Economy Flashcards
(25 cards)
What are the elements of the contemporary world?
Economy
Politics
Culture and Ideas
Geography and Demography
Institutions
What are the components of gross domestic product?
Consumption
Investment
Government Spending
Net Export (Export - Import)
What is involved in the division of Economic Activity?
Production
Distribution
Exchange
Consumption
What are involve in the production?
goods, services and information
What are involve in distribution?
goods, services, information and income
What is involve in exchange?
Buying and Selling
What percent of tax is taken using VAT?
12%
What are the factors affecting production?
Land
Labor
Capital
Entrepreneur
Ability
What is involved in land production?
natural resources
What is termed as payment for Land production?
Rent
What is termed as payment for labor production?
Wage
What are involved for labor production?
Manual, Clerical, Scientific, Managerial and Intellectual
What is involved in capital production?
Financial, Commercial and Industrial
It involves land, labor and capital. It’s payment is termed as profit?
Entrepreneur
What are the 2 types of investors?
Domestic and Foreign
What are involved in domestic?
Portfolio investment and capital investment
What are involved in foreign investment?
Portfolio and foreign direct investment
What components has direct impact on making jobs?
Capital Investment and Foreign Direct Investment
What is the cycle of economics?
Job, salary, demand, production, employment, income, demand
It is a phenomenon referring to increasing demands with more job opportunity?
Multiplier effect
A component of Government spending?
Fiscal Policy (General Appreciation Act)
What is General Appreciation Act?
Being prioritize by government
What are the sources of Government Revenue?
- Taxes, Duties, Fines and other charges
- Income of GOCCs
- State of Government Property
- Borrowing (a. Loan, b. insurance of bonds of treasuring bills)
What is GOCCs?
Government owned and controlled corporations
