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Economics > Social Sciences > Flashcards

Social Sciences Flashcards

1
Q

What do they all study?

A

BEHAVIOR!!

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2
Q

What does political sciences study?

A

Government & how we govern ourselves

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3
Q

What does psychology study?

A

The brain.

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4
Q

What is economics?

A

The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through careful use of relative scare resources.

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5
Q

What does sociology study?

A

Rules of behavior

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6
Q

What does anthropology study?

A

Study of primitive man.

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7
Q

What is scarcity?

A

Condition that results from society not having enough resources to produce the things we want

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8
Q

What is a need?

A

Something that is necessity for survival.

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9
Q

What is an example of a need?

A

Water, food, oxygen, shelter, clothing, dwelling.

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10
Q

What is a want?

A

A way of expressing a need.

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11
Q

What is the acronym, ‘T.I.N.S.T.A.A.F.L’?

A

There is no such thing as a free lunch because no matter what event takes place a resource is always being used.

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12
Q

What are the three basic questions?

A
  • what to produce
  • how do we produce it
  • for whom is it produced (allocation)
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13
Q

What are the ways of allocation?

A 
Price
Competition
Personal choice
First come first serve
Random/ lottery
Equal
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14
Q

What are the 4 categories: factors if production? (Must exist)

A
  • land: anything occurring naturally (nature)
  • capital: any product we used to make another (made by man)
  • financial capital: anything used with money
  • labor: people with all their efforts and ability.
  • entrepreneurs: someone using exiting resources in a new or innovated way.
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15
Q

What is ‘Land’ in factors of production?

A

Anything occurring naturally

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16
Q

What is ‘Capital’ in factors of production?

A

Any product used to make another. (Made by man)

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17
Q

What is ‘Financial Capital’ in factors of production?

A

Anything used with money

18
Q

What is ‘Labor’ in factors of production?

A

People with all their efforts and ability.

19
Q

What is ‘Entrepreneurs’ in factors of production?

A

Someone using existing resources in a new or innovated way. (Innovators)

20
Q

What is a ‘Good’?

A

A tangible item.

21
Q

What is a final good?

A

A good bought by consumers (Final Product)

22
Q

What are Intermediary Goods?

A

Goods used to produce final goods.

Ex: tomato juice

23
Q

What is a service?

A

An action one person performs for another.

24
Q

What is a trade off?

A

Everything that is not chosen from your first choice.

25
Q

What is an opportunity cost?

A

Next best choice.

26
Q

What is marginal analysis? Or ‘thinking on the margin’

A

When you have to make a choice, you compare cost to benefit.

27
Q

What is a Buyers remorse?

A

Buying something where cost > benefit. (Cheap)

28
Q

What is value expressed in and what two things must be present?

A

Dollars or cents

1) scarcity: more scarce more value
2) utility: must have function or province personal satisfaction.

29
Q

What is wealth

A

Accumulation of goods or provide personal satisfaction transferable from one person to another.

30
Q

What are the 3 different types of economics ?

A

Traditional
Command
Free market (capitalism)

31
Q

What is a traditional system

A

A system with no change

32
Q

What are traditional systems based off of?

A

Tradition & customs.

Based on gender.

33
Q

What are the advantages & disadvantages of a traditional system?

A

Advantages: no uncertainty.
Everyone provides for

Disadvantage: no free will. No growth or innovation.

34
Q

What is a command system?

A

Where one person or a small group answers the economic questions.

35
Q

Who controls a command system?

A

Dictatorship or communism.

36
Q

What are he advantages and the disadvantages of a command system

A

Advantage: change quickly.
No competition
Provided for
Little uncertainty.

Disadvantage: harsh punishments
No freedom
No personal choice
No innovation 
No competition.
37
Q

What is a free market economy? (Capitalism)

A

A economy by supplies and consumers

38
Q

What are the advantages/d of a free market economy

A 
Advantages: Have choices 
Make money
Economic freedom
Disadvantage: not provided for
Social Darwinism 
Personal property rights
Slow to change
Uncertainty
39
Q

Why are the characteristics of a free market economy?

A 
Competition 
Economic freedom
Voluntary exchange 
Profit motive
Personal property rights
40
Q

Why is the consumer always right

A

You send loud signals through action or inaction.

41
Q

What is voluntary exchange

A

Both sides see a benefit

42
Q

What is imminate domain

A

If gov’t needs your land, they can take it.

Economics (4 decks)

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