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WorksheetsSOCED203 Midterm Reviewer
Total questions: 27
Worksheet time: 22mins
Comes from the Greek word "oikonomia" (management of household).
Economics
History
Politics
Geography
Authored “The Republic”. It presented a blueprint for an economy in which cities are founded on key principles of specialization and division of labor.
Xenophon
Plato
Aristotle
He was the student of Plato. In his “Topics and Rhetoric,” Aristotle viewed exchange as a way to satisfy individual and collective wants and not as a means for the state to accumulate wealth.
Xenophon
Plato
Aristotle
Concept of economics as a focus of study began with the contributions of him.
He developed an instructional treatise on efficient management and leadership, which is entitled “Oeconomicus.”
Xenophon
Plato
Aristotle
Believed in the importance of nature in the economic development of the country.
Mercantilists
Francois Quesnay & The Physiocrats
Adam Smith
He was known to be the Father of Modern Economics.
Mercantilists
Francois Quesnay & The Physiocrats
Adam Smith
The preoccupation of mercantilists focused more on the process of accumulation of wealth.
Mercantilists
Francois Quesnay & The Physiocrats
Adam Smith
Known as the “Father of Communism,” shared his principles and ideals regarding the cause of poverty in society.
Thomas Robert Malthus
John Maynard Keynes
Karl Marx
He discussed the effects of the rapid increase of population.
Thomas Robert Malthus
John Maynard Keynes
Karl Marx
The government plays a significant role in maintaining equilibrium in the economy through public spending and keeping the balance among demand, supply, and market prices. He was considered as the “Father of Modern Macroeconomics."
Thomas Robert Malthus
John Maynard Keynes
Karl Marx
Refers to “things” need to produce a good or service. Typically, they are like basic ingredients to making a caking.
(a)
What are the four factors of production (FOP)?
(a)
Branch of economics that examines the economic behavior of aggregates income, employment, output, and so on- in a national scale. Focuses on the economy as a whole, including aggregate variables like GDP, inflation, unemployment, and national income. It deals with broader issues such as economic growth and fiscal policy.
(a)
Branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units that is business firms and households. Examines individual and firm level decisions, market structures, and the allocation of resources. Topics include supply and demand, elasticity, market equilibrium, and consumer behavior.
(a)
The total amount of good or service that consumers are willing and able to buy at a given price.
(a)
The total amount of a good or service that producers are willing and able to sell at a given price.
(a)
The point where supply equals demand, determining the market price and quantity.
(a)
Measures how much the quantity supplied of a good changes in response to a change in its price.
(a)
Measures how much the quantity demanded of a good changes in response to a change in its price.
(a)
Examines how consumers make choices to maximize their utility (satisfaction) given their budget constraints. This involves analyzing preferences, budget constraints, and the utility maximization process.
(a)
The expenses incurred in the production process, including fixed costs (unchanging with output level) and variable costs (changing with output level).
(a)
The process by which firms convert inputs (resources) into outputs (goods and services).
(a)
A market structure where many firms sell identical products, and no single firm can influence the market price.
(a)
A market structure where a single firm controls the entire market for a good or service.
(a)
A market structure where a few firms dominate the market, often leading to strategic behavior and interdependence.
(a)
A market structure where many firms sell differentiated products and have some control over prices.
(a)
Situations where the market does not efficiently allocate resources, leading to negative outcomes like externalities (e.g., pollution), public goods (e.g., national defense), and information asymmetry (e.g., in health care).
(a)
