INTRODUCTION

Question 1

MEANING HOUSEHOLD MANAGEMENT OR MANAGEMENT OF THE HOUSEHOLD

Answer 1

OIKANOMIA/OIKONOMUS

Question 2

STUDY OF WHAT CONSTITUTES RATIONAL HUMAN BEHAVIOR IN THE ENDEAVOR TO FULFILL NEEDS AND WANTS OR THE STUDY THAT ATTEMPTS TO EXPLAIN HOW AN ECONOMY OPERATES AND HOW THE CONSUMER ATTEMPTS TO MAXIMIZE HIS/HER WANTS WITHIN LIMITED NEEDS

Answer 2

ECONOMICS

Question 3

THREE “E’s” OF ECONOMICS

Answer 3

1. EFFICIENCY
2. EFFECTIVENESS
3. EQUITY

Question 4

IT IS THE PRODUCTIVITY AND PROPER ALLOCATION OF ECONOMIC RESOURCES AND THE RELATIONSHIP BETWEEN SCARCE FACTOR INPUT AND OUTPUT OF GOODS AND SERVICES.

Answer 4

EFFICIENCY

Question 5

IT IS THE ATTAINMENT OF GOALS AND OBJECTIVES.

Answer 5

EFFECTIVENESS

Question 6

IT REFERS TO JUSTICE AND FAIRNESS

Answer 6

EQUITY

Question 7

STUDY OR DISCIPLINE THAT AIMS TO EXPLAIN HUMAN BEHAVIOR. ECONOMICS, LIKE SOCIAL SCIENCE, USES THE SCIENTIFIC METHOD IN FORMULATING MODELS BASED ON THEORIES TO HELP ADDRESS ARISING ISSUES BECAUSE OF HUMAN INTERACTIONS

Answer 7

SOCIAL SCIENCE

Question 8

STUDIES HUMAN BEHAVIOR AND HOW PEOPLE MAKE DECISIONS TO SATISFY THEIR UNLIMITED WANTS BY ALLOCATING LIMITED RESOURCES

Answer 8

ECONOMICS AS SOCIAL SCIENCE

Question 9

TWO BRANCHES OF ECONOMICS

Answer 9

1. MACROECONOMICS
2. MICROECONOMICS

Question 10

STUDY OF THE ECONOMIC BEHAVIOR OF THE ECONOMY AS A WHOLE, ESPECIALLY THE NATIONAL ECONOMY AND STUDY OF THE ECONOMIC BEHAVIOR OF THE ECONOMY AS A WHOLE, ESPECIALLY THE NATIONAL ECONOMY

Answer 10

MACROECONOMICS

Question 11

STUDY OF ECONOMIC BEHAVIOR IN PARTICULAR MARKETS, SUCH AS THE MARKET FOR COMPUTERS OR UNSKILLED LABOR.

TOPICS DISCUSSED IN MICROECONOMICS: PRINCIPLES AND ELASTICITY OF DEMAND AND SUPPLY, INDIVIDUAL DECISION-MAKING, AND FIRM’S COSTS AND OUTPUTS.

Answer 11

MICROECONOMICS

Question 12

FOUR BASIC DECISION PROBLEMS

Answer 12

1. CONSUMPTION
2. PRODUCTION
3. DISTRIBUTION
4. GROWTH OVER TIME

Question 13

IT IS A PROBLEM THAT PEOPLE HAVE TO DEAL WITH IN THEIR DAY-TO-DAY ACTIVITIES. HAVING THEIR INDIVIDUAL WANTS, PEOPLE DECIDE THE TYPES OF PRODUCTS AND SERVICES THEY WANT TO USE OR CONSUME AND THE CORRESPONDING AMOUNT THAT THEY SHOULD USE AND BUY.

Answer 13

CONSUMPTION

Question 14

PRODUCERS ARE GENERALLY CONCERNED ABOUT THE PRODUCTION OF GOODS AND SERVICES. THEY DETERMINE THE CONSUMERS’ NEEDS, WANTS, AND DEMANDS AND ALSO DECIDE HOW TO DISTRIBUTE THEIR RESOURCES TO MEET CUSTOMER DEMANDS

Answer 14

PRODUCTION

Question 15

THE GOVERNMENT PRIMARILY ADDRESSES IT. THERE MUST BE AN APPROPRIATE ALLOCATION OF ALL RESOURCES BENEFITING ALL MEMBERS OF SOCIETY.

Answer 15

DISTRIBUTION

Question 16

THE PROBLEMS OF CHOICE, CONSUMPTION, PRODUCTION, AND DISTRIBUTION MUST BE PERCEIVED IN THE CONTEXT OF HOW THEY WILL AFFECT FUTURE EVENTS.

Answer 16

GROWTH OVER TIME

Question 17

THREE TOOLS OF ECONOMICS

Answer 17

1. LOGIC
2. MATHEMATIC
   3.STATISTICS

Question 18

A SCIENCE THAT DEALS WITH SOUND THINKING AND REASONING. FACTS AND EVIDENCE SHOULD BE PROVIDED

Answer 18

LOGIC

Question 19

A SCIENCE THAT DEALS WITH NUMBERS AND OPERATIONS. IT HELPS ECONOMISTS ANSWER CONCRETE PROBLEMS INVOLVING NUMBERS. TO ARRIVE AT A CONCLUSION, MATHEMATICAL EQUATIONS AND OPERATIONS ARE USED.

Answer 19

MATHEMATICS

Question 20

A BRANCH OF MATHEMATICS THAT ENGAGES WITH THE ANALYSIS AND INTERPRETATION OF NUMERICAL DATA. THE METHOD OF GATHERING, TABULATING, AND ANALYZING DATA LEADS TO THE VALIDITY OF SPECIFIC HYPOTHESES.

Answer 20

STATISTICS

Question 21

THE RESOURCES OR INPUTS USED TO PRODUCE THE GOODS AND SERVICES THAT PEOPLE WANT.

Answer 21

ECONOMIC/PRODUCTION RESOURCES

Question 22

CATEORIZED AS A FIXED RESOURCES

Answer 22

LAND

Question 23

THE EXERTED EFFORT OF INDIVIDUALS WHEN PRODUCING GOODS AND SERVICES. IT COVERS A WIDE VARIETY OF ABILITIES, CHARACTERISTICS, AND SKILLS. IN A NATION

ALSO KNOW AS HUMAN RESOURCES

Answer 23

LABOR

Question 24

COMPRISES ALL ABLE-BODIED PEOPLE CAPABLE OF WORKING IN THE NATION’S ECONOMY AND OFFERING OTHER INDIVIDUALS OR BUSINESSES DIFFERENT SERVICES.

Answer 24

HUMAN CAPITAL

Question 25

HE MAN-MADE GOODS(RESOURCES) USED WHEN PRODUCING OTHER GOODS AND SERVICES. ITIS A FORM OF AN ASSET USED MAINLY AS A MEDIUM OF EXCHANGE. INTEREST IS THE INCOME THAT THE OWNER OF THE CAPITAL IS EARNING

Answer 25

CAPITAL

Question 26

MOVE A NATION'S ECONOMY AS PEOPLE PURCHASE AND SELL RESOURCES TO PEOPLE AND BUSINESSES.

Answer 26

MONETARY RESOURCES

Question 27

PART OF THE PERSON OR ECONOMY'S INCOME, NOT SPENT ON CONSUMPTION

Answer 27

SAVINGS

Question 28

AN ECONOMIC ACTIVITY THAT MIGHT EARN THE ENTREPRENEUR A PROFIT OR INCUR A LOSS

Answer 28

ENTREPRENEURSHIP

Question 29

AN INDIVIDUAL THAT ORGANIZES, MANAGES, AND ASSUMES BUSINESS RISKS, DEVELOPS A NEWPRODUCT OR IDEA, AND TURNS IT INTO A SUCCESSFUL BUSINESS

Answer 29

ENTREPRENEUR

Question 30

THE DOLLAR AND THE DOLLARRESERVESTHATTHE ECONOMY HAS. WE USE FOREIGN CURRENCY, MAINLY DOLLARS, FOR INTERNATIONAL TRADE AND THE PROCUREMENT OF RAW MATERIALS FROM OTHER NATIONS.

Answer 30

FOREIGN EXCHANGE

Question 31

A CONDITION FACING ALL SOCIETIES BECAUSE INSUFFICIENT PRODUCTIVE RESOURCES SATISFY PEOPLE'S UNLIMITED WANTS

Answer 31

SCARCITY

Question 32

THE VALUE OF THE BEST-FOREGONE ALTERNATIVE OR WHAT IS GIVEN UP WHEN ONE CHOOSES

Answer 32

OPPORTUNITY COST

Question 32

AN ECONOMIC ANALYSIS THAT CONSIDERS ECONOMIC CONDITIONS 'AS THEY ARE' OR CONSIDERS ECONOMICS 'AS IT IS'

Answer 32

POSITIVE ECONOMICS

Question 33

AN ECONOMIC ANALYSISTHATJUDGES ECONOMIC CONDITIONS'ASTHESE SHOULD BE'. IT ALSO FOCUSES ON POLICYMAKING TO ACHIEVE THE IDEAL SITUATION

Answer 33

NORMATIVE ECONOMICS

Question 34

GREEK TERM MEANING ALL OTHER THINGS HELD CONSTANT OR ALL ELSE EQUAL, IS AN ASSUMPTION USED IN ANALYZING THE RELATIONSHIP BETWEEN TWO VARIABLES AS THE OTHER FACTORS ARE UNCHANGED.

Answer 34

CETERIS PARIBUS

Question 35

DEALS WITH APPLYING SCIENTIFIC KNOWLEDGE TO PROBLEMS TO DEVELOP PRACTICAL SOLUTIONS

Answer 35

APPLIED SCIENCE

Question 36

THE STUDY OF ECONOMICS RELATIVE TO REAL-LIFE SITUATIONS BY OBSERVING HOW THEORIES WORK IN PRACTICE. IT TYPICALLY DEALS WITH NUMBERS THAT ARE FOCUSED AND BACKED BY POTENTIAL RESULTS BEING REVIEWED APPLICATION OF ECONOMIC THEORY AND ECONOMETRICS IN SPECIFIC SETTINGS TO ANALYZE POTENTIAL OUTCOMES

Answer 36

APPLIED ECONOMICS

Question 37

SIMPLIFIES ECONOMIC REALITY USED TO MAKE PREDICTIONS ABOUT THE REAL WORLD

Answer 37

ECONOMIC THEORY

Question 38

THE APPLICATION OF STATISTICAL AND MATHEMATICAL THEORIES TO ECONOMICS FOR TESTING HYPOTHESES AND FUTURE FORECASTING TRENDS

Answer 38

ECONOMETRICS

Question 39

THREE WAYS TO APPLIED ECONOMICS APPLICATIONS

Answer 39

1. IT IS A POWERFUL TOOL THAT ALLOWS THE REAL AND FULL PICTURE TO UNFOLD SO THAT FROM THE CURRENT POSITION, IT BECOMES POSSIBLE TO DETERMINE WHAT TO DO AND WHERE TO GO. 2. IT SERVES AS A MECHANISM TO DECIDE WHAT STEPS TO ENHANCE THE CURRENT ECONOMIC SITUATION COULD LOGICALLY BE PURSUED. 3. IT CAN ALSO TEACH USEFUL LESSONS ABOUT PREVENTING A NEGATIVE SITUATION FROM REPEATING, OR AT LEAST MITIGATING THE IMPACT.

Question 40

THE SET OF MECHANISMS AND INSTITUTIONS THAT RESOLVE QUESTIONS OF WHAT, HOW, AND FOR WHOM. IT IS HOW SOCIETY RESPONDS TO BASIC ECONOMIC QUESTIONS.

Answer 40

ECONOMIC SYSTEM

Question 41

STANDARDS USED IN DIFFERENTIATING BETWEEN ECONOMIC SYSTEMS

Answer 41

1. THE OWNER/S OF THE RESOURCES 2. THE PROCESS USED IN DECISION-MAKING IN THE ALLOCATION OF GOODS AND RESOURCES 3. THE TYPES OF INCENTIVES DIRECTING THE ECONOMIC DECISION-MAKERS

Question 42

AN ECONOMIC SYSTEM IN WHICH PRIVATE FIRMS ACCOUNT FOR ALL PRODUCTION.

Answer 42

PURE MARKET ECONOMY

Question 43

AN ECONOMIC SYSTEM WHERE MARKETS PLAY A RELATIVELY SIGNIFICANT ROLE. IT IS ALSO KNOWN AS THE FREE MARKET ECONOMY. IT IS THE MOST DEMOCRATIC FORM OF AN ECONOMIC SYSTEM.

Answer 43

MARKET ECONOMY

Question 44

AN ECONOMIC SYSTEM IN WHICH ALL RESOURCES ARE GOVERNMENT-OWNED, AND THE CENTRAL PLANS OF THE GOVERNMENT DIRECT ALL PRODUCTION.

Answer 44

PURE COMMAND ECONOMY

Question 45

THE AUTHORITATIVE SYSTEM WHEREIN DECISION MAKING IS CENTRALIZED IN THE GOVERNMENT OR A PLANNING COMMITTEE.

Answer 45

COMMAND ECONOMY

Question 46

PRIMARILY GOVERNMENT-CONTROLLED, WITH THE GOVERNMENT DECIDING WHAT IS PRODUCED, ITS QUANTITY, AND ITS PRICE

Answer 46

PLANNED ECONOMY

Question 47

AN ECONOMIC SYSTEM THAT MIXES CENTRAL PLANNING WITH COMPETITIVE MARKETS. IT IS A MIX OF A RATHER FREE ECONOMY, SUCH AS A MARKET COMBINED WITH A PLANNED ECONOMY, AND AVOIDING THE ISSUES WITH CAPITALISM AND SOCIALIST ECONOMIES

Answer 47

MIXED ECONOMY

Question 48

AN ECONOMIC SYSTEM IN THE PROCESS OF SHIFTING FROM CENTRAL PLANNING TO COMPETITIVE MARKETS.

Answer 48

TRANSITIONAL ECONOMY

Question 49

AN ECONOMIC SYSTEM SHAPED LARGELY BY CUSTOM OR RELIGION. DECISIONS ARE BASED ON TRADITIONS AND PRACTICES THAT HAVE BEEN PRESERVED AND TRANSFERRED FROM GENERATION TO GENERATION OVER THE YEARS

Answer 49

TRADITIONAL ECONOMY

Question 50

SOLVE THE ISSUE OF SCARCITY AND TO ACT AS A GUIDE IN DECISION-MAKING

Answer 50

BASIC ECONOMIC QUESTIONS

Question 51

BASIC ECONOMIC PROBLEMS

Answer 51

1. WHAT TO PRODUCE AND HOW MUCH 2. HOW TO PRODUCE 3. FOR WHOM TO PRODUCE 4. ARE THE COUNTRY'SRESOURCES BEING UTILIZED, OR ARE SOME LYING IDLE AND UNEMPLOYED? 5. ISTHE CAPACITY OF THE ECONOMY TO PRODUCE GOODS GROWING OR JUST REMAINING THE SAME OVER TIME?

Question 52

APPLIED ECONOMICS IN RELATION TO THE ECONOMIC PROBLEMS OF THE PHILIPPINE

Answer 52

1. POVERTY LEVEL 2. EMPLOYMENT, UNEMPLOYMENT, AND UNDEREMPLOYMENT 3. POPULATION GROWTH

Question 53

HOW DO WE USE ECONOMICS AS APPLIED SCIENCE TO DEAL WITH SOME OF A COUNTRY'S ECONOMIC ISSUES OR PROBLEMS?

Question 53

How do we use economics as applied science to deal with some of a country's economic issues or problems?

Answer 53

There are various approaches to tackling the question of applying economic theories to the real world. To assist policymakers in making the right decisions, it is important to conduct thorough economic problem assessments and sound data analyses. When economists can analyze specific data and apply economic theories, they become more confident in their evaluations of the economic effects of policy decisions. These evaluations essentially translate into practical activities or solutions to a given situation, thereby creating problem-solving solutions.