Key Economic and Social Science Concepts
Comparative Advantage
Comparative advantage occurs when a country has the capacity to produce goods or services at a lower opportunity cost than other countries. This allows exporters to gain more traction in the market by optimizing costs and benefits. For example, in the fruit sector, a country with a comparative advantage in fruit production can export more efficiently.
Supply and Demand
- Supply: The maximum quantity of goods a producer is willing to sell in the market at a given price and time.
- Demand: The maximum quantity of a good or service an individual or group is willing to acquire at a given price and time. It reflects the will and economic capacity of individuals with this need.
Capital
Capital is a social relation of production. It is money that becomes independent and an autonomous subject.
Economy
Economy is the science dealing with the scarcity of resources and the conflicts generated around it.
Sociology
Sociology is a science that studies, describes, analyzes, and explains the randomness of the processes involved in social life. It seeks to understand the interrelationships of social facts and to locate the character of conflicts and problems of society and its relations with individuals. With a comparative approach, it seeks to examine the foundations of social development.
History
History is the science that studies the past of mankind.
Psychology
Psychology is the science that studies the behavior of individuals and their mental processes, including internal, physical, and social environmental influences.
Anthropology
Anthropology is the science that studies the origin and development of the full range of human variability and modes of social behavior over time. It combines natural sciences, social sciences, and human sciences.
Political Sociology
Political sociology is the study of power and the intersection of personality, social structure, and politics.
Social Sciences
Social sciences study humans in connection with the community to which they belong.
Customs
Customs is a public office or institution established on fiscal coasts and borders. Its purpose is to record the international traffic of goods imported or exported and to collect taxes.
Holding
A holding is a company that controls the activities of other companies by owning their shares or part of their property.
Trust
A trust is a concentration of companies under one address.
Monopoly
A monopoly is a financial market sector in which a single seller or producer offers the good or service.
Lifespan in Social Science
Lifespan in social science is based on the resolution of various problems related to economic, political, social, and cultural development.
Chilean Copper Exports
Copper is the product of major importance for Chilean exports.
The Birth of Social Sciences
Social sciences were born in the Enlightenment (19th century).
Difference Between Social and Natural Sciences
Social sciences are more interpretative and subjective, making them more complicated and involving debate or discussion.
Economic Growth and Development
Economic growth and development go together. With a good economy, a country loses vulnerability.
US as a Market for Chilean Exports
The United States is the largest market for Chilean exports.
Types of Enterprises
- Public Company: A company owned by the state.
- Private Enterprise: An economic unit possessed by individuals.
Specific Duties
Specific duties are taxes collected by the tax office, calculated as a certain amount of dollars per pound of product entering the country.
Trade Balance
Trade balance is the difference between exports and imports of a country for a period of time.
Bank Measures
Bank measures include lowering interest rates and announcing the purchase of foreign currency.
Economic Sectors
- Sector 1: Direct use of natural resources, such as agriculture and extractive fisheries.
- Sector 2: Industrial-type activities, where raw materials are processed into intermediate or final goods.
- Sector 3: Services sector, including transportation, advertising, etc.
Deficit and Surplus
- Deficit: A shortage of some property.
- Surplus: An abundance of something considered useful or necessary.
Regressive Pyramid
A regressive pyramid indicates an older population, mostly found in developed countries.
Birth Rate in Guatemala
Guatemala has the highest birth rate in Central America. The birth rate is the capacity of a population to increase the number of individuals.
Population Density
Population density is the distribution of people in a territory (continent, country, etc.).
Volume
Volume is the quantity defined as the space occupied by a body.