AP Flashcards

7156399278	Economic Goods	things that have been value or price like food, clothing, and shelter	0
7156403217	Microeconomics	centered in studying the small unit of the economy	1
7156402863	Macroeconomics	study of the behavior of the entire economy	2
7156383105	Adam Smith	Father of Modern Economics Laissez Faire(Let alone Policy)	3
7156383254	David Ricardo	Known for his brilliant ides about the effects of natural resources Law of Diminishing Marginal Returns Law of Comparative Advance	4
7156391061	Thomas Robert Malthus	Malthusian Theory Written a book "An Essay on the Principle of Population	5
7156392226	John Maynard Keynes	Law of Supply and Demand Neoclassicists Father of Macroeconomics Wrote a book "General Theory of Employment, Interest, and Money" Father of Modern Theory of Employment	6
7156398304	Karl Marx	Father of Communism Wrote "Das Capital"	7
7156406308	Oikos	House	8
7156405801	Nomos	household management	9
7156411675	Sociology	science that studies the composition of society relationships, and social institution	10
7156412827	Political Science	study of government structure, functions, responsibilities, and law is vital because all of these affect and influence our lives and the economy as a whole	11
7156414651	History	recorded struggle of and progress made by man from the past to the present	12
7156415350	Ethics	about the morals of an individual and doing what is right in life	13
7156415994	Psychology	scientific study of the mind and how it influences human behavior	14
7156416669	Geography	about the study of physical features of a country as well as its products and population which affects the economic activities of man	15
7156418182	Chemistry	focused in the study of composition of chemicals for the creation of variety of goods	16
7156419171	Physics	study of matter and energy	17
7156419626	Biology	study of living things like human, animals, and plants	18
7156420303	Mathematics	science of number and their operations	19
7156420353	Statistics	science of learning from data	20
7156733264	Scientific Method	analyzing the said issues or problems of the economy	21
7156733265	First step	identify the issue or problem to be analyzed	22
7156733266	Second step	make assumption/hypothesis	23
7156733267	Individual choic	decesion made by the people acting separately from one another	24
7156733268	Social choice	decision made by the governmment to satisfy the needs	25
7156733269	Opportunity cost	refers to the value of alternative given up to obtain another item	26
7156733270	Benifit	what you gain from choices	27
7156733271	Trade-off	sacrificing one product for another product	28
7156733272	Scarcity	condition where the resources are limited to satisfy the unlimited needs and wants of people	29
7156733273	Shortage	lack of supply	30
7156733274	Hoarding	being done to demand for a higher price	31
7156733275	Cartel	group of businessmen who manipulates and controls the distribution, consumption, and pricing of a certain product, so as to demand for a higher price	32
7156733276	Distribution Problems	process of distributing the goods and services to the different sectors of the economy	33
7156733277	Allocation	refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources to diverse uses in order to answer the problem of scarcity	34
7156733278	Expansion	many processes that can distribute these resources	35
7156733279	Three important steps to make the resources expand	1. effective, orderly, and wise use 2. investment 3. use of modern technology	36
7156733280	Investment	refers to the addition of capital stock	37
7156733281	Needs	things that are required in order to live	38
7156733282	Wants	things that you do not have to have to survive, but would like to have	39
7156733283	Abraham Harold Maslow	sociologist, underscores that each individual has different needs	40
7156733284	Education	needs of men differ according to educational attainment	41
7156733285	Income	giving emphasis to our primary needs vvary based on the income of the individual	42
7156733286	Age	as a person grows older his/her needs and wants change	43
7156733287	Taste and Preference	teenagers have different need and wants compared to adult	44
7156733288	Profession	a car is not neede of a janitor, clerk, or laborer but to a businessman, executive, or manager, it may be need	45
7156733289	Feudalism	economic and political system that dealt w/ extensive land ownership	46
7156733290	Mercantilism	gold and silver to become powerful	47
7156733291	Capitalism	industrial revolution paved thee way for the recognition of rights of the private sector in developing the industries	48
7156733292	Characteristics of Capitalism	1. Ownership of Resources and Wealth 2. Decision-making 3. Pricing	49
7156748720	Communism	Karl Marx is know socialist who believes in the equality of people in society (he wrote "Manifesto")	50
7156748721	Socialism	described as combination of capitalism and communism	51
7156748722	Fascism	controlled by the state under a dicatator	52
7156748723	Consumer products	goods and services used by consumers for their personal, and household needa such as food; clothing, shelter, devices, cosmetics, drugs and others	53
7156748724	Consumer services	rendered by different business firms to repair and improve the consumer products are considered	54
7159281004	Alert	cheating is rampant among traders in the marketplace	55
7159281769	Budget Conscious	wise consumer is not an impulsive buyer	56
7159282168	Reasonable	consumer always takes into consideration the price and quantity of the product	57
7159285051	Not affected by advertisement	endorsement of a product by a celebrity has no effect to a wise consumer	58