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Applied Economics > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

Major Divisions of Economics

A

Production
Public Finance
Distribution
Consumption
Exchange

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2
Q

Refers to the process of producing of creating goods needed by the households to satisfy their needs

A

Production

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3
Q

Factors of production

A

Inputs

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4
Q

Goods and services

A

Outputs

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5
Q

Refers to the marketing of goods and services to different economic outlets

A

Distribution

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6
Q

Refers to the process of transferring
goods and services to a person in return for something present medium of _______-money

A

Exchange

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7
Q

Refers to the proper utilization of economic goods. However, goods and services could not be utilized unless you pay for it. Hence, consumption could also be spending money for goods and services

A

Consumption

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8
Q

Pertains to the activities of the govemment regarding taxation, borrowings and
expenditures. It deals with the efficient use and fair distribution of public resources.

A

Public Finance

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9
Q

is a discipline that applies existing scientific knowledge to develop more practical applications, like technology and invention. It can also statistics and probability theory.

A

Applied Science

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10
Q

is an applied science because it deals with analysis on how members other on the creation and utilization of wealth. What makes it an applied science theories through testing, mainly using data from the past.

A

Economics

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11
Q

Its primary aim is to increase human welfare by the investigation and analysis of economic problems of the real world.

A

ECONOMICS AS AN APPLIED SCIENCE

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12
Q

is the application of economic theories and models to the data to solve real-world issues.

A

Applied Economics

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13
Q

is the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society.

A

Economics

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14
Q

because it is an organized body of truth, coordinated, arranged and systematized with reference to certain general laws and principles.

A

Economics as a science

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15
Q

Human Geography Linguistics
Economics Communication
Political Science Anthropology
Sociology
Psychology
Criminology
Law
Development Studies Cultural Studies

A

Social Science

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16
Q

Economics In a Process

A

Unlimited wants
Scarcity
Make Choices

17
Q

is the condition in which our needs and wants are greater than our limited resources.

A

Scarcity

18
Q

The things used to make other goods.

A

Resources

19
Q

Economic Resources

A

Land
Labor
Capital
Foreign exchange

20
Q

Is considered an economic resource because it has a price attached to it.

A

Land

21
Q

Also called “human resources” refers to all human efforts, be it mental or physical, that help to produce satisfying goods and services.

A

Labor

22
Q

Can represent the monetary resources use to purchase natural resources.

A

Capital

23
Q

French word which means “enterpriser” organizer and coordinator of other factors of production: land, labor and capital.

A

Entrepreneur

24
Q

Refers to the dollar and dollar reserves that the economy has.
International medium - dollar

A

Foreign Exchange

25
Q

Are the things we can’t live without.

A

Needs

26
Q

Are the things we can live without.

A

Wants

27
Q

consist of all the options that we give up when we make a choice.

A

Trade- offs

28
Q

making the best possible decision is to minimize your O______ C____ by selecting the option that gives you the largest benefit.

A

Opportunity Cost

29
Q

refers to the total number of goods or services available for sale. These goods or services are produced by making use of the factors of production consisting of land, labor and capital.

A

Supply

30
Q

refers to the aggregate or the totality of the needs and wants of the customers.

A

Demand

31
Q

(From the Greek word mikros, meaning “small”) > Takes a closer view on the behavior of individual markets work.

A

Microeconomics

32
Q

(From the Greek word makros, meaning. “Large”) Deals with the problem of the economy as a whole.

A

Macroeconomics

33
Q

Ex. Microeconomics

A

•Consumer
• Producer
• Firm
• Industry

34
Q

Ex. Macroeconomics

A

•National Income
•Population
• Poverty
•Unemployment

Applied Economics (6 decks)

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