanding of economics develops individuals to be wise voters. With this in mind, voters have an informed choice in selecting leaders based on their economic, social, and political platform and not just based on their appearances or popularity.

A
  • Informed Individual
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13
Q

Economics seeks to explain the internal operation and trade policies of different countries.

A
  • Global Affairs
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14
Q
  • Focuses on how individual consumers and firms make decisions; these individual decision-making units can be a single person, a household, a business/organization, or a government agency.
A

 Microeconomics`

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15
Q
  • Microeconomics tries to explain ___ and ___ different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another.
A

how and why

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16
Q
  • Studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy
A

 Macroeconomics

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17
Q

Macroeconomics focuses include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are _______ and ______ and ____

A

recurrent economic cycles and broad economic growth and development.

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18
Q

METHODOLOGY OF ECONOMICS

A

 Positive Economics
 Normative Economics

19
Q
  • An economic analysis that considers economic conditions “as they are” or considers economics “as it is.”
A

 Positive Economics

20
Q

It uses objective or scientific explanations in analyzing the different transactions in the economy.

A

 Positive Economics

21
Q
  • An economic analysis that judges’ economic conditions “as it should be”.
A

 Normative Economics

22
Q

It deals with the formulation of policies to regulate economic activities and ethics and personal value that is concerned with human welfare.

A

 Normative Economics

23
Q

THE SCIENTIFIC METHODS OF ECONOMICS

A

Data Gathering
Economic Analysis
Economic Conclusion

24
Q

Economic knowledge is mostly obtained from observation of economic events.

A
  • Data Gathering
25
Q

_________ is obtained through historical records and events interviews of past performances which are organized in a way that can be easily.

A

Data

26
Q

Data gathered is useless if not analyzed.

A
  • Economic Analysis
27
Q

After laying down all assumption, one proceeds to reasoning in order to generate conclusion. Reasoning can either be verbal or with the statistics.

A
  • Economic Conclusion
28
Q

THREE BASIC ECONOMIC PROBLEMS

A
  1. What to Produce?
  2. How to Produce?
  3. For whom to produce?
29
Q
  • The question is answerable by knowing the trend of the demand for goods and services of the people.
A
  1. What to Produce?
30
Q
  • The people of the society must determine who will do the production, with what amount of goods and services, and what production techniques they will use.
A
  1. How to Produce?
31
Q
  • The answer to this question is simple; we produce for the people or the target market.
A
  1. For whom to produce?
32
Q

o Capital Intensive
o Labor Intensive

A

How to Produce?
explain

33
Q

FACTORS OF PRODUCTION

A
  1. Land
  2. Labor
  3. Capital
  4. Entrepreneur
34
Q

a. This broadly refers to all natural resources given by nature. These are all the things and powers that are given free to humankind by nature.

A
  1. Land
35
Q

in Economics, compensation for the use of land is called

A

Rent.

36
Q

a. Any form of human effort exerted in the production of goods and services. This includes the skills, abilities, and characteristics of laborers.

A
  1. Labor
37
Q

b. Profession payment for labor is called

A

Wage/Salary.

38
Q

a. Refers to the human-made goods used in the production of other goods and services.

A
  1. Capital
39
Q

b. The payment for the use of capital (money) is called

A

Investment or Interest.

40
Q

a. The person who organizes, manages, and plans. The entrepreneur possesses managerial skills needed in building, operating, and expanding a business.

A
  1. Entrepreneur
41
Q

b. The compensation or reward the entrepreneur received is called

A

Profit.

42
Q

refers to the alternating phases of economic growth and decline. Since the phases are recurring, they often occur in an identifiable pattern where one phase usually follows the other

A

BUSINESS CYCLE

43
Q

Business cycles are also called

A

Trade Cycles or Economic Cycles.

SSE 201 - Microeconomics (4 decks)

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