Refers to systematic investigation statistical study or relationships among two or more variables without necessarily determining the cause and effect

Sab Sescon · 23問 · 1年前

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23問 • 1年前

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mathhhlogic

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問題一覧

simply means APPLICATION of the economic theories and concepts

Applied Economics

APPLIED ECONOMICS simply means _____ of the economic theories and concepts

application

is a SOCIAL SCIENCE that deals with the study of proper ALLOCATION of SCARCE RESOURCES to satisfy unlimited human WANTS AND NEEDS

economics

ECONOMICS is a ____ that deals with the study of proper ALLOCATION of SCARCE RESOURCES to satisfy and limited human WANTS AND NEEDS

SOCIAL SCIENCE

ECONOMICS is a SOCIAL SCIENCE that deals with the study of proper _____ of SCARCE RESOURCES to satisfy and limited human WANTS AND NEEDS

ALLOCATION

ECONOMICS is a SOCIAL SCIENCE that deals with the study of proper ALLOCATION of _____ to satisfy and limited human WANTS AND NEEDS

SCARCE RESOURCES

ECONOMICS is a SOCIAL SCIENCE that deals with the study of proper ALLOCATION of SCARCE RESOURCES to satisfy and limited human ______

WANTS AND NEEDS

it is the study of society

social science

study of how the society and the people behaves

social science

allocation means

distribution

scars means

limited

study of scarcity

economics

study of how people use resources

economics

study of decision making

economics

the five hierarchy of needs of human beings

physiological needs safety love and belonging self esteem self actualization

morality creativity problem-solving

self-actualization

confidence achievement respect

self-esteem

friendship family intimacy

love and belonging

security in personal matters clan morals health employment resources

security

breathing food water homeostasis excretion

physiological needs

it is all about making choices

economics

it is the main problem which causes us to be forced to make choices

scarce resources

refers to the value of what you have to give up in order to choose something else

opportunity cost

the _____ of a choice is what you gave up to get it

opportunity cost

the value of the opportunity lost

opportunity cost

the two parts of value

benefits and cost

in order to make sound economic decision

the GREATEST BENEFIT but with the LOWEST COST

the two major economic problems

production and consumption

in analyzing the concept of _____ we need the help of ECONOMIC GRAPH

SUPPLY AND DEMAND

in analyzing the concept of SUPPLY AND DEMAND we need the help of _____

ECONOMIC GRAPH

the study of the allocation of scarce resources to satisfy the commerce of men and women

economics

the first economist

adam smith

Forefather of CAPITALISM

Adam Smith

adam smith

the first economist the forefather of CAPITALISM

in economics, it refers to limitations

scarcity

refers to limitations - limited goods or services limited time or limited abilities to achieve the desired

scarcity

the four factors of production

land labor capital entrepreneurial ability

used as space to create the products or services to satisfy the wants and needs

land

is an important factor of production

labor

it is described as any human work which is performed with the help of mind or physique with the view to produce something

labor

the two types of capital

PHYSICAL Capital FINANCIAL Capital

economics deals mainly with the type of capital

physical capital

buildings, tools, equipments

capital

human made objects used to create other goods and services

physical capital

necessary skilled efficiently makes the other three factors

entrepreneurial ability

serve as the compensation of entrepreneurial skill

profit

refers to the value of what you have to give up in order to choose something else

opportunity cost

in order to make sound economical decision

the greatest benefit but with the lowest cost

is a good or service that has a benefit (utility) to society

economic good

have a degree of scarcity and therefore an opportunity cost

economic good

is the opposite of economic good

economic bad

is anything with a negative value to the consumer

economic band

is a result of business activity and consumption that is negative

economic bad

examples of economic bad

pollution unhealthy food risk noise misinformation loss of resources

two branches of economics

microeconomics macroeconomics

study of economic behavior of individual units of an economy such as (person, household, firm or industry)

microeconomics

concentrates on the behavior of entire economies of nation as a whole

macroeconomics

methods of economics

positive economics normative economics

it's all about facts connects cause and effect

positive economics

it is all about descriptions

positive economics

value judgment and opinion makes recommendation

normative economics

should be all about recommendations

normative economics

all things being equal

ceteris paribus

all other things being equal

ceteris paribus

other things held constant

ceteris paribus

all else unchanged

ceteris paribus

minsa the possibility of other changes affecting the situation of something will not be considered

ceteris paribus

types of economies

planned economy (control) market economy (free will) mixed economy

economic system combining planned economy and market economy

mixed economy

economy directed by the government

planned economy

all means of production (land, labor, capital) are state owned and controlled

planned economy

the government makes all economic choices of what to produce, how to produce, how to distribute

planned economy

it is also called COMMAND ECONOMY or COMMUNISM or SOCIALISM

planned economy

PLANNED ECONOMY is also called

command economy communism socialism

only few countries are communist and these include

north korea and cuba

it is not organized by any central authority but it is determined by the supply and demand

market economy

also called UNPLANNED ECONOMY or CAPITALISM

market economy

MARKET ECONOMY is also called

unplanned economy or capitalism

most of the _____ have adopted unplanned economy or at least have a mix of the two

socialist countries

is the total income of all residents of a nation

gross national product or gnp

including income from factors of production used abroad

gross national product

the total expenditure on a nation's output of goods and services

gross national product or gnp

is the total income earned domestically

gross domestic product or gdp

including the income earned by foreign owned factors of production

gross domestic product or gdp

the total expenditure and domestically produced goods and services

gross domestic product or gdp

what is the formula for GDP

GDP = C + I + G + (EX – IM)

C is equal to

spending by consumers

I is equal to

investment by businesses

G is equal to

government spending

EX – IM is equal to

net exports

the value of exports minus imports

net exports

is an investment in the form of a controlling ownership in a business in one country by an entity based in another country

foreign direct investment

the PHILIPPINES has seen GROWTH RATES between _____ because of the INCREASE IN REMITTANCES from OVERSEAS FILIPINO WORKERS (OFW)

5% to 6%

the PHILIPPINES has seen GROWTH RATES between 5% to 6% because of the _____ from OVERSEAS FILIPINO WORKERS (OFW)

INCREASE IN REMITTANCES

the PHILIPPINES has seen GROWTH RATES between 5% to 6% because of the INCREASE IN REMITTANCES from _____

OVERSEAS FILIPINO WORKERS (OFW)

simply means the growth or progress of a country such that each and every citizen benefits from the growth

inclusive growth

on the other hand, leaves a sizeable lot of population deprived of the fruits of growth

exclusive growth