Module 1

29問 • 7ヶ月前

問題一覧

It is a social science that studies how people, businesses, and governments allocate limited resources to satisfy unlimited wants and needs.

economics

comes from greek oikonomia - oikos which means house and nomos which means household management

etymology

From greek oikonomia, oikos means?

house

From greek oikonomia, nomos means?

law and management

Focuses on the decision-making of individuals and firms

microeconomics

It looks at the economy as a whole

macroeconomics

A situation where resources are limited but human wants are unlimited.

scarcity

The value of the next best alternative that is given up when making a decision.

opportunity cost

Choosing more of one thing results in having less of another

trade offs

It is essential for survival and basic well being and people desire but do not need for survival

needs and wants

Tangible items you can see or touch

goods

Intangible activities offered by others

service

Places where buyersand sellers meet

markets

The value assigned to goods and services, usually expressed in money. Determined by the interaction of supply and demand

prices

Traditional economy is based on customs, beliefs, and traditions. TRUE OR FALSE?

true

Traditional economy is not often found in tribal or rural areas

false

The example of trade economy is barter trade, hunting, and gathering communities. TRUE OR FALSE

TRUE

In command economy, governm controls all economic activities. No private ownership. TRUE OR FALSE

true

In market economy, decisions are made by individuals and businesses. It is also driven by profit and competition. TRUE OR FALSE

true

It is a combination of market and command economies

mixed economy

it is the guidance, leadership and control of the efforts of a group of people towards some common objective.

management

They define management as the creation and maintenance of an internal Notes environment in an enterprise where individuals, working together in groups, can perform efficiently and effectively towards the attainment of group goals.

a and c

It states that markets are sometimes in disequilibrium because of unanticipated changes in demand or cost conditions.

frictional profit theory

describes above-normal profits that arise following successful invention or modernization.

innovation profit theory

describes above-normal rates of return that reward firms for extraordinary success in meeting customer needs and maintaining efficient operations

compensatory profit theory

defined as a period of two or more successive quarters of decreasing production

recession

is a rise in the general level of prices of goods and services in an economy over a period of time

inflation

occurs when a person is available to work and currently seeking work, but the person is without work

unemployment

a period of many years of slow growth of gross domestic product, in which the growth is, on the average, slower than the potential growth in the economy.

stagnation

Cfas (overview of accounting)

ユーザ名非公開 · 75問 · 11ヶ月前

Cfas (overview of accounting)