Econ100

• What refers to the degree of responsiveness of quantity demanded or supply to changes in market place?

  Elasticity
• What law in economics states that, "as prices decreases quantity supply also increases" ceteris paribus?

  Law of Supply
• It is a term which means "all other things being equal."

  ceteris paribus
• It is a commodity or service being short in supply relative to its demand. This refers to what?

  Scarcity
• The study of how people properly allocate the scarce resources to satisfy human wants.

  Economics
• This refers to the direct utilization of the available goods and services by the buyer or the consumer sector.

  Consumption
• It refers to the value of what is given up when one makes a choice.

  Opportunity Cost
• Consumer's desire for a specific produce service for which they are willing and able to buy at various prices during a particular time.

  Demand
• The willingness and ability of producers to sell goods and services at alternative prices.

  Supply
• Market demand equals market supply. There is...

  Market Equilibrium Price
• The compensation which entrepreneurs receive for his services as owner of the firm.

  Profit
• Period of time during which the total output of the economy declines.

  Recession
• Refers to the sustained increase in the general price level.

  Inflation
• In the economy, the circular flow model denotes the rule of the two important players. These are...

  Household and Firms
• This refers to the excess of the labor force over total employment

  Unemployment
• The central monetary authority that governs the level of money supply through policies set by the monetary court.

  Bangko Sentral ng Pilipinas
• Trade among the different countries are also called foreign trade or international trade.
• This is a branch of economics that studies the individual firms and units in the economy.

  Microeconomics
• Tax on a person's income, profits arising from properties, practice of professions are called income tax.
• Branch in Economics that deals with the broad and aggregate economic issues like employment, population, and inflation.

  Macroeconomics
• Economics comes from the Greek word Oikonomus or Oikonomia.
• which means "household management"

  Economics
• from Greek word: household

  oikos
• from Greek word: system or management

  nomus
• due to the growth of the Greek society until its development into city-states, the word was then referred to as “state management”
• Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce or limited resources that could be used in the production of goods and services to satisfy human wants.

  Paul S. Samuelson
• Economics is an inquiry into the nature and causes of the wealth of nations.


  Adam Smith
• The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.

  Economics
• Economics is interdependent with other sciences like sociology, political science, history, geography, physics and even religion.
• “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”

  Lionel Robbins
• The Scope and Method of Economic Science, 1932

  Lionel Robbins
• Economics is the social science that deals with how society allocates scarce resources among its unlimited wants and needs.
• What do you think is the is the #1 source of conflict in our world's history?

  Scarcity
• Lack of enough resources to satisfy all desired uses of those resources

  Scarcity
• Science of Scarcity.

  Economics
• Scarcity imposes basic economic choices, these are?

  WHAT to produce, HOW to produce, HOW MUCH to produce, WHO receives
• What is the relationship between Economics and Scarcity?

  If there is no scarcity, there is no need for economics
• It is the heart of the study of economics and reason behind its establishment.

  Scarcity
• Scarcity gave birth to the study of economics.
• The inability to satisfy unlimited human wants with limited resources, that is, when we CANNOT HAVE ALL that we want or need.

  Scarcity