Mid 1

Mutated Lemon · 100問 · 2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

a Greek word meaning “household management".

Oikonomia

Economics definition indicates three things:

Scarcity, Economic good, Unlimited human wants

refers to the condition wherein most things that people want are available only in limited supply, hence, must be rationed, either by price or some other means.

Scarcity

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

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

Unlimited human wants

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

Microeconomics

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

Macroeconomics

Divisions of economics

Microeconomics, 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

According to __________“Agricultural economics is the study of relationships arising from the wealth- getting and wealth-using activity of man in agriculture”

Prof. Hibbard,

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

Basic economic problems

How to produce?, How much to produce?, When to produce?, what to produce?, For whom to Produce?

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

Scarce and command a on-zero price (land, labor, capital)

Economic resource

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

Production Possibilities Frontier (PPF)

Economic Goals

Full employment, Equity, Efficiency, Economic Growth, Economic Freedom, Price stability, Economic Development, Economic Security

all available resources should be employed or fully utilized or no workers should be involuntarily out of work

Full Employment

an equitable distribution of wealth and income

Equity

producing any given level of output at minimum opportunity cost of the inputs used in production

Efficiency

expansion of production, constantly increasing output or national income, reduction in poverty incidence, increase in employment, etc.

Economic growth

Includes our freedom to choose what to produce or consume, employment, etc.; the freedom to do economic activities within the economy’s legal framework.

Economic freedom

the absence of inflation (successive increases in prices of almost all kinds of commodities in the market) and wide fluctuations in prices

Price stability

improvement in the quality of life of the people

Economic development

assurance of the fulfillment of economic needs of every member of society, including the handicapped

Economic security

who favored protective tariffs

Mercantilists

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

Copernicus

the philosopher, formulated the labor theory of value.

John Locke

earned his living as a philosopher and historian, Contribution to the understanding of the automatic regulation of the gold standard with resulting effects on price levels to correct balance of trade.

David Hume

Economic Ideologies of Nations

Capitalism, Communism, Socialism, Facism, Feudalism

also called market economy or free-enterprise economy

CAPITALISM

- 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 - large companies were linked to state power and had great monopoly power

FACISM

- an economic system that still persists in many developing countries - an agrarian economic system in which the control of land and the specialization of class roles between landholders and peasants is strictly structured.

FEUDALISM

Economic Theories

Prehistory, Classical Economics, Neo-Classical Economics, Post-Keynesian Mainstream (Mainstream Economics)

economics has developed into a body of knowledge by various thinkers or writers some of whom were called earlier as philosophers, mercantilists, pamphleteers, arithmeticians, political economists, and then as economists.

PREHISTORY

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” - Wealth of Nations (1776) - Proponent of “Invisible Hand” Theory - Advocated in this theory that laissez faire or let-alone policy - Government should not interfere with business & commerce

Adam Smith

- Labor Theory of Value: It states that labor creates value. - That the value (i.e., price) of goods produced and sold under competitive conditions tends to be proportionate to the labor costs incurred in producing them. - wrote the “Principles of Economy & Taxation”

David Ricardo

- English economist, a demographer - Malthusian theory/ Malthusianism: population growth will always tend to outrun the food supply and that betterment of humankind is impossible without stern limits on reproduction.

Thomas Malthus

- heir to David Ricardo in the exposition of classical economics in Principles of Political Economy (1848), which dominated economics throughout the second half of the nineteenth century.

John Stuart Mill

- Value depends on both costs of production (supply) and utility (demands); - development of microeconomics; - economic measurement involving the tools of modern probability and statistics and special techniques were also introduced

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

- in Principles of Economics, 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

Post-Keynesian Mainstream (Mainstream Economics)

Socialist Economics

Karl Marx, Friedrich Engels

in Das Kapital, he attempted an ambitious effort in examining the laws of motion of the capitalist production by embracing historical, sociological, and economic aspects together; had a predictive model – that of the ultimate collapse of the capitalist system; influenced leaders of the Bolshevix Revolution

Karl Marx

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

Friedrich Engels

___ in the market are agri products

90%

Goods in the market

Direct goods/ Raw goods, Indirect goods/ Processed goods

Factors of production

Provided by firms, Provided by the household

Factors provided by the firms

Intermediate inputs, Capital goods

Factors provided by the household

Labor, Land, Capital

Activity or operation conducted on area/place where in there is an exchange of goods between buyer and seller

marketing

The place of exchange between buyer and seller

market

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