Basic Economics

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economics comes from the greek word which means management of household

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oikonomos or oikonomia

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house in greek

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oikos

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managing in greek

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nomos

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economics in latin

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oeconomia

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economics in spanish

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oconomia

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paleontologist and anthropologist were able to find relics of our ancestral nomads from blank BC

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9000

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modern day economic term for self-sufficiency

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autarky

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oldest known living civilization located in

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yang tze river delta

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anthropologists agree that the oldest known civilization happened around

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6000 BC

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second oldest recorded civilization evolved from

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india

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middle eastern civilizations become known around

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2800 BC

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some major characteristics of civilization

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more or less permanent territory

food production through field cultivation or agriculture

early practices of specialization

an early system of government

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process by which the scientists, collectively and over time endeavor to construct an accurate representation of the world

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scientific method

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course of action or interaction chosen by public authorities to address a given problem or interrelated set of problems

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policy

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use of personal judgements in the analysis of the facts

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biases and preconceptions

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employing long definitions for some concepts and emotionally loaded terminologies

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loaded terminologies

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assuming that what is true to the parties is also true for the whole

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fallacy of composition

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presuming that if one events precedes another, it necessarily is the cause of the latter

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post hoc, ergo propter hoc fallacy

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using similar theories and policies in dealing with varying economic situations

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what is true for depression is true to prosperity fallacy

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five common pitfalls in using economic method

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biases and preconception

loaded terminologies

fallacy of composition

post hoc, ergo propter hoc fallacy

what is true for depression is true for prosperity fallacy

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a major assumption in all economic models used by economists

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ceteris paribus

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ceteris paribus means

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everything stand still or everything else is held constant

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four limitations to economic models

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the liberal use of assumptions

ceteris paribus

short run and long run

use of graphs

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approach in economics that tells us what is. it is factual, objective and is used to describe the occurrence of a phenomenon. more descriptive than predictive in its usage

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positive economics

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approach which tell us what should be or what ought to be. more subjective and more judgmental. more predictive than descriptive

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normative economics

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approaches to economics

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positive economics

normative economics

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study of the relationship of the broad economic sectors making up the entire national or global economy

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macroeconomics

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studies decision making of individual economic units such as one producer or one household

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microeconomics

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five fundamental questions to be answered in economics

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what to produce?

how many and how much to produce?

how to produce?

for whom to produce?

at what price to produce?

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determine the needs and wants of their consumers and costumers

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producers

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consumers and costumers are generally referred as

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market

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when the market has a need or want for a particular product and has the money and the willingness to buy it, then producers consider this need or want as

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market's demand

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what the market demands for are generally called

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products

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product that is tangible in nature

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good

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product that is intangible in nature

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service

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NEEDS stand for

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Natural Essential Elements Designed for Survival

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those we can live without or those not necessarily for one's survival

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wants

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approach by which economists determine the needs and wants of an entire group of people who are usually located in one place

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market aggregation

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approach used by economists to determine only specific demands of smaller markets

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market segmentation

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two approaches used by economists to answer the second questions

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market aggregation

market segmentation

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smaller markets identified with the use of market segmentation approaches are normally called

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target markets

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usually employed by developed countries wherein more machines are used in the production process as compared to the manual effort involved

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capital-intensive production

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types of production employed by undeveloped countries wherein it utilizes more manual effort than machines contributions

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labor intensive production

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utilizes by developing countries wherein use of machines and manual efforts is balanced

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intermediate production

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consumer's ability to buy the produced good and services

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purchasing power

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involves transferring ownership of goods from the producer to a wholesaler, then a retailer, before reaching the final consumer

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indirect distribution

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transferring of ownership straight to the consumer

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direct distribution

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directly addresses the basic economic questions of what to produce, how many or how much to produce, and how to produce products

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production

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primary and necessary items needed for man to survive

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basic goods

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items that are desired by man to have a more comfortable way of life, but are necessary to his survival, often expensive and not easy to acquire

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luxury goods

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goods that are provided for by government for the benefit of its requirements

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public goods

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goods that are normally abundant and do not need to be paid

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free goods

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goods that are normally produced or are scarce, requiring a certain payment for their consumption

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economic goods

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type of goods

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basic goods

luxury goods

public goods

free goods

economic goods

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directly addresses the questions "for whom to produce?". it focuses on how the products will reach the ultimate consumer

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distribution

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third economic activity designed to facilitate the transfer of the good or service from the producer to the consumer, and the corresponding payment from the consumer to the producer. only occurs when both parties agree, or when the consumer agrees with the price of the producer.

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exchange

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parties who agree to accept other goods as payment in exchange for their goods being sold are said to be involved in

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barter

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economic activity where the ultimate consumer now gets to enjoy the good or the service, which he or she has bought

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consumption

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satisfaction derived by a consumer from the consumption of a good or service

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utility

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four basic economic activities

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production

distribution

exchange

consumption

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pertains to all man-made resources used in the production process

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capital

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payment for the use of capital

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interests

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refers to the skills the owner or producer applies to combine all the factors of production to produce goods and services

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entrepreneurship

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the payment for entrepreneurial ability is the share of the entrepreneur in the enterprise known as

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profits

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encompasses not only the real estate property being used in the production process, but also all natural elements that come from it

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land

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payment for the use of land and its resources

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rent

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encompasses all manpower requirements of the enterprise

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labor

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payment for labor on a monthly or semi monthly basis

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salary

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payment for labor on a daily basis

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wage

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four factors of production

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capital

entrepreneurship

land

labor

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increase in the number of goods and services produced in a country

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economic growth

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improvement in the quality of life of people

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economic development

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the presence and availability of jobs for those who are able and willing to work

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full employment

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achieving the maximum fulfillment of wants using the available productive resources

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economic efficiency

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absence of wide fluctuations in prices

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price stability

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the freedom to do economic activities within the legal framework of the economy

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economic freedom

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

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economic security

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(7) common economic goals of countries

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economic growth

economic development

full employment

economic efficiency

price stability

economic freedom

economic security

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mechanism in a country which deals with the production, distribution, exchange, and consumption of goods and services

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economic system

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people's economic roles are the same as those of their parents and grandparents

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traditional economic system

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a nations economic decisions are the result of individual decisions by buyers and sellers

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market economic system

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extreme form of market economic system

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fascism

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main decision maker is the government

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planned economic system

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encompass several characteristics of other original economic systems

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mixed economic system

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four most basic and general economic system

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traditional economic system

market economic system

planned economic system

mixed economic system

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market decides

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pure capitalism

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state decides on major and basic products

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socialism

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states decides entirely

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communism

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individual and groups

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fascism

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dynamic interaction between the market and government

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mixed economies

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value of a product or services expressed in terms of monetary unit

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price

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shows how quantity demand is dependent on its determinants

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demand function

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shows how quantity supplied is dependent on its determinants

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supply function

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situation where quantity supplied and demanded are equal

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equilibrium

Front 95

five other determinants of demand

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income

population

taste and preference

price expectation

prices of related goods

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states that as price increase, quantity demanded decreases, and as price decreases, quantity demand increases

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law of demand

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shifting of demand to the right indicates a blank in demand

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increase

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shifting of demand curve to the left indicates a blank in demand

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decrease

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six determinants of supply other than price

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technology

cost of production

number of sellers

prices of other goods

price expectations

taxes and subsidies

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as price increases, quantity supplied increases, and as price decreases, quantity supplied also decreases

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law of supply

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shifting of supply curve to right indicates a blank in supply

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increase

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place where buyer and sellers interact and engage in exchange

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market

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shifting of supply curve to left indicates a blank in supply

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decrease

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states that when supply is greater than demand, priced decreases. when demand is greater than supply, prices increases. when supply is equal to demand, price remains constant.

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law of supply and demand

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refers to the reaction or response of the buyers to changes in price of goods and services

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elasticity of demand

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a change in price results to a greater change in the quantity demanded

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elastic demand

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a change in price results to a lesser change in the quantity demanded

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inelastic demand

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a change in price results to an equal change in quantity demanded

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unitary demand

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without change in price, there is an infinite change in quantity demanded. such demand applies to company which sells in a purely competitive market.

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perfectly elastic demand

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a change in price creates no change in quantity demanded. this is seen in extreme situation which involves life or death

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perfectly inelastic demand

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types of demand elasticity

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elastic demand

inelastic demand

unitary demand

perfectly elastic demand

perfectly inelastic demand

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three determinants of demand elasticity

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number of substitute goods

price increase in proportion to income

importance of the product to the consumers

Front 113

schedule of various quantities of commodities which buyers are willing and able to purchase at a given price, time and place. reflects the consumers desire for a commodity

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demand

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formula of price elasticity of demand

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(changeQ/Q)/(changeP/P)

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income elasticity of demand

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(changeQ/Q)/(changeY/Y)

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for more than 1 computed value, demand is

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elastic

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for computed value of 1, demand is

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unitary

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for less than 1 computed value, demand is

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inelastic demand

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schedule of various quantities of commodities which producers are willing and able to produce and offer at a given price, place and time. amount of commodity available for sale

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supply

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totality of a group of consumers demand

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aggregate demand

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totality of a group of producers supply

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aggregate supply

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quantities consumers are willing to buy of a good various prices

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demand schedule

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quantities producers are willing to offer for sale at various prices

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supply schedule

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a change in the entire curve cause by a change in the entire demand or supply schedule

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movement along the curve

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also known as parameters are factor other than price that also affects demand or supply

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non-price system

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value of a product or services expressed in terms of monetary unit

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price

Front 127

shows how quantity demand is dependent on its determinants

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demand function

Front 128

shows how quantity supplied is dependent on its determinants

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supply function

Front 129

situation where quantity supplied and demanded are equal

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equilibrium

Front 130

five other determinants of demand

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income

population

taste and preference

price expectation

prices of related goods

Front 131

states that as price increase, quantity demanded decreases, and as price decreases, quantity demand increases

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law of demand

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shifting of demand to the right indicates a blank in demand

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increase

Front 133

shifting of demand curve to the left indicates a blank in demand

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decrease

Front 134

six determinants of supply other than price

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technology

cost of production

number of sellers

prices of other goods

price expectations

taxes and subsidies

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as price increases, quantity supplied increases, and as price decreases, quantity supplied also decreases

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law of supply

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shifting of supply curve to right indicates a blank in supply

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increase

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place where buyer and sellers interact and engage in exchange

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market

Front 138

shifting of supply curve to left indicates a blank in supply

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decrease

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states that when supply is greater than demand, priced decreases. when demand is greater than supply, prices increases. when supply is equal to demand, price remains constant.

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law of supply and demand

Front 140

refers to the reaction or response of the buyers to changes in price of goods and services

Back 140

elasticity of demand

Front 141

a change in price results to a greater change in the quantity demanded

Back 141

elastic demand

Front 142

a change in price results to a lesser change in the quantity demanded

Back 142

inelastic demand

Front 143

a change in price results to an equal change in quantity demanded

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unitary demand

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without change in price, there is an infinite change in quantity demanded. such demand applies to company which sells in a purely competitive market.

Back 144

perfectly elastic demand

Front 145

a change in price creates no change in quantity demanded. this is seen in extreme situation which involves life or death

Back 145

perfectly inelastic demand

Front 146

types of demand elasticity

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elastic demand

inelastic demand

unitary demand

perfectly elastic demand

perfectly inelastic demand

Front 147

three determinants of demand elasticity

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number of substitute goods

price increase in proportion to income

importance of the product to the consumers

Front 148

schedule of various quantities of commodities which buyers are willing and able to purchase at a given price, time and place. reflects the consumers desire for a commodity

Back 148

demand

Front 149

formula of price elasticity of demand

Back 149

(changeQ/Q)/(changeP/P)

Front 150

income elasticity of demand

Back 150

(changeQ/Q)/(changeY/Y)

Front 151

for more than 1 computed value, demand is

Back 151

elastic

Front 152

for computed value of 1, demand is

Back 152

unitary

Front 153

for less than 1 computed value, demand is

Back 153

inelastic demand

Front 154

schedule of various quantities of commodities which producers are willing and able to produce and offer at a given price, place and time. amount of commodity available for sale

Back 154

supply

Front 155

totality of a group of consumers demand

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aggregate demand

Front 156

totality of a group of producers supply

Back 156

aggregate supply

Front 157

quantities consumers are willing to buy of a good various prices

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demand schedule

Front 158

quantities producers are willing to offer for sale at various prices

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supply schedule

Front 159

a change in the entire curve cause by a change in the entire demand or supply schedule

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movement along the curve

Front 160

also known as parameters are factor other than price that also affects demand or supply

Back 160

non-price system

Front 161

value of a product or services expressed in terms of monetary unit

Back 161

price

Front 162

shows how quantity demand is dependent on its determinants

Back 162

demand function

Front 163

shows how quantity supplied is dependent on its determinants

Back 163

supply function

Front 164

situation where quantity supplied and demanded are equal

Back 164

equilibrium

Front 165

five other determinants of demand

Back 165

income

population

taste and preference

price expectation

prices of related goods

Front 166

states that as price increase, quantity demanded decreases, and as price decreases, quantity demand increases

Back 166

law of demand

Front 167

shifting of demand to the right indicates a blank in demand

Back 167

increase

Front 168

shifting of demand curve to the left indicates a blank in demand

Back 168

decrease

Front 169

six determinants of supply other than price

Back 169

technology

cost of production

number of sellers

prices of other goods

price expectations

taxes and subsidies

Front 170

as price increases, quantity supplied increases, and as price decreases, quantity supplied also decreases

Back 170

law of supply

Front 171

shifting of supply curve to right indicates a blank in supply

Back 171

increase

Front 172

place where buyer and sellers interact and engage in exchange

Back 172

market

Front 173

shifting of supply curve to left indicates a blank in supply

Back 173

decrease

Front 174

states that when supply is greater than demand, priced decreases. when demand is greater than supply, prices increases. when supply is equal to demand, price remains constant.

Back 174

law of supply and demand

Front 175

refers to the reaction or response of the buyers to changes in price of goods and services

Back 175

elasticity of demand

Front 176

a change in price results to a greater change in the quantity demanded

Back 176

elastic demand

Front 177

a change in price results to a lesser change in the quantity demanded

Back 177

inelastic demand

Front 178

a change in price results to an equal change in quantity demanded

Back 178

unitary demand

Front 179

without change in price, there is an infinite change in quantity demanded. such demand applies to company which sells in a purely competitive market.

Back 179

perfectly elastic demand

Front 180

a change in price creates no change in quantity demanded. this is seen in extreme situation which involves life or death

Back 180

perfectly inelastic demand

Front 181

types of demand elasticity

Back 181

elastic demand

inelastic demand

unitary demand

perfectly elastic demand

perfectly inelastic demand

Front 182

three determinants of demand elasticity

Back 182

number of substitute goods

price increase in proportion to income

importance of the product to the consumers

Front 183

schedule of various quantities of commodities which buyers are willing and able to purchase at a given price, time and place. reflects the consumers desire for a commodity

Back 183

demand

Front 184

formula of price elasticity of demand

Back 184

(changeQ/Q)/(changeP/P)

Front 185

income elasticity of demand

Back 185

(changeQ/Q)/(changeY/Y)

Front 186

for more than 1 computed value, demand is

Back 186

elastic

Front 187

for computed value of 1, demand is

Back 187

unitary

Front 188

for less than 1 computed value, demand is

Back 188

inelastic demand

Front 189

schedule of various quantities of commodities which producers are willing and able to produce and offer at a given price, place and time. amount of commodity available for sale

Back 189

supply

Front 190

totality of a group of consumers demand

Back 190

aggregate demand

Front 191

totality of a group of producers supply

Back 191

aggregate supply

Front 192

quantities consumers are willing to buy of a good various prices

Back 192

demand schedule

Front 193

quantities producers are willing to offer for sale at various prices

Back 193

supply schedule

Front 194

a change in the entire curve cause by a change in the entire demand or supply schedule

Back 194

movement along the curve

Front 195

also known as parameters are factor other than price that also affects demand or supply

Back 195

non-price system

Front 196

central concept of economics is summarized in one simple word

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scarcity

Front 197

the opportunity cost of one good in terms of the other good at the margin

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marginal opportunity cost

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computed value of the next beat alternative that is given up when a choice is made given a set of choices is known as

Back 198

opportunity cost or trade-off

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increase production of one good, the opportunity cost of producing the next unit increases.

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law of increasing opportunity costs or the law of increasing trade-offs

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encompasses all production possibilities in a given economy. this means that all points in graph, below, on and above the ppc should be considered as

Back 200

Production Possibilities Frontier

Front 201

occurs when a country decides to concentrate its resources to produce only one good

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specialization

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states that when one country is able to produce a good while the other countries cannot. it obviously puts the producing country at an absolute advantage in terms of producing that good

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law of absolute advantage

Front 203

trade between two countries for different products

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international trade

Front 204

law wherein one country seems to have an advantage in producing one product cheaper than other country, and trades this cheaper products for the more expensive ones

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law of comparative advantage

Front 205

student of adam smith and father of international trade

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david recardo

Front 206

the creation of goods and services to satisfy human wants

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production

Front 207

is a graph which depicts the concept of opportunity cost by showing production trade-offs between two goods in hypothetical economy

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production possibilities curve

Front 208

are the factors of production

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inputs of production

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are the goods and services created by inputs.

Back 209

outputs of production

Front 210

technical relationship between the inputs and the outputs

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production function

Front 211

states that when successive units of a variable input work w/ a fixed input, beyond a certain point the additional product created by each additional unit of variable input decreases.

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law of production

Front 212

is an original gift of nature which includes soil, rivers, lakes, oceans, mountain, forests, mineral resources and climate

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land

Front 213

is an exertion of physical and mental efforts of individuals

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labor

Front 214

is a finished product w/c is used to produce other goods . ex machines or money

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capital

Front 215

is the organizer and coordinator of land, labor and capital

Back 215

entrepreneur

Front 216

remains constant regardless of the volume of production ex. land, capital

Back 216

fixed factor

Front 217

it changes in accordance w/ the volume of production

Back 217

variable factor

Front 218

combination of production possibilities, when written down on a table is called

Back 218

production possibilities schedule

Front 219

the process of transforming both fixed and variable inputs into finished goods and services

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theory of production

Front 220

states that when successive units of variable inputs work w/ a fixed input, beyond a certain point additional product produced by each additional unit of variable input decreases

Back 220

law of diminishing returns or law of diminishing marginal productivity

Front 221

defined as the additional product brought about by one additional unit of variable input

Back 221

marginal product

Front 222

necessary expenses in an enterprise

Back 222

costs

Front 223

are expenses incurred in production that tend to change directly as production changes

Back 223

variable costs

Front 224

computed by multiplying the variable cost per unit by the number of units produced

Back 224

total variable cost

Front 225

are expenses that do not change or vary with production

Back 225

fixed costs

Front 226

cost is categorized into two

Back 226

variable cost

fixed cost

Front 227

refer to the sales generated by an enterprise

Back 227

revenues

Front 228

computed by multiplying the selling price per unit by the number of units sold

Back 228

total revenues

Front 229

assumptions in using production possibilities curve

Back 229

economy is working at maximum efficiency

there are only two goods being produced in the economy

the same resources are being used in the production of these two goods

resources and technology are fixed

Front 230

computed as the difference between total revenues and total costs

Back 230

profits

Front 231

determined by equating total costs to total revenues

Back 231

breakeven point

Front 232

also called unit cost, it is equivalent to total cost divided by quantity

Back 232

average cost

Front 233

additional or extra cost brought about by producing one additional unit. it is obtained by dividing change in total cost by change in quantity

Back 233

marginal cost

Front 234

payments to the owner of he factors of production like wages, interests, and electric bills

Back 234

explicit cost

Front 235

is non-expenditure cost. the factor of production belongs to the users. so they do not pay

Back 235

implicit cost

Front 236

refers to a time w/c is too short to allow an enterprise to change its plant capacity, yet along enough to allow a change in its variable resources

Back 236

short run

Front 237

refers to a period pf time which is long enough to permit a firm or enterprise to alter all its resources or inputs bot fixed and variable .

Back 237

long run

Front 238

hypothetically, when all buyers and sellers agree on the same price, we achieve what is termed as

Back 238

market equilibrium

Front 239

difference between two quantities

Back 239

gap

Front 240

mean the amount of input needed to produce an output

Back 240

efficiency

Front 241

quantity being demanded is greater than the quantity being supplied

Back 241

supply gap

Front 242

greater quantity being supplied, but a lower quantity demanded

Back 242

demand gap

Front 243

agreed price allows all buyers to satisfy their desired quantities being demanded, while all sellers achieve their desired profit at this price.

Back 243

market-clearing price

Front 244

occurs when large number of sellers or producers of a good are present in the market, making the goods almost always available

Back 244

perfect competition

Front 245

products found in perfect competition market

Back 245

homogenous or standardized products

Front 246

a single firm produces the entire available products in an industry, is a markets structure that is dominated that is dominated by that firm

Back 246

monopoly

Front 247

arises in the market due to being a sole producer with technical advantages

Back 247

natural monopoly

Front 248

created by government legislation to cover patents, licensing, franchising provisions, or regulations on the rich

Back 248

legislated monopoly

Front 249

monopolies can be classified into two

Back 249

natural monopoly

legislated monopoly

Front 250

market structure characterized by very few sellers in the market making the products available for the consuming public

Back 250

oligopoly

Front 251

attained when firms produce those goods and services most valued or most demanded by society

Back 251

allocative efficiency

Front 252

market structure in which there are enough sellers or producers and that each acts independently of the others, but are few enough that each tends to have a monopoly of its own specific target market segments

Back 252

monopolistic competition

Front 253

products that tend to be similar of nature and purpose, but are used differently and are generally preferred by specific groups of consumers. example of this are non food traditional products like shampoo, soaps, and other cleansers

Back 253

differentiated products

Front 254

very similar to monopoly, except that instead of having a single seller, there is a single buyer in the industry

Back 254

monopsony

Front 255

very similar to oligopoly, except that instead of having a very few sellers in the industry, there are only very few buyers of a particular product

Back 255

oligopsony

Front 256

two special types market structures existing in modern economies today

Back 256

monopsony

oligopsony

Front 257

attained when an economy uses the least amount of resources to produce a given good or service or output is being produced at the lowest possible unit cost

Back 257

productive efficiency

Front 258

simply defined as the amount of output per unit of a given input

Back 258

productivity

Front 259

some consider PPC as

Back 259

transformation curve

Front 260

simply the slope of the production possibilities curve at any given point in the ppc

Back 260

marginal rate of transfromation