zakladne ekonomicke pojmy a problmy flashcards

All 25 cards

1. Card 1

   Define and compare the concepts of 'ekonomika' (economy) and 'ekonomia' (economics).

   Ekonomika refers to the actual system of production, distribution, and consumption of goods and services within a specific region or country. Ekonomia, on the other hand, is the social science that studies how societies allocate scarce resources to satisfy unlimited wants and needs, analyzing the processes and behaviors within the ekonomika.

2. Card 2

   How do needs, goods, and services interrelate within an economic system?

   Needs are the fundamental drivers of economic activity, representing human desires for survival and improvement. Goods are tangible items produced to satisfy these needs, while services are intangible activities performed for the same purpose. The production and exchange of goods and services are mechanisms through which societies attempt to fulfill their diverse needs.

3. Card 3

   Explain the basic economic questions that every society must address.

   Every society faces three fundamental economic questions: What to produce? (Which goods and services should be made and in what quantities?) How to produce? (What resources and methods should be used for production?) For whom to produce? (How should the produced goods and services be distributed among the population?)

4. Card 4

   In a planned economy, how are the basic economic questions typically resolved?

   In a planned economy, the basic economic questions are primarily resolved by the government or a central authority. Decisions about what, how, and for whom to produce are made through central planning, with state-owned enterprises often responsible for production and distribution according to predetermined targets and allocations.

5. Card 5

   What is the primary focus of microeconomics?

   Microeconomics focuses on the behavior of individual economic agents, such as households, firms, and markets. It examines how these agents make decisions regarding resource allocation, pricing, production, and consumption, and how their interactions determine market outcomes.

6. Card 6

   How does technological progress impact the economy from both positive and negative perspectives?

   Technological progress brings positives like more sophisticated and efficient production equipment, leading to increased productivity and potentially higher living standards. However, it can also have negatives such as job displacement due to automation, requiring workers to adapt to new skills, and potentially exacerbating income inequality if benefits are not widely distributed.

7. Card 7

   Distinguish between a 'need' and a 'want' in economic terms.

   A need is something essential for survival or basic well-being, such as food, water, shelter, and clothing. A want, conversely, is something people desire but is not essential for survival, like luxury items, entertainment, or specific brands. Economics often deals with satisfying both, but needs typically take precedence.

8. Card 8

   Why is the optimal approach to solving basic economic questions still debated?

   The optimal approach to solving basic economic questions remains debated because different economic systems (market, planned, mixed) have varying strengths and weaknesses. Each system prioritizes different values, such as efficiency, equity, or stability, and no single approach perfectly addresses all societal goals or eliminates trade-offs.

9. Card 9

   How does scarcity relate to the concept of economic problems?

   Scarcity is the fundamental economic problem, stating that human wants for goods, services, and resources exceed what is available. This inherent scarcity forces societies to make choices about how to allocate limited resources, leading to the basic economic questions and the need for economic systems to manage these trade-offs.

10. Card 10

    Define 'good' and provide an example of a public good.

    A good is a tangible item that satisfies human wants and needs. A public good is a specific type of good that is both non-rivalrous (one person's consumption does not reduce its availability to others) and non-excludable (it is difficult to prevent people from consuming it even if they don't pay). An example is national defense or street lighting.

11. Card 11

    What is the role of 'choice' in economics, given the concept of scarcity?

    Given scarcity, choice is central to economics. Individuals, firms, and governments must constantly make choices about how to allocate their limited resources among competing uses. Every choice involves an opportunity cost, which is the value of the next best alternative foregone.

12. Card 12

    Explain why 'services' are considered an important part of an economy.

    Services are crucial because they fulfill needs and wants that are intangible, such as healthcare, education, transportation, and entertainment. They contribute significantly to a country's GDP, create employment, and enhance the quality of life, often requiring specialized skills and knowledge.

13. Card 13

    How does a market economy typically resolve the question of 'What to produce?'

    In a market economy, the question of 'What to produce?' is primarily resolved by consumer demand and producer supply. Firms produce goods and services that consumers are willing and able to buy, guided by price signals and profit incentives. If demand is high, producers are incentivized to supply more.

14. Card 14

    What is the main distinction between macroeconomics and microeconomics?

    The main distinction is their scope: microeconomics studies individual economic agents and specific markets, while macroeconomics examines the economy as a whole. Macroeconomics focuses on aggregate phenomena like national income, inflation, unemployment, and economic growth, rather than individual decisions.

15. Card 15

    Why is 'efficiency' a key concept in addressing economic problems?

    Efficiency is a key concept because it refers to using resources in such a way as to maximize the production of goods and services, or to satisfy wants with the least amount of waste. Addressing economic problems effectively requires striving for efficiency to make the most of scarce resources and avoid unnecessary losses.

16. Card 16

    Define 'opportunity cost' and provide a simple example.

    Opportunity cost is the value of the next best alternative that must be given up when a choice is made. For example, if a student chooses to spend an evening studying for an exam, the opportunity cost might be the enjoyment of attending a concert they otherwise would have gone to.

17. Card 17

    How does the concept of 'utility' relate to consumer behavior in economics?

    Utility refers to the satisfaction or benefit a consumer derives from consuming a good or service. In economics, consumers are assumed to make choices that maximize their utility, meaning they select goods and services that provide them with the greatest satisfaction given their budget constraints.

18. Card 18

    What is meant by 'economic growth' and why is it generally considered desirable?

    Economic growth refers to an increase in the production of goods and services in an economy over a period of time, typically measured by the percentage change in real GDP. It is desirable because it can lead to higher living standards, increased employment opportunities, and greater capacity to address societal needs.

19. Card 19

    Explain the concept of 'factors of production' and list the main categories.

    Factors of production are the resources used to produce goods and services. The main categories are land (natural resources), labor (human effort), capital (man-made resources like machinery and buildings), and entrepreneurship (the ability to combine the other factors and take risks).

20. Card 20

    How does a mixed economy combine elements of both market and planned economies?

    A mixed economy combines elements of both market and planned economies by allowing private enterprise and market forces to largely determine what, how, and for whom to produce, while also having government intervention. The government typically provides public goods, regulates markets, and implements social welfare programs to address market failures or achieve social goals.

21. Card 21

    What is the significance of 'price' in a market economy?

    Price is a crucial mechanism in a market economy, acting as a signal that conveys information to both producers and consumers. It influences decisions about what to produce, how much to consume, and how resources are allocated, reflecting the relative scarcity of goods and services and the demand for them.

22. Card 22

    Why is 'innovation' important for long-term economic development?

    Innovation is vital for long-term economic development because it drives productivity improvements, creates new products and services, and opens up new markets. It allows economies to overcome resource constraints, increase efficiency, and enhance competitiveness, leading to sustained growth and higher living standards.

23. Card 23

    Define 'economic system' and name two distinct types.

    An economic system is a set of institutional arrangements and a coordinating mechanism for solving the basic economic problem of scarcity. Two distinct types are a market economy (where resources are allocated through decentralized decisions of firms and households) and a planned economy (where a central authority makes allocation decisions).

24. Card 24

    What is the role of 'profit' in a market economy?

    Profit serves as a primary incentive for firms in a market economy. It motivates entrepreneurs to take risks, innovate, and produce goods and services that consumers demand. Profits also signal where resources are most efficiently allocated, encouraging firms to enter industries with high demand and exit those with low demand.

25. Card 25

    How does the concept of 'sustainability' relate to economic problems in the long run?

    Sustainability relates to economic problems by emphasizing the need to meet present needs without compromising the ability of future generations to meet their own needs. It addresses the long-term impact of economic activities on natural resources and the environment, urging societies to find solutions that balance economic growth with ecological preservation.

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