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Economics > Unit 1: Economics > Flashcards

Unit 1: Economics Flashcards

1
Q

What is Economics? (Etymological Definition)

A

Oikonomia

  • greek word which translates to management and household
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1
Q

What is Economics?
(Scholarly Definition)

A

Economics concerns situations in which choices must be made about how to use limited resources when to use them, and for what purpose

Short sum: Economics is about which and how choices are meant to be made and for what purpose

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2
Q

Two Divisions of Economics

A

Microeconomics and Macroeconomics

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3
Q

Microeconomics

A

Micro = small

decisions about specific individuals

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4
Q

Macroeconomics

A

Macro = large

economic growth for a country or a nation

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5
Q

Scarcity

A

The fundamental economic problem.

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6
Q

Relative Scarcity

A

Lack of resources but have plenty for others

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6
Q

Choices

A

Trade off and Opportunity Cost

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7
Q

Opportunity cost

A

The cost of the choice not taken

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8
Q

Trade off

A

Picking one thing from all other possibilities

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9
Q

Basic Economic Questions

A

What to produce?
How to produce?
How much to produce?
For whom to produce?
How to produce more overtime?

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10
Q

Economics and other disciplines

A
  • It uses logic and mathematics
  • It involves history
  • It emphasizes science and technology
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11
Q

Why is it important to study economics?

A

for the future, budgeting, and awareness for world issues

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12
Q

Needs

A

Basic requirements for human survival

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13
Q

Wants

A

Specific things we wish to have

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14
Q

Hierarchy of Needs Theory (Maslow)

A

(top to bottom order)

Self Actualization, Esteem, Love and belonging, Safety needs, Physiological Needs

15
Q

Factors affecting Wants

A

Income, Population, Advertisements, Physical Location, and Urbanization

16
Q

Consumption

A

Purchase of products to satisfy economic needs and wants

17
Q

Right to Filipino Consumers

A
  • The right to basic needs
  • The right to safety
  • The right to information
  • The right to choose
  • The right to representation
  • The right to redress
  • The right to consumer education
  • The right to a healthy environment
18
Q

Responsibilities of the Filipino Consumer

A
  • Critical Awareness
  • Action
  • Social Concern
  • Environmental Awareness
  • Solidarity
19
Q

Republic Act No. 7394

A

Consumer Act of the Philippines

promote general welfare and establish standards for business and industry

20
Q

Pro-consumer government agencies

A
  • Food and Drug Administration ( FDA )
  • National Food Authority ( NFA )
  • Energy Regulatory Commission ( ERC )
  • Land Transportation and Franchising and Regulatory Board ( LTFRP )
  • Bureau of Trade Regulation and Consumer Protection ( BTRCP )
21
Q

Private consumer organizations

A
  • Nationwide Association of Consumers, Inc ( NACI )
  • Consumers Union of the Philippines ( CUP )
  • Consumer Commuter Association of the Philippines ( CCAP )
  • Metro Manila Transport Consultative Council ( MMTC )
22
Q

Food and Drug Administration ( FDA )

A

Pro-consumer government agencies

It works to license, monitor, and regulate the flow of food, drugs, cosmetics, medical services, etc.

23
Q

National Food Authority ( NFA )

A

Pro-consumer government agencies

It ensures the food security and stability of supply and price of rice

24
Q

Energy Regulatory Commission ( ERC )

A

Pro-consumer government agencies

It enforces power regulation and protects long-term consumer interests

24
Q

Bureau of Trade Regulation and Consumer Protection ( BTRCP )

A

Pro-consumer government agencies

enforces laws against unfair trade practices

25
Q

Land Transportation and Franchising and Regulatory Board ( LTFRP )

A

Pro-consumer government agencies

ensures adequate, safe, convenient, and environment-friendly and dependable public transportation

26
Q

Consumers Union of the Philippines ( CUP )

A

Private consumer organizations

educate the people of their rights and protect their welfare in a competitive industry

27
Q

Nationwide Association of Consumers, Inc ( NACI )

A

Private consumer organizations

consumer welfare and economic empowerment of consumers

28
Q

Consumer Commuter Association of the Philippines ( CCAP )

A

Private consumer organizations

educate the people of their rights and protect their welfare in a competitive industry

advocates the advancement of the rights and privileges of consumers and commuters in the philippines

29
Q

Metro Manila Transport Consultative Council ( MMTC )

A

Private consumer organizations

plans to implement new traffic schemes in the national Capital Region (NCR)

Economics (5 decks)

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