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Social Science > Measuring The Size Of The Economy > Flashcards

Measuring The Size Of The Economy Flashcards

1
Q

What are the 4 Sectors that contribute to the economy of the ph

A
  1. Agricultural
  2. Industrial
  3. Informal
  4. Service
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2
Q

Info on agri sector

A

1.Cultuvating, harvesting crops and animals
2. Primary sector because of raw materials
3. 8.82% income
4. 22.52 employed

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3
Q

What are the four compenents in agricultural sector

A
  1. Farming
  2. Fisheries
  3. Forestry
  4. Animal husbandry
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4
Q

What are the institutions for agri sector

A
  1. Dep. of agriculture
    - provide, public investments, support services, for promoion of agricultural development and upheld policies
  2. Deparment of agrarian reform
    -uphel agrarian reform like land ownership and distribution, agricultural productivity
  3. Department of enviromental and natural resources
    -conserving, managing, developing enviroment and natural resources.
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5
Q

What is industrial sector

A
  • processes products from agricultural sector to finished products
  • 30.75% income
  • 19.7%employment
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6
Q

Problems in agri sector?

A

1.climate change
2. Pollution and environmental depletion
3. Inadequacy of capital
4. Lack of support from gov and new gen
5. Inadequacy of infrastructure

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6
Q

Generalize the componens in industrial sector

A

Overall way of living and generation or production of something with machines

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7
Q

Problems in industrial sector

A
  1. Skill gap
  2. Dependence on importa
  3. Enviromental concerns
  4. Lack of national industry
  5. Inadequacy of infrastructures
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8
Q

Institutions for industrial sector

A
  1. Department of trade industry
    - enables innovative competitive job generating business
  2. Technical educ and skills development
    - develop filipino workforce
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9
Q

Service sector

A
  • source of labor, skills and knowledge for economic activity
  • largest employmenr share 58.5%
  • largest gdp contribution
  • business outsourcing
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10
Q

Institutions for service sector

A
  1. Department of interior local gov
    - promote peace and order and safety
  2. Department of labor and employmenr
    - formulate policies
  3. Department of agrarian reform
  4. Dep. Of enviromental & natural resources
  5. Department of agriculture
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11
Q

What is informal sector

A
  • units producing or distributing goods and services unregisterd
    -not taxed not recorded
  • contributes to economy by persinal taxes
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12
Q

5 components of informal sector

A
  1. Home worker
  2. Online business
  3. Small scale
  4. Medium tier
    5, black market
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13
Q

Problems in informal sector

A
  1. Decreasing tax
  2. Job security
  3. Low wages
  4. Security benefit issues
    5, fake illegal products
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14
Q
A
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15
Q

economic growth, unemplyment and infkation

A

3 things considered in the status of an economy

16
Q

Economic growth?

A
  • measure by gross domestic product of a country
  • 3% or more increase is good for the economy
17
Q

Unemployment?

A
  • measure of none working people available for work
  • unemployment rate of 5% under is acceptable for an economy
18
Q

inflation?

A
  • increase level of prices
  • measure by consumer index
  • rise in price becomes problematic if faster than rise of wage
  • 1-2% inflation is acceptable for an economy
19
Q

How do we measure a country’s overall income and growth

A
  1. Gdp
  2. Gnp
20
Q
  • value of all final goods and servuces within a country for a year
  • within borders of a country
A

GDP

21
Q

Formula for gdp?

A

Y = C + I + G + NX

Export - import
+ statistical discrepancy

22
Q

What are not included in gdp?

A
  1. Intermediate goods
    2, transfer pay,engs
    3, used goods
    4, illegal goods
23
Q

Net income from the rest of the world ( all citizens in a country)

A

GNP

23
Q

Formula for GNP?

A

GNP = GDP + Net primary income

24
Q

Prices unadjusted for inflation

A

Nominal gdp

25
Q

Prices adjusted to inflation

A

Real GDP

26
Q

Level of economic imporvment between current and prev rate

A

Growth rate = current gdp - prev gdp / prev gdp x 100

27
Q

Causes of unemployment?

A

Cats for sale

  1. Cyclical unemployment
    - changes in economic tstaus of a countr
  2. Frictional unemployment
    - voluntary change in employment
  3. Structural unempkyment
    - lack of skills forms need ti employ
28
Q

Cause of inflation

A

Dogs cant bite

  1. Demand pull
    - positive change in ourchasing power so they demand more
    - demand higher than market supply
  2. Cosy push inflation
    -change in price production inputs infleunce price production process
  3. Built in inflation
    - expectation that other products will increase since a product closely related to it increase ( complemntarh goods)
29
Q

Sum of all expenses on final goods

A

Expenditure approach

30
Q

Sum of the payments for the different factors of production ( land labor capital

A

Income approach

31
Q

Difference between the value of goods from the stage of production and the codts of goods at the stage of production

A

Value added approach

Social Science (11 decks)

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