Lesson 1

Question 1

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Answer 1

Economy

Question 2

the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

Answer 2

Economics

Question 3

social science that analyzes the production, distribution, and consumption of goods and services

Answer 3

Economics

Question 4

2 Branches of Economics

Answer 4

Microeconomics
Macroeconomics

Question 5

small units of the economy

Answer 5

Microeconomics

Question 6

• studies how individual consumers and business makes decisions to allocate resources, such as how consumers spend their money.
• includes businesses, markets, individuals, etc.

Answer 6

Microeconomics

Question 7

amount companies produce

Answer 7

Supply

Question 8

amount consumers want to buy

Answer 8

Demand

Question 9

4 types of business

Answer 9

1) sole proprietorship
2) partnership
3) cooperative
4) corporation

Question 10

studies the behavior and performance of an economy as a whole.

Answer 10

Macroeconomics

Question 11

studies economic problems such as poverty, unemployment, inflation, and the circulation of money. also study economic growth, or how a nation’s wealth becomes larger.

Answer 11

Macroeconomics

Question 12

building blocks for goods and services in an economy

Answer 12

4 Factors of Production

Question 13

4 Factors of Production

Answer 13

Land
Labor
Capital
Entrepreneur

Question 14

natural resources available to create supply, such as raw ground and anything that comes from it.

Answer 14

Land

Question 15

work done by people, the value of the workforce depends on workers’ education, skills, and motivation.

Answer 15

Labor

Question 16

man-made objects like machinery, equipment, and chemicals that are used in production.

Answer 16

Capital

Question 17

the drive to develop an idea into a business

Answer 17

Entrepreneur

Question 18

4 Types of Unemployment

Answer 18

Cyclical
Seasonal
Structural
Frictional

Question 19

refers to the variation in the number of unemployed workers during cycles of economic strength and weakness.

Answer 19

Cyclical Unemployment

Question 20

Certain jobs are limited to a certain time period, sometimes leaving people who work in those jobs without employment after the season ends.

Answer 20

Seasonal Unemployment

Question 21

This unemployment happens when fundamental changes in the economy and labor markets, such as evolving technology, government policies, and competition.

Answer 21

Structural Unemployment

Question 22

job mismatch (from skill)

Answer 22

Structural Unemployment

Question 23

happens when a person is voluntarily job searching or searching for a new career. Hops from one job to another

Answer 23

Frictional Unemployment

Question 24

it means trying to address actual economic issues and be able to do something about them.

Answer 24

Applying Economic Theory

Question 25

typically characterized by applying the core, referring to the economic theory and econometrics.

Answer 25

Applied Economics

Question 26

still a central problem in the Philippine economy

Answer 26

Unemployment

Question 27

Who was the President that improved the economy?

Answer 27

President Aquino / Benigno Aquino III

Question 28

What was the significant growth rate during President Aquino's administration?

Answer 28

 6.8% in 2012  7.2 in 2013  6.1 in 2014

Question 29

another significant socio-economic problem

Answer 29

Poverty

Question 30

How much does the population of the Philippines represent the world’s total population?

Answer 30

1.37%

Question 31

GNP means

Answer 31

Gross National Product

Question 32

Market value of final products, both sold and unsold, produced by the resources of the economy in a given period.

Answer 32

Gross National Product

Question 32

In GNP, market value is determined by?

Answer 32

Supply and Demand

Question 33

The economy's resource belongs to?

Answer 33

to Filipino citizens and corporations

Question 34

What are the resources belonging to the economy that is not in the economy?

Answer 34

Capital and Entrepreneurship brought to the country

Question 35

GDP means

Answer 35

Gross Domestic Product

Question 36

The market value of final products produced within a country

Answer 36

Gross Domestic Product

Question 37

What are the resources included in the GDP

Answer 37

Capital & Entrepreneurship belonging to the other countries bought to the domestic economy by foreign business.

Question 38

Formula for GNP

Answer 38

Y = C + i + G + (X - M) + Net factor income from abroad

Question 39

What does every letter in the formula for GNP stand for?

Answer 39

Y = GNP C = Household consumption expenditure I = Investment / Capital Formation G = Government Consumption expenditure X = Export M = Import

Question 40

Growth Rate formula

Answer 40

GNP from Current Year - GNP from Previous Year ÷ GNP from previous year x 100

Question 41

An economic icon and an example of how a leader of a previously underdeveloped country can lead to overcoming its country's basic economic problems and move toward economic growth.

Answer 41

Lee Kuan Yew

Question 42

Prime minister of Singapore from 1959 — 1990

Answer 42

Lee Kuan Yew

Question 43

Longest-serving prime minister in world history.

Answer 43

Lee Kuan Yew

Question 44

What did the prime minister introduce during his time?

Answer 44

five-year plan calling for urban renewal construction