Applied Economics

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interest

income of the owner of the capital

wage

income received by labors

traditional economy

methods are stagnant

microeconomics

more concerned on how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm

rent

payment received by owners of land

labor

physical and human effort exerted in production

macroeconomics

study of the economy as a whole

GNP

the market value of final products , both sold and unsold, produced by the resources of the economy in a given period

GDP

the market value of final products produced within the country

distribution

the marketing of goods and services to different economic outlets

capital

man-made resources used in the production of goods and services, which include machineries and equipment

production

the process of producing or creating goods needed by the households to satisfy their needs

exchange

the process of transferring goods and services to a person in return for something present medium of exchange -money

consumption

the proper utilization of economic goods; spending money for goods and services

socioeconomics

the social science that involves the use of scarce resources to satisfy unlimited wants

applied economics

the study of economics in relation to real world situations

microeconomics, macroeconomics

2 branches of economics

testing hypothesis, forecasting future trends

2 purposes of econometrics

relative, absolute

2 types of scarcity

traditional, command, market

3 economic systems

land, labor, capital

3 economics resources

aggregate demand, aggregate supply, national income

3 examples of macroeconomics

individual demand, individual supply

3 examples of microeconomics

production, distribution, exchange, consumption, public finance

5 divisions of economics

scarcity

a condition where there are insufficient resources to satisfy all the needs and wants of a population

macroeconomics

about the nature of economic growth, the expansion of productive capacity and the growth of national income

applied economics

acts as a mechanism to determine what steps can reasonably be taken to improve current economic situation

microeconomics

also concerned with the process of setting prices of goods ,also known as "Price Theory"

economics resources

also known as factors of production

applied economics

application of economic principles and theories to real situations, trying to predict what the outcomes might be

economics resources

by nature, limited and it command a payment that becomes the income of the resource owner

applied economics

can teach valuable lessons on how to avoid the recurrence of a negative situations, or at least minimize the impact

macro

comes from Greek word, makros, meaning "large"

microeconomics

concerned with the behavior of individual entities such as the consumer, the producer, and the resource owner

traditional economy

decisions are based on traditions and practices upheld over the years and passed on from generation to generation

market economy

decisions are made on what goods and services to produce

production

heart of economy whose value measures both resource input and output of people

applied economics

helps aside all attempts to dress up a situation so that it will appear worse or better than it actually is

command economy

holds true in dictatorial, socialist and communist nations

GNP

includes the capital and entrepreneurship belonging to other countries brought to the domestic economy by foreign businesses

land

soil and natural resources that are found in nature and are not man-made

public finance

the activities of the government regarding taxation, borrowings, and expenditures

econometrics

the application of statistical and mathematical theories to economics

command economy

the authoritative system wherein decision-making is centralized in the government or planning committee

market economy

the most democratic form of economic system

Economics

the study of production, distribution, selling and use of goods and services

traditional economy

traditional societies exist in primitive and backward civilizations

economics resources

used to produce goods and services

relative scarcity

when a good is scarce compared to its demand

absolute scarcity

when supply is limited


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