Q1: Lesson 1 | Economics

Question 1

The so called “Science of Choice”

Answer 1

Economics

Question 2

It is derived from two Greek words “oikos” and “nomos”

Answer 2

Economics

Question 3

Short supply of resources

Answer 3

Scarcity

Question 4

Is the branch of economics that deals with human behavior and choices as they relate to relatively small units - an individual, a firm, an industry, a single market

Answer 4

Microeconomics

Question 5

Is the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets (such as the goods and services market) or to the entire economy

Answer 5

Macroeconomics

Question 6

The study of “what is” in economic matters. Essentially, it deals with cause-effect relationships that can be tested. Capable of being verified of refuted by resorting to fact or further investigation

Answer 6

Positive economics

Question 7

The study of “what should be” in economic matters. It deals with value judgements and opinions that cannot be tested. Contains a value judgement which cannot be verified by resort to investigation or research

Answer 7

Normative economics

Question 8

Pinakamaliit na unit ng economics

Answer 8

Isang bahay

Question 9

The condition in which our wants are greater than the limited resources available to satisfy them

Answer 9

Scarcity

Question 10

Is the satisfaction one receives from a good. It refers to satisfaction in economic terms

Answer 10

Utility

Question 11

Anything that gives someone satisfaction. Anything from which individual receives satisfaction

Answer 11

Good

Question 12

TRUE OR FALSE: All goods give utility

Answer 12

False

Question 13

It is the opposite of utility. Dissatisfaction one receives from a bad

Answer 13

Disutility

Question 14

Anything from which individuals receive disutility/dissatisfaction

Answer 14

Bad

Question 15

Includes all natural resources, saan kinukuha ang materyales para sa produksyon

Answer 15

Land

Question 16

Consists of produced goods that can be used as inputs for further production. Lahat ng mga bagay na ginagamit sa produksyon

Answer 16

Capital

Question 17

The factors of production (salik ng produksyon)

Answer 17

• land
• capital
• labor
• entrepreneur

Question 18

Refers to the physical and mental talents people contribute fo production process

Answer 18

Labor

Question 19

What are the 3 main economic problems

Answer 19

• WHAT goods to produce
• HOW should goods be produced
• TO WHOM should goods be produced

Question 20

It is how limited resources are used

Answer 20

Resource use

Question 21

The cost expressed in terms of the next best alternative sacrificed. Ang halaga na nawala saatin batay sa ginawa mong desisyon

Answer 21

Opportunity cost

Question 22

You are concerned with two choices. You are making choices. You are making decisions

Answer 22

Trade-off

Question 23

TRUE OR FALSE: Mas malaki ang opportunity cost, mas maganda ang desisyon

Answer 23

False

Question 24

Shows different combinations of goods and services that can be produced with a given amount of resources

Answer 24

Production possibility frontiers

Question 25

No 'idea' point on curve

Answer 25

Point of concern

Question 26

Can produce a possible combination of capital goods and consumer goods if it's _________ ______ __________

Answer 26

Along the curve

Question 27

The resources are not maximized or used efficiently if the point is ______ _______ _______

Answer 27

Inside the curve

Question 28

Hindi kakayanin ng resources available if the point is _____ ________ ________

Answer 28

Outside the curve

Question 29

The curve _______________________ when the economy got better due to technological advancements

Answer 29

Moves to the right

Question 30

Ideas were centered on the walls of making a living. The bible and the holy men regulated economic practices and relationships

Answer 30

Ancient economic ideas

Question 31

He was against the accumulation of wealth through lucrative trade or commerce to him. To him, agriculture is very important and he was in favor of specialization of production. He said that there is a need for diversity of occupations singe no person is self-efficient

Answer 31

Plato

Question 32

He likewise stressed the value of management of agriculture. Like Plato, he was not in favor of too much wealth, he did not like ursury in trade

Answer 32

Aristotle

Question 33

He was also in favor of capitalism. He proposed that trade and shipping must be promoted by the government

Answer 33

Xenophon

Question 34

It reached its peak during the Middle Ages in Europe. Ito ang pagkakahati hati sa lipunan kung saan ang "peasants" ang mga nagtra-trabaho havang ang mga "landlord" ang nakakakuha sa pera

Answer 34

Feudalism

Question 35

Great thinkers like Machiavelli, Bodin, and Serra claimed that it is the duty of the state to create and accumulate wealth. Wealth came from good and silver and a wealthy nation was considered powerful and prestigious

Answer 35

Mercantilism