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APPLIED ECONOMICS > Module 1 > Flashcards

Module 1 Flashcards

1
Q

refers to the study of how individuals, businesses, governments, and societies allocate and manage resources to satisfy human wants and needs

A

Economics

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2
Q

Also known as factors of production, are the resources used to produced goods and services

A

Economic Resources

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3
Q

Refers to the limitation of resources

A

Scarcity

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4
Q

refers to products or services which are not available in the required quantity

A

Shortage

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5
Q

is a social science which analyzes the production, consumption and distribution of goods and services.

A

Economics

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6
Q

Understanding the economy as a system

A

Microeconomics

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7
Q

Examines the economy as a whole.

A

Macroeconomics

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8
Q

Analyzes the flow:of goods between nations

A

International Economics

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9
Q

Economic theorvts the field in which the models are derived and applied to cument problems.

A

Theories

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10
Q

This is concerned with international banking, monetary exchange rates, tariffs and the effects of different economic and governmental systems.

A

International Economics

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11
Q

The goal of economists in developing theories is that they require less information and lead to more accurate results

A

Theory

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12
Q

Economic history is the field which focuses on economic theories and writings of the past

A

History

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13
Q

Many decisions of today are made based on the theories and ideas of former economists and scholars

A

History

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14
Q

is concerned with describing and explaining economic phenomena as they are, without making value judgments or expressing opinions.

A

Positive Economics

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15
Q

It involves making value judgments and recommendations about what ought to be done expressing opinions about desirable economic policies.

A

Normative Economics

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16
Q

Focuses on values and preferences

A

Normative Economics

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17
Q

Focuses on facts

A

Positive Economics

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18
Q

Study of the relationship of Positive and
Normative Economics.

A

Applied Economics

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19
Q

refers to the way in which the decisions about producing goods and services are made within a given society and the rules that govern distribution of those. Who decides what to produce and how? Who owns the resources? How are the produced goods to be allocated to their end users?

A

Economic System

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20
Q

consumers’ behavior drives the production

A

Market Economy

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21
Q

The government does not intervene in the running of the economy beyond setting up the basic, large-scale, stable framework for the market to operate in

A

Market Economy

22
Q

The decisions of the government drive the production

A

Command Economy

23
Q

A mix of both market economy and command economy.

A

Mixed Economy

24
Q

Because of economic evolution, most economies adapted to a _______________ for balance

A

Mixed Economy

25
Q

Market Economy (A)

Efficiency

A

Efficient in resources allocation

26
Q

Market Economy (A)

Innovation

A

Innovative in improving products and services

27
Q

Market Economy (A)

Individual Freedom

A

Freedom of individual to choice what to sell and what to buy

28
Q

Market Economy (B)

Inequality

A

Inequality to the resources since wealth can have more than the others

29
Q

Market Economy (D)

Market Failure

A

It is caused by not always allocating resources efficiently.

30
Q

Market Economy (D)

Cyclical Instability

A

It is a cycle of an economy that can have a negative and positive things that happen

31
Q

Command Economy (A)

Innovation

A

Innovative ways to improve a product and services

32
Q

Command Economy (A)

Social Service

A

Government always put society first so they prioritize social services.

33
Q

Command Economy (A)

Stability

A

A central decision can stabilize the economy

34
Q

Command Economic (D)

Limited Choice

A

Government is the one who will decide about the production and the pieces that needs to be sell.

35
Q

Command Economy (D)

Bureaucratic Inefficiency

A

Centralized decision will slow down to a problem in the economy

36
Q

Mixed Economy (A)

Social Safety Net

A

It ensures a basic standard of living

37
Q

Mixed Economy (A)

Regulations

A

Protect consumers, workers, and others

38
Q

Mixed Economy (A)

Balance Approach

A

Combining market forces

39
Q

Mixed Economy (D)

Political Influence

A

May lead to inconsistent policies

40
Q

Mixed Economy (D)

Potential for Inefficiency

A

Downside of market and command economy

41
Q

Mixed Economy (D)

Complexity

A

Combination can lead to complex system

42
Q

Market Economy (A)

A

Innovation
Efficiency
Individual Freedom

43
Q

Market Economy (D)

A

Inequality
Market Failure
Cyclical Instability

44
Q

Command Economy (A)

A

Stability
Social Service
Innovation

45
Q

Command Economy (D)

A

Lack of Incentives
Limited Choices
Bureaucratic Inefficiency

46
Q

Mixed Economy (A)

A

Balanced Approach
Social Safety Nets
Regulations

47
Q

Mixed Economy (D)

A

Complexity
Political Influence
Potential for Inefficiency

48
Q

is typically accompanied by higher prices, so consumers may be less willing to buy non essential or luxury items
If wages do not rise at the same rate of _________, people lose money

A

Inflation

49
Q

The more people who are out
of work, the less money that is circulated into the economy through the purchase of goods and services. Even the threat of __________ has an impact, as workers who fear losing their jobs are less inclined to spend or invest their money.

A

Unemployment

50
Q

is the value of its currency in the international market. In the United States, when the value of the S is high in relation to other countries currencies, the more goods and services we are able to import. In contrast, a higher value of the $ means that other nations may be less inclined to import products from the United States.

A

Foreign Exchange Rate

51
Q

The higher the demand for goods and services, the greater the need for
workers to produce them, leading to economic growth

A

Supply and Demand

52
Q

People who have adjustable-rate home mortgages can face financial hardship or even lose their homes when __________ spike. Retirees who live largely off investment income may need to lower their standard of living when interest rates decline

A

Interest Rate

APPLIED ECONOMICS (1 decks)

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