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UCSP / Applied Economics > applied econ first quiz > Flashcards

applied econ first quiz Flashcards

(81 cards)

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1
Q

“oikonomia” greek word literally means

A

household management

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2
Q

the study of the ways individuals and societies allocate their limited resources to satisfy unlimited wants

A

economics

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3
Q

aspects of economy

A
  1. science that is concerned with human behavior
  2. it is concerned with decisions we make and the consequences of those choices
  3. it is concerned with man’s material happiness
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4
Q

SOCIAL OR APPLIED SCIENCE:

it uses scientific method to build theories that can help explain the behavior of different groups, organization and individuals in the society

A

SOCIAL SCIENCE

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5
Q

SOCIAL OR APPLIED SCIENCE

involves application of economic theories and principles to real world situations which aim at predicting potential outcomes

A

APPLIED SCIENCE

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6
Q

APPLIED OR SOCIAL SCIENCE

uses scientific methods in its explanations which consists of observing the reality, presenting questions and problems to arrive at the formulating of theories and models

A

APPLIED SCIENCE

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7
Q

APPLIED OR SOCIAL SCIENCE

concerned with human behavior and the relationship between ends and scarce means which have alternative uses

A

SOCIAL SCIENCE

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8
Q

follows a systematic procedure to solve issues and problems of the society

A

APPLIED SCIENCE

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9
Q

deals with the behavior of individual components as economic agent such as household, consumer, worker, firm, and owner of production

A

microeconomics

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10
Q

deals with the behavior of economy as a whole with the view to understand the interaction between economic aggregates

A

macroeconomics

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11
Q

basic categories of inputs used to produce goods and services, FACTORS OF PRODUCTION

A

economic resources

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12
Q

refers to all natural resources used in the production process

A

land

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13
Q

all physical and mental efforts that people make available for production

A

labor

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14
Q

all investment goods used to produce other goods and services

A

capital

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15
Q

special ability an individual needed to develop and produce products and services like organizational and managerial skills

A

entrepreneurship

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16
Q

it means not enough supply to meet human needs and wants, and a condition in which human wants are often greater than the available supply

A

scarcity

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17
Q

two types of scarcity

A

relative
absolute

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18
Q

relative

A

circumstances

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19
Q

absolute

A

absolute scarce that need to rely on import

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20
Q

4 main questions

A

what to produce
how to produce
from to produce
what provision should be made for economic growth

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21
Q

goods and services must ba based on the needs of the consumers

A

what to produce

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22
Q

the system must select the proper combination of economic resources in produce the right amount of output

A

how to produce

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23
Q

distribution of goods that are produced and for which that they be distributed properly

A

from whom to produce

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24
Q

society would not like to use all its scarce sources for current consumption only

A

what provision should be made for economic growth

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25
the means through which society determines the answer to basic economic problems
economic system
26
decisions are based on traditions and practices upheld over the years and passed
traditional economy
27
authoritative system, decision making is centralized in the government, decision are imposed on the people who do not have a say in what goods are to be produced
command economy
28
most democratic form of economic system, decisions are made on what goods and services to produce
market economy
29
combination command and market economy, protects private property, consumer and environment
mixed economy
30
4 basic economic problem of the country
unemployment poverty quality of infrastructure income inequality
30
4 basic economic problem of the country
unemployment poverty quality of infrastructure income inequality
31
main cause of unemployment
overpopulation rural urban migration
32
direct government policies to keep the price of essential products is a solution to
poverty
33
encourage local and international investment through provision of attractive investment opportunities like tax incentives is a solution to
unemployment
34
lesser budget allocation, bottlenecks, quality and timeliness of services is a cause to
quality of infrastructure
35
government shall implement fiscal reform program is a solution to
quality of infrastructure
36
political culture, "palakasan and utang na loob system" is a cause to
income inequality
37
demand for a good or a services by an individual, interaction of an individual's desires with the quantities of goods and services
individual demand
38
individual demand is also called as
household demand
39
what a buyer pays for a unit of goods or services
price
40
TOTAL NUMBER of units purchased at that price
quantity demand
41
TABLE that show the quantity demand of each price
demand SCHEDULE
42
shows the RELATIONSHIP between price and quantity demanded
demand curve
43
price increases, quantity demand decreases vice versa
law of DEMAND
44
obtained by adding together all the individual DEMANDS of all the household in the economy
market demand
45
slope of market demand is
downward
46
total quality of good or services that all producers are willing to supply
market supply
47
obtained by adding together the individual supply of all the firms in the economy
market supply
48
price increases, quantity supplied increases price decreases, quantity supplied decreases
law of supply
49
achieved at the price at which quantities demanded and supplied are balanced and equal supply and demand curves intersect
market equilibrium
50
quantity supply is greater than quantity demand
surplus
51
quantity demand is greater than quantity supply
shortage
52
what a buyer pays for a unit of goods or services
price
53
ability fo buy what you want acts a signal for shortages and surpluses which help firms and consumers respond to changing market condition
purchasing power
54
excess quantity demand
shortage
55
excess in supply, amount of something left over when requirements have been met
surplus
56
price will tend to rise, discouraging demand and encourage firms to try and increase supply
good is in shortage
57
market equilibrium is also known as
market price
58
determinants of demand
income population taste and preference price expectations price of related
59
determinants of supply
technology cost of production number of sellers taxes and subsidies weather
60
producer can sell all the units he wants to produce vice versa
equilibrium price
61
all other things are equal or constant
the cetris paribus assumption
62
measures the responsiveness of the quantity demanded or supplied of a good to a change in it's price
price elasticity
63
the absolute value of coefficient of elasticity is GREATER than 1 % Ed > % P
elastic
64
change in determinant will lead to a proportionately lesser change in demand or supply less than 1 % Ed < % P
inelastic
65
change in determinant will lead to a proportionately EQUAL change, absolute value is equal to 1
unitary elastic
66
computed by choosing two points in the demand curve and comparing the percentage changes in quantity and price of those two points
arc elasticity
67
good is non essential
elastic
68
good is essential
inelastic
69
suggesting proportionate changes in quantity demanded and price
unitary elastic
70
relationship between changes in QD for a good and a chance in real incomr
income elasticity of demand
71
a positive sign for IE signifies good demanded which is what a consumer tends to buy more when income increases
normal good
72
negative sign indicates the demand for _____ which goods that are brought when income are low because low income prevents consumer from buying
inferior goods
73
measures how the QD changes as the price of related good changes, measures responsiveness of the demand of good to the change in price of substitute
cross price elasticity
74
positive sign which means the price of the substitute good increases, demand for other good will increase
substitute
75
negative sign indicates goods will increase if the price of a complement decreases
complement goods
76
response of quantity offered for sale every change in price
price elasticity of supply
77
goods that are easy to produce have _____ supply
elastic
78
goods that are hard to make are _____ supply
inelastic
79
small percentage change in price brings about a change in quantity demand from zero to infinity
perfectly elastic
80
any change in price will not have any effect on the demand of the product
perfectly inelastic

UCSP / Applied Economics (9 decks)

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