Lesson 1

Question 1

Is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants

Answer 1

Economics

Question 2

It comes from the Greek word “ oikanomia “ meaning _____

Answer 2

Household
Management

Question 3

According to some ECONOMICS are the following:

Answer 3

*Proper allocation
*How societies use scarce resources to produce valuable commodities
*How a man could best allocate and utilize the scarce resources
*Deals with the production, distribution and consumption

Question 4

Importance of Economics:

Answer 4

*It gives favorable possibilities like it guides us how to make a living, how to use money wisely
*Understand problems facing the citizen, and the family, to help the government promote growth and improve the quality of life
*Analyze fascinating patterns of social behavior.

Question 5

Nature of Economics

Answer 5

ECONOMICS is a Science classified as a Social Science.

Question 6

ECONOMICS is a Science classified as a Social Science:

Answer 6

*It deals with the study of man’s life and how he lives with other men.
*It deals with the study of the relations between people during the production, distribution and consumption of wealth in human society
*It also describes all aspects of a country’s economy

Question 7

Branches of Economics:

Answer 7

*Macroeconomics
*Microeconomics

Question 8

Deals with the economic behavior of the whole economy or its aggregates such as Government, Business and Household.

Answer 8

Macroeconomics

Question 9

Examples of Macroeconomics:

Answer 9

Gross National Products, Level of Employment, National Income, General Level of prices and total expenditures.

Question 10

Deals with the economic behavior of individual units. Such as Consumers, Firms and the Owner of the Factors of Production.

Answer 10

Microeconomics

Question 11

Example of Microeconomics:

Answer 11

Price of Rice, The number of workers in a certain firm, The Income of Mr X, and the
Expenditures of PLDT.

Question 12

Division of Economics:

Answer 12

*Production
*Distribution
*Exchange
*Consumption
*Public Finance

Question 13

Refers to the process of producing and creating goods needed by the household to satisfy their needs.

Answer 13

Production

Question 14

the factors of production

Answer 14

Inputs

Question 15

the goods and
services that have been created.

Answer 15

Outputs

Question 16

Refers to the marketing of goods and services to different economic outlets for allocation to individual consumers

Answer 16

Distribution

Question 17

Is a process of transferring goods and services to a person and persons in return for something.

Answer 17

Exchange

Question 18

Refers to the proper utilization of economic goods.

Answer 18

Consumption

Question 19

Pertains to the activities of the government
regarding taxation, borrowings and expenditures.

Answer 19

Public Finance

Question 20

Tools for Economics:

Answer 20

*Logic
*Mathematics
*Statistics

Question 21

Science that deals with sounds thinking and reasoning.

Answer 21

Logic

Question 22

Science that deals with numbers and their operations.

Answer 22

Mathematics

Question 23

Branch of mathematics engages with the analysis and interpretation of numerical data.

Answer 23

Statistics

Question 24

Economic Resources:

Answer 24

*Land
*Labor
*Capital
*Entrepreneurs
*Foreign Exchange

Question 25

These resources consist of free gift of nature which includes all natural resources above, on, and below the ground.

Answer 25

Land

Question 26

Refer as the Human Resources.

Answer 26

Labor

Question 27

Represent the Monetary Resources or physical asset
individuals and companies use when producing goods and services

Answer 27

Capital

Question 28

Engage in economic to provide society with goods and services, creation of economic goods and compensate earnings.

Answer 28

Entrepreneurs