ekonomiks

About this deck

This deck includes 15 flashcards covering kakapusan, ekonomiks, economic, and related concepts. Use it to review key Economics ideas, focus on weak cards, and prepare for your exam with StudyLess.

1. 01

   What is the definition of 'ekonomiks'?

   A branch of study concerning human behavior and efforts to use limited resources to meet unlimited human needs and wants.

2. 02

   From what Greek word does 'ekonomiks' originate and what does it mean?

   From the Greek word 'oikonom', meaning 'household manager'.

3. 03

   What does 'kakulangan' refer to?

   Refers to the limitation of purchasable products in the market.

4. 04

   What is 'kakapusan'?

   A condition where available resources are limited to meet unlimited human needs and wants.

5. 05

   What are the two types of 'kakapusan'?

   Relative scarcity and absolute scarcity.

6. 06

   What are the causes of 'kakapusan'?

   Rapid population growth, unequal population distribution, dependency ratio, and improper use/lack of value for resources (white elephant projects).

7. 07

   What is a 'trade-off' in economic decision-making?

   Something given up or reduced to achieve or do another thing.

8. 08

   What is 'opportunity cost'?

   The value of something based on what was sacrificed to achieve or do it.

9. 09

   What is 'marginal thinking'?

   Small changes in a planned decision resulting from additional benefits or costs in correcting it.

10. 10

    What is an 'incentive'?

    Anything that motivates a person to act or comply (e.g., overtime pay, hazard pay, differential pay).

11. 11

    What does 'microeconomics' study?

    The behavior and actions of small economic units.

12. 12

    What does 'macroeconomics' study?

    The economy as a whole.

13. 13

    What is 'positive economics'?

    Descriptive economics; explaining economic events.

14. 14

    What is 'economic theory'?

    A technique that attempts to generalize or interpret collected data.

15. 15

    What is 'normative economics'?

    Analyzing the effects and outcomes of economic behavior to judge if it is right or wrong.