SOCIAL PT 1

Question 1

Is the study of efficient allocation of available resources

Answer 1

Economics

Question 2

Government strategies focuses on the monetary and fiscal policies

Answer 2

Political Science

Question 3

Those who are in power in the past affects a country’s economic policies

Answer 3

History

Question 4

Study of individuals, households, and businesses

Answer 4

Microeconomics

Question 5

Study of the aggregate, or something like national or global economies

Answer 5

Macroeconomics

Question 6

What are the three Economic Schools of Thoughts

Answer 6

Classical, Keynesian, and Neoclassical

Question 7

Individuals will maximize their satisfaction

Answer 7

Utility Maximization

Question 8

Firms are naturally profit maximizing.

Answer 8

Theory of the Firm

Question 9

Collective individual decisions drive the aggregate social behavior

Answer 9

Rational Choice Theory

Question 10

It is the relationship between input (Labor and capital) which equals to production. Calculates production costs and if it’s profit maximizing or not

Answer 10

Cobb Douglas Equation

Question 11

Are goods that are critical for survival

Answer 11

Needs

Question 12

Are goods that one can live without

Answer 12

Wants

Question 13

A psychologist who came up with a five-level hierarchy of human needs

Answer 13

Abraham Harold Maslow

Question 14

The book that Abraham Harold Maslow introduced in 1943

Answer 14

Theory of Human Motivation

Question 15

The stage of needs that include food, water, air, and sleep

Answer 15

Physiological needs

Question 16

The stage of needs that may be in terms of finances, health or well-being

Answer 16

Safety Needs

Question 17

The stage of needs that is classified by friendships or family

Answer 17

Love/Belonging

Question 18

The stage of needs which includes the need to feel recognized and respected

Answer 18

Esteem

Question 19

The stage of needs when the person desires self-improvement and the need to accomplish something

Answer 19

Self-actualization

Question 20

It is when you are content with only satisfying four of the Five Stages of Needs

Answer 20

Deficit Needs or D-Needs

Question 21

A factor like age may influence a person’s needs and wants

Answer 21

Demographic Factors

Question 22

A factor like family and friends can influence a person’s needs and wants

Answer 22

Social and Cultural Factors

Question 23

A factor like your beliefs and faith in a deity affects your needs and wants

Answer 23

Religious Factors

Question 24

A factor like personal income may influence a persons needs and wants

Answer 24

Economic Factors

Question 25

A factor like the status or prestige that comes with owning some things may also influence a person's wants

Answer 25

Psychological Factors

Question 26

A factor such as location and climate likewise impact human beings' needs and wants

Answer 26

Geographic Factors

Question 27

A factor like stability in the government can also influence a persons needs and wants

Answer 27

Political Factors

Question 28

It is when you give up something in order to keep another thing.

Answer 28

Trade Off

Question 29

It is defined as the next best alternative or the benefit you are giving up when making a choice. Can be viewed as the outcome of a trade off

Answer 29

Opportunity Cost

Question 30

It is the study of the costs and benefits of an additional output

Answer 30

Marginal Analysis

Question 31

It is defined as a phenomenon. When resources are insufficient

Answer 31

Scarcity

Question 32

Is a result of the interaction between supply and demand that causes unavailability

Answer 32

Shortage

Question 33

Are those that are products of nature or naturally occurring in the environment

Answer 33

Natural Resources

Question 34

Are those that are naturally replenished and appear to be constantly available

Answer 34

Renewable Resources

Question 35

What are the kinds of Renewable Resources

Answer 35

Solar Energy Hydro Energy Geothermal Energy Wind Energy

Question 36

Are those that do not replenish naturally or take an extremely long time to do so

Answer 36

Nonrenewable Resources

Question 37

What are the kinds of Nonrenewable Resources

Answer 37

Coal, fossil fuels, nuclear, and natural gas

Question 38

The kind of economy which is based on culture and rituals, it is focused on the community as a whole

Answer 38

Traditional Economy

Question 39

The kind of economy that relies on the government to take all economic decisions including allocating and distributing resources and regulating prices

Answer 39

Command Economy

Question 40

The kind of economy that is driven by consumers whose decisions determine how the industries will operate.

Answer 40

Market Economy

Question 41

The kind of economy which utilizes limited government involvement while also applying free-market concepts

Answer 41

Mixed Economy