Applied Economics Q1 Reviewer

business establishments

4 year degree holder

when demand and supply meets, there is equilibrium

no real disadvantages. needs government intervention - creates laws and protects the land.

in theory, creates a classless society.

no competition, lower quality of goods.

the social science that analyzes the production, distribution, and consumption of goods and services.

government owns means of production. Government determines what goods will be sold at what price.

type of employment based on seasons.

high standard of living and economic security. Individuals free to earn profits but may risk loses.

An example of a capitalist economic system

where firms get the economic resources they need.

to supervise the proper allocation of economic resources. a strategy.

faces problems of poor quality goods, shortages, and diminishing production.

an economic system in which factories, equipment or other means of production are privately owned.

it is a social science which deals with how man acquire wealth for the satisfaction of his wants and/or needs.

land, labor, capital, entrepreneur, and forex are the economic resources.

cooperation stressed over competition

over employment where the labor produces zero productivity. Here, the labor force is left w/o any work in a redundant ma

does not produce enough public goods such as defense, universal education or health care.

to address the complexity of barter, we introduced ______

Everyone has individual freedom since there are little government intervention. Decentralized but only rewards productiv

professionals

government should be hands-off with big businesses.

Market determines what goods will be sold at what price.

the way the market regulates itself in a capitalist society.

the one where household gets its income.

real capital. agent of production.

high standard of living and economic security. High taxes provide free healthcare and education.

where firms give their capital goods (lumber, steel)

type of employees aiming for higher position

when the supply is low and the demand is high, there is shortage.

beyond 250,000 php (threshold) income a year, it is taxable.

An example of a socialist economic system

the idea that the free market through supply and demand will regulate itself if government does not interfere.

we study economy because of scarcity. We research to solve scarcity.

The symbol of the soviet union featured the hammer and the sickle symbols of laborers for centuries.

the highest form of capitalism.

when both demand and supply is high, there is surplus.

central authority that is capable of dramatic change in a short time but does not meet wants and needs of consumers.

power belongs to the working class.

founder of standard oil and had a net worth of $668 billion.

coincidence of wants

sets forth economic roles for all members. lower standard of living. revolves around family.

basic means of production owned and managed by government. Private ownership with regulation of businesses.

an economic or political system in which the state or the community shares the wealth.

goal is equality for everybody, enforced by the government.

when the demand is high and the supply is low, there is a surplus

a political and economic theory advocates ownership of the means of production by the people rather than by capitalists.

new and different ideas discouraged, no room for individuality.

competition keeps prices low and quality high.

An example of a communist economic system

foods, shelter, clothes, education are the basic needs