MANAGERIAL ECONOMICS 2

93問 • 1年前

Sab Sescon

通報

問題一覧

People behind economics

Adam Smith John Stuart Mill karl Marx Leon Walras alfred Marshall John Maynard Keynes John Hicks

______ is considered the "FATHER OF ECONOMICS"

adam smith

ADAM SMITH is considered the "______"

FATHER OF ECONOMICS

_____'s book "WEALTH OF THE NATIONS" became known as the "BIBLE IN ECONOMICS"

ADAM SMITH

ADAM SMITH's book "______" became known as the "BIBLE IN ECONOMICS"

WEALTH OF THE NATIONS

ADAM SMITH's book "WEALTH OF THE NATIONS" became known as the "_____"

BIBLE IN ECONOMICS

_____'S contribution was his analysis of the relationship between consumers and producers through DEMAND AND SUPPLY, which ultimately explained how the market works through the INVISIBLE HAND

ADAM SMITH

ADAM SMITH'S contribution was his analysis of the relationship between consumers and producers through _______, which ultimately explained how the market works through the INVISIBLE HAND

DEMAND AND SUPPLY

ADAM SMITH'S contribution was his analysis of the relationship between consumers and producers through DEMAND AND SUPPLY, which ultimately explained how the market works through the ______

INVISIBLE HAND

He developed the basic analysis of the political economy or the importance of a state's role in its national economy

john stuart mill

______'s major work, DAS KAPITAL is the centerpiece from which major socialist thought was to emerge

KARL MARX

KARL MARX's major work, _____ is the centerpiece from which major socialist thought was to emerge

DAS KAPITAL

______ introduced the GENERAL ECONOMIC SYSTEM

LEON WALRAS

LEON WALRAS introduced the ______

GENERAL ECONOMIC SYSTEM

______ developed the analysis of equilibrium of a particular market and the concept of MARGINALISM

ALFRED MARSHALL

ALFRED MARSHALL developed the analysis of equilibrium of a particular market and the concept of ______

MARGINALISM

______ offered an explanation of mass unemployment and suggestions for government policy to use unemployment in his influential book entitled "THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY"

JOHN MAYNARD KEYNES

JOHN MAYNARD KEYNES offered an explanation of mass unemployment and suggestions for government policy to use unemployment in his influential book entitled "_______"

THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY

______ was recognized for his analysis of the IS-LM MODEL, which is considered an important macroeconomic model.

JOHN HICKS

JOHN HICKS was recognized for his analysis of the ______, which is considered an important macroeconomic model.

IS-LM MODEL

What are the four basic economics question?

1. what to produce 2. how to produce 3. how much to produce 4. for whom to produce

An economy must identify the commodities needed to be produced for the utilization of the society in everyday life

what to produce

An economy must identify the different methods and means to produce the commodities

how to produce

The society must determine whether to employ LABOR-INTENSIVE PRODUCTION or CAPITAL-INTENSIVE PRODUCTION

how to produce

uses more manpower in producing goods and services

LABOR-INTENSIVE PRODUCTION

employs more technology in capital goods like machinery and equipment in producing goods and services

CAPITAL-INTENSIVE PRODUCTION

An economy must identify the number of commodities needed to be produced in order to answer the demand of the society

how much to produce

The optimum amount of production must be approximated by producers to avoid overproduction or under production

how much to produce

This question identifies the people or sectors that demand the commodities produced in a society

for whom to produce

Is an economic analysis that considers economic conditions AS THEY ARE or examines economics AS IT IS

positive economics

It simply answers the question WHAT IS

positive economics

The economy is now experiencing a slow down because of too much political and corruption in the government.

positive economics

In the UK the role of unemployment has increased by 50% in the past 3 years.

positive economics

Is an economic analysis that judges economic conditions AS IT SHOULD BE

normative economics

It is that aspect of economics concerned with human welfare and deals with ethics, personal value judgements, and obligations analyzing economic phenomena

normative economics

It answers the question WHAT SHOULD BE

normative economics

The Philippine government should initiate political reforms to regain investor competence and consequently uplift the economy.

normative economics

The MPC should increase interest rates to deal with the rise in inflation.

normative economics

This refers to a tax imposed on imported products

tarif

This refers to a limit quantity of a particular product that can be produced, exported or imported under official controls

quotas

These are the goods that may be used in place of another

substitute goods

Is where we go to buy foods and other essential needs

market

Is simply a place where buyers and sellers meet to trade goods

market

Types of market

dry market wet market labor market stock market

This is where people buy dry goods such as shoes, bags, clothes, etc.

dry market

This is where people buy vegetables, meat, fruit, etc.

wet market

This refers to an intangible domain wherein employers and job seekers meet

labor market

This is where people buy, sell and share stocks, which are shares of ownership in a public company

stock market

Pertains to the quantity of goods or services that people are willing to buy at a given price at a given time

demand

States that, if the price goes up, the quantity demanded will go down, if the price goes down, the quantity demand will go up

law of demand

Law of demand states that

if the price goes up, the quantity demanded will go down, if the price goes down, the quantity demanded will go up

Is a table that shows the relationship between prices and specific quantities demanded at each price

demand schedule

Is a graphical representation showing the relationship between price and quantities demanded per time period

demand curve

Has a negative slope; thus, it slopes downward from left to right —indicating the inverse relationship between price and quantity demanded

demand curve

Shows the relationship between the man for a commodity and the factors that influence such demand

demand function

The factors that influence such demand are

price prices of other related commodities buyers income tastes and preferences size and composition of the population

The demand function is expressed in mathematical function

Qd = f

There is a change in _____ that if the movement is along the same demand curve

change in quantity demanded

This is caused by the increase or decrease in the products price

change in quantity demand

There is a change in _____ if the entire demand curve shifts to the right side, resulting in an increase in demand

change in demand

This is caused by other factors aside from price

change in the man

Other factors that cause the demand curve to change

taste or preference changing incomes occasional or seasonal products population change substitute goods expectations of future prices

This pertains to customers likes or dislikes for a particular goods or services

taste or preference

An increase in one's income increases their buying power and therefore the capacity to demand, a decrease in one's income will reduce the buying power thereby reducing their demand for goods and services

changing incomes

The various events or seasons in a given year also caused the demand to change

occasional or seasonal products

An increase in population leads to more demand

population change

In situations wherein the price of a particular good rises, a consumer tends to look for alternative commodities

substitute goods

If buyers expect the price of a good or service to rise or fall in the future, it may cause the current demand to increase or decrease

expectations of future prices

Refers to the quantity of goods or services that firms are willing to sell at the given price at a given time

supply

"all other things being equal" or "holding other factors constant"

ceteris paribus

States that, if the price goes up, quantity supplied also goes up; if the price goes down, quantity supplied also goes down

law of supply

A table that shows the relationship between prices and specific quantities supplied at each price

supply schedule

Is a graphical representation showing the relationship between the price of the product or factor or production and the quantity supplies per time period

supply curve

Typically slopes upward from left to right, indicating the positive relationship between price and the quantity supply

supply curve

Shows the relationship between supply for a commodity and the factors that influence such supply

supply function

The mathematical function for supply function is

Qs = f

There is a change in ______ if the movement is along the same supply curve

change in quantity supplied

There is a change in ______ if the entire supply curve shifts right ward or left ward

supply

Other factors that cause the supply curve to change

optimization in the use of factors of production technological change future expectations number of sellers weather conditions government policy

Refers to the process of making something more efficient and effective as possible

optimization

Technology can either increase or decrease the supply of goods

technological change

If the sellers anticipate arise in prices, they make shoes to hold back the current supply to take advantage of the future increase in price

future expectations

The more sellers in the market the greater supply of goods and services will be available

number of seller

Weather impacts the supply of agricultural goods in the market

weather conditions

If government removes quotas and tariffs the supply of goods in the market will increase, however, higher trade restrictions will limit the important products

government policy

Pertains to the balance between demand and supply

market equilibrium

It is an agreement between the seller and the buyer at a particular price and that a particular quantity

market equilibrium

Is the specification by the government of minimum and maximum prices for goods and services

price control

Is the legal minimum price imposed by the government of the SURPLUS condition exists in the market

floor price

Is the legal maximum price imposed by the government if there is a SHORTAGE in the market

price ceiling

Demand equation

Qd = a -bP

Supply equation

Qs = -c + dP

Equilibrium condition

Qd = Qs

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問題一覧

People behind economics

Adam Smith John Stuart Mill karl Marx Leon Walras alfred Marshall John Maynard Keynes John Hicks

______ is considered the "FATHER OF ECONOMICS"

adam smith

ADAM SMITH is considered the "______"

FATHER OF ECONOMICS

_____'s book "WEALTH OF THE NATIONS" became known as the "BIBLE IN ECONOMICS"

ADAM SMITH

ADAM SMITH's book "______" became known as the "BIBLE IN ECONOMICS"

WEALTH OF THE NATIONS

ADAM SMITH's book "WEALTH OF THE NATIONS" became known as the "_____"

BIBLE IN ECONOMICS

_____'S contribution was his analysis of the relationship between consumers and producers through DEMAND AND SUPPLY, which ultimately explained how the market works through the INVISIBLE HAND

ADAM SMITH

ADAM SMITH'S contribution was his analysis of the relationship between consumers and producers through _______, which ultimately explained how the market works through the INVISIBLE HAND

DEMAND AND SUPPLY

ADAM SMITH'S contribution was his analysis of the relationship between consumers and producers through DEMAND AND SUPPLY, which ultimately explained how the market works through the ______

INVISIBLE HAND

He developed the basic analysis of the political economy or the importance of a state's role in its national economy

john stuart mill

______'s major work, DAS KAPITAL is the centerpiece from which major socialist thought was to emerge

KARL MARX

KARL MARX's major work, _____ is the centerpiece from which major socialist thought was to emerge

DAS KAPITAL

______ introduced the GENERAL ECONOMIC SYSTEM

LEON WALRAS

LEON WALRAS introduced the ______

GENERAL ECONOMIC SYSTEM

______ developed the analysis of equilibrium of a particular market and the concept of MARGINALISM

ALFRED MARSHALL

ALFRED MARSHALL developed the analysis of equilibrium of a particular market and the concept of ______

MARGINALISM

______ offered an explanation of mass unemployment and suggestions for government policy to use unemployment in his influential book entitled "THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY"

JOHN MAYNARD KEYNES

JOHN MAYNARD KEYNES offered an explanation of mass unemployment and suggestions for government policy to use unemployment in his influential book entitled "_______"

THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY

______ was recognized for his analysis of the IS-LM MODEL, which is considered an important macroeconomic model.

JOHN HICKS

JOHN HICKS was recognized for his analysis of the ______, which is considered an important macroeconomic model.

IS-LM MODEL

What are the four basic economics question?

1. what to produce 2. how to produce 3. how much to produce 4. for whom to produce

An economy must identify the commodities needed to be produced for the utilization of the society in everyday life

what to produce

An economy must identify the different methods and means to produce the commodities

how to produce

The society must determine whether to employ LABOR-INTENSIVE PRODUCTION or CAPITAL-INTENSIVE PRODUCTION

how to produce

uses more manpower in producing goods and services

LABOR-INTENSIVE PRODUCTION

employs more technology in capital goods like machinery and equipment in producing goods and services

CAPITAL-INTENSIVE PRODUCTION

An economy must identify the number of commodities needed to be produced in order to answer the demand of the society

how much to produce

The optimum amount of production must be approximated by producers to avoid overproduction or under production

how much to produce

This question identifies the people or sectors that demand the commodities produced in a society

for whom to produce

Is an economic analysis that considers economic conditions AS THEY ARE or examines economics AS IT IS

positive economics

It simply answers the question WHAT IS

positive economics

The economy is now experiencing a slow down because of too much political and corruption in the government.

positive economics

In the UK the role of unemployment has increased by 50% in the past 3 years.

positive economics

Is an economic analysis that judges economic conditions AS IT SHOULD BE

normative economics

It is that aspect of economics concerned with human welfare and deals with ethics, personal value judgements, and obligations analyzing economic phenomena

normative economics

It answers the question WHAT SHOULD BE

normative economics

The Philippine government should initiate political reforms to regain investor competence and consequently uplift the economy.

normative economics

The MPC should increase interest rates to deal with the rise in inflation.

normative economics

This refers to a tax imposed on imported products

tarif

This refers to a limit quantity of a particular product that can be produced, exported or imported under official controls

quotas

These are the goods that may be used in place of another

substitute goods

Is where we go to buy foods and other essential needs

market

Is simply a place where buyers and sellers meet to trade goods

market

Types of market

dry market wet market labor market stock market

This is where people buy dry goods such as shoes, bags, clothes, etc.

dry market

This is where people buy vegetables, meat, fruit, etc.

wet market

This refers to an intangible domain wherein employers and job seekers meet

labor market

This is where people buy, sell and share stocks, which are shares of ownership in a public company

stock market

Pertains to the quantity of goods or services that people are willing to buy at a given price at a given time

demand

States that, if the price goes up, the quantity demanded will go down, if the price goes down, the quantity demand will go up

law of demand

Law of demand states that

if the price goes up, the quantity demanded will go down, if the price goes down, the quantity demanded will go up

Is a table that shows the relationship between prices and specific quantities demanded at each price

demand schedule

Is a graphical representation showing the relationship between price and quantities demanded per time period

demand curve

Has a negative slope; thus, it slopes downward from left to right —indicating the inverse relationship between price and quantity demanded

demand curve

Shows the relationship between the man for a commodity and the factors that influence such demand

demand function

The factors that influence such demand are

price prices of other related commodities buyers income tastes and preferences size and composition of the population

The demand function is expressed in mathematical function

Qd = f

There is a change in _____ that if the movement is along the same demand curve

change in quantity demanded

This is caused by the increase or decrease in the products price

change in quantity demand

There is a change in _____ if the entire demand curve shifts to the right side, resulting in an increase in demand

change in demand

This is caused by other factors aside from price

change in the man

Other factors that cause the demand curve to change

taste or preference changing incomes occasional or seasonal products population change substitute goods expectations of future prices

This pertains to customers likes or dislikes for a particular goods or services

taste or preference

changing incomes

The various events or seasons in a given year also caused the demand to change

occasional or seasonal products

An increase in population leads to more demand

population change

In situations wherein the price of a particular good rises, a consumer tends to look for alternative commodities

substitute goods

If buyers expect the price of a good or service to rise or fall in the future, it may cause the current demand to increase or decrease

expectations of future prices

Refers to the quantity of goods or services that firms are willing to sell at the given price at a given time

supply

"all other things being equal" or "holding other factors constant"

ceteris paribus

States that, if the price goes up, quantity supplied also goes up; if the price goes down, quantity supplied also goes down

law of supply

A table that shows the relationship between prices and specific quantities supplied at each price

supply schedule

Is a graphical representation showing the relationship between the price of the product or factor or production and the quantity supplies per time period

supply curve

Typically slopes upward from left to right, indicating the positive relationship between price and the quantity supply

supply curve

Shows the relationship between supply for a commodity and the factors that influence such supply

supply function

The mathematical function for supply function is

Qs = f

There is a change in ______ if the movement is along the same supply curve

change in quantity supplied

There is a change in ______ if the entire supply curve shifts right ward or left ward

supply

Other factors that cause the supply curve to change

optimization in the use of factors of production technological change future expectations number of sellers weather conditions government policy

Refers to the process of making something more efficient and effective as possible

optimization

Technology can either increase or decrease the supply of goods

technological change

If the sellers anticipate arise in prices, they make shoes to hold back the current supply to take advantage of the future increase in price

future expectations

The more sellers in the market the greater supply of goods and services will be available

number of seller

Weather impacts the supply of agricultural goods in the market

weather conditions

If government removes quotas and tariffs the supply of goods in the market will increase, however, higher trade restrictions will limit the important products

government policy

Pertains to the balance between demand and supply

market equilibrium

It is an agreement between the seller and the buyer at a particular price and that a particular quantity

market equilibrium

Is the specification by the government of minimum and maximum prices for goods and services

price control

Is the legal minimum price imposed by the government of the SURPLUS condition exists in the market

floor price

Is the legal maximum price imposed by the government if there is a SHORTAGE in the market

price ceiling

Demand equation

Qd = a -bP

Supply equation

Qs = -c + dP

Equilibrium condition

Qd = Qs