ag econ 1

Ezekiel Emano · 47問 · 1年前

通報

問題一覧

refers to the proper allocation of scarce resources to produce goods and services to satisfy unlimited human wants.

economics

Oikonomia is a Greek word meaning ?

household management

refers to the condition wherein most things that people want are available only in limited supply the imbalance between our desires and the means of satisfying those desires.

Scarcity

anything, either a good or service, that yields utility and could command a price if sold in the market (e.g. books, cell phones, ukay-ukay, etc.)

Economic good

refers to a person's desires or preferences to satisfy a basic need.

wants

- concerned with the behavior and activities of specific economic units (individuals, households, firms, industries). GDP

Microeconomics

- deals with the behavior of the economy as a whole with respect to output, income, foreign trade, unemployment, etc. TAX

Macroeconomics

it is an applied field of economics in which the principles of choice are applied in the use of scarce resources such as land, labour, capital and management in farming and allied activities.

Agricultural Economics

is the study of relationships arising from the wealth- getting and wealth-using activity of man in agriculture

Agricultural economics

describes and explains the economic phenomena "what is" or "what will happen" describes the facts and behavior of the economy; unbiased acceptability of statements should be verified by facts

Positive Economics

expresses value or judgements about economic fairness or what the outcome of the economy or goals of public policy - "what should be" gives recommendation to economic policy; suggest solution to economic problems

Normative Economics

All other things being equal constant

Ceteris Paribus

Represent the potential benefits an individual, investor or business misses out on when choosing one alternative over another

Opportunity Cost

Indicates that as you increase the amount of something, the additional impact of that something will eventually increase at a decreasing rate.

Diminishing Returns

A concept that describes one thing being affected when another thing changes slightly.

Marginality

Useful tool for illustrating the choices available to society and its constraints

Production Possibilities Frontier (PPF)

Economic Goals

Full Employment Equity Efficiency Economic freedom Price stability Economic development Economic security

, the philosopher, enunciated the Quantity Theory of Money and Prices.

Copernicus

, who favored protective tariffs

Mercantilists

also called command economy or classless economy - opposite of capitalism

COMMUNISM

mixed economic system

SOCIALISM

an economic system associated more with the political system of a strong one-man or junta dictatorship, such as Nazi Germany in the 1930s and early 1940s

FACISM

a market economy tends toward an equilibrium with full employment and tends to be stable if monetary conditions are stable; changes in the quality of money are the major cause of changes in aggregate demand

CLASSICAL ECONOMICS

- "Father of Modern Economics"

Adam Smith

wrote the "Principles of Economy & Taxation Labor Theory of Value: It states that labor creates value

David Ricardo

- English economist, a demographer - Malthusian theory/ Malthusianism

Thomas Malthus

Value depends on both costs of production (supply) and utility (demands); - development of microeconomics;

NEO-CLASSICAL ECONOMICS

Introduced the general economic system; analysis of general equilibrium was achieved; market equilibrium can take place only at a price where the quantities supplied and demanded are equal

Leon Walras

he emphasized that price and output are determined by supply and demand

Alfred Marshall

Father of macroeconomics; published his General Theory of Employment, Interest, and Money in the 1930s, which changed the focus of economics to macroeconomics national income, employment, general price levels, and fiscal policy.

John Maynard Keynes

the present state of the development of economics is a hybrid of neoclassical economics and Keynesian economics

Mainstream Economics)

he attempted an ambitious effort in examining the laws of motion of the capitalist production by embracing historical, sociological, and economic aspects together;

Karl Marx-

collaborator of Karl Marx in the foundation of Communism; co-authored the Communist Manifesto with Marx

Friedrich Engels

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