AP Flashcards

7191438668	Economics	→ a social science that deals with the optimum allocation of scarce resources to satisfy human needs & wants → the branch knowledge concerned with the production, consumption, and transfer of wealth	0
7191442488	Positive	→ the study of "what is" → cause and effects → proven facts and information	1
7191448535	Normative	→ the study of "What should be" → judgement and opinion	2
7191458796	Safety Needs	→ staying well, avoiding being ill → safe circumstances → stability → protection → structure for order, some limits	3
7191462369	Love and Belongingness (maddie wru)	→ friends, romantic relationships, family, even a sense of community	4
7191463772	Esteem	→ Self-respect: confidence, competence, achievement, mastery, independence, and freedom → Self-esteem: the need for the respect of others, the need for status, fame, glory, recognition, attention, reputation, appreciation, dignity, even dominance	5
7191466742	Self - Actualization	→ only a small percentage of the world's population is truly predominantly self-actualizing → knowledge and appreciation of Beauty, goodness, freedom, and a realistic view and acceptance of self and others → Reality - centered: Differentiate what is fake and dishonest from what is real and genuine → problem - centered: treating life's difficulties as problems demanding solutions, and as personal troubles to be railed to and surrendered to	6
7191480282	Efficiency	→ getting the most we(the society) can from scarce resource	7
7191481041	Equity	→ distributing economic prosperity justly among members of society	8
7191482047	Trade - off	→ giving up one thing in place of another	9
7191483717	Opportunity Cost	→ is the forgone value of the next best alternative that is not chosen or the value of the alternative given up	10
7191485847	Production Possibility Frontier	→ Maximum amount of production of 2 goods that an economy can produce given its resource base, technology and economic efficient production	11
7191502886	Production possibilities curve	→ choices and opportunity cost → production within the curve → shifts in the curve	12
7191504310	Consumption	→ refers to the use of goods and services by consumers in order to address their needs and wants	13
7191505586	Right to basic needs	→ dti: oversee products in the market → availability of prime commodities in the market	14
7191507509	Right to safety	→ manufacturers of consumer products to undertake extensive safety and performance testing before selling their products in the market	15
7191508925	Right to information	→ should provide with complete information about the product to be purchased, including its use, ingredients/ chemicals, contents precautions, if any, limitation and expiry date	16
7191511534	Right to Choose	→ a wide array of goods and devices which are offered in the market with diverse brands, sizes, shapes and colors with differences - in the price, quality and use	17
7191514061	Right to Representation	→ Legislators would propose laws that would ensure that the consumers have the chance to live a better life by getting the best value for their hard-earned peso	18
7191517747	Right to redress	→ Manufacturers/ storeowners would replace defective goods pursuant to the provision "No return, No exchange" provided in the DTI's implementing rules and regulations of the republic act 7349, otherwise known as the consumer act of the Philippines	19
7191520861	Right to consumer education	→ Right to know the consumer rights	20
7191521895	Right to a Healthy Environment	→ The government exerting an iron hand regarding the alarming increase in the degradation of the environment, especially forests, dying wildlife[zenon], depleted land fill space and environmental contamination to present further damage	21