Introduction to Economics and Economic Thinkers

These vocabulary flashcards cover the Greek origins of the word economics, basic economic concepts like scarcity and opportunity cost, Maslow's hierarchy of needs, and the major theories of influential economists.

Oikos

A Greek word meaning home or household (tahanan).

Nomos

A Greek word meaning management (pamamahala).

Economics (Ekonomiks)

A social science that refers to the proper use of limited resources (natural, human, and capital) to satisfy the infinite needs and wants of people.

Scientific Method

A process used in economics to better understand and solve the problems faced by individuals and society.

Kakapusan (Scarcity)

A situation where resources are limited or insufficient (insufficiency).

Abraham Harold Maslow

The theorist who developed the hierarchy of needs.

Physiological Needs

Basic survival needs such as air, water, and food.

Safety Needs

Needs related to personal security and employment.

Self-actualization

The desire to become the most that one can be, representing the highest level of Maslow's hierarchy.

Trade-off

The act of choosing one thing in exchange for giving up another alternative.

Opportunity Cost

The value of the best alternative that was sacrificed (best alternatives).

Benefits

The advantages or positive results obtained from a choice.

Marginal Thinking

The evaluation of additional benefits versus additional costs or sacrifices.

Macroeconomics

The branch of economics that researches the overall economy of a country or the entire world.

Microeconomics

The branch of economics that researches the actions and decisions of individuals and small units in the economy.

Adam Smith

Known as the Father of Modern Economics; he advocated for Laissez-faire and the concept of the 'Invisible hand'.

Laissez-faire

The principle that the government should not interfere in business affairs.

Invisible Hand

The self-interest of consumers and sellers that naturally balances prices in the market.

Thomas Robert Malthus

A thinker who argued that population grows faster than the ability of nature to provide food supply.

David Ricardo

Developed the concept of Comparative advantage, emphasizing that nations should specialize in products they produce most efficiently.

John Maynard Keynes

An economist who argued that the government must intervene and spend on public projects to boost employment and production during crises.

Karl Marx

A theorist who focused on the class struggle between capitalists and workers, advocating for workers' rights and fair wages.