Second Preliminaries

Question 1

3 strands of development of the definition of economics

Answer 1

Wealth, decision making process, allocation process.

Question 2

3 economic goals of the society

Answer 2

Survivability, stability, and development

Question 3

Economics

Answer 3

has been defined as a science of wealth getting and wealth using.

Question 4

Five elements in the definition of economics:

Answer 4

Social Science, resources, human wants, scarcity, allocation.

Question 5

what is Explicit Cost

Answer 5

cost that are measurable in terms of value

Question 6

what is implicit cost

Answer 6

cost that is not totally measurable/can only be estimated

Question 7

can be considered not only a place but a state where transactions are made.

Answer 7

market

Question 8

______ -Aid from foreign chu chu from what ive understood.

Answer 8

Tradition system

Question 9

the state or an agency of the government may be in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution.

Answer 9

 Command system

Question 10

Increase the price to lower the demand or increase both demand and resources in order to meet the satisfaction of customers.

Answer 10

 Market system

Question 11

can be defined as a social mechanism to respond to the economic problem of society.

Answer 11

Allocation

Question 12

marginal cost and marginal benefits

Answer 12

mugawas sa exam hehe

Question 13

what is shortage

Answer 13

Shortage implies a situation wherein the supply of a product is lower than its demand

Question 14

what is scarcity

Answer 14

scarcity is a naturally occurring limitation on the resource that cannot be replenished.

Question 15

differentiate scarcity and shortage

Answer 15

shortage implies a situation wherein the supply of a product is lower than its demand while scarcity is a natural occurence wherein the resources used in the product is limited and can’t be produced.
The shortage can be cured through the command system. Through command system the government can export goods which a location has a high demand while scarcity cant be cured yet can be managed through the used of market system. By lowering the demand, the product can last in the market.

Question 16

types of resources

Answer 16

natural resources
human resources
man made resources

Question 17

economics as a social science

Answer 17

how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth. Preservations, stability and development are the concerns in this study.

Question 18

resources and the study of economics

Answer 18

Human resources, man-made resources and nature resources. Human resources may include, labor, intelligence, creativity, health, education, talents and many more. Man-made are machineries and buildings which depreciates over time yet remains their function. Nature-resources are trees, crude oil and minerals.

Question 19

human wants and Economic analysis

Answer 19

expanded human needs. Example, food. Most people who are in the higher tier of social status tends to eat luxurious foods yet people who are born with low social status tends to eat staple and budget friendly food.

Question 20

• Economics as a study of Allocation // Allocation and the Act of Economizing

Answer 20

Allocate the resources in order to scarce resources to answer the unlimited human wants. Allocation can be defined as a social mechanism to respond to the economic problem of society.

Question 21

factors of Pestle analysis?

Answer 21

Political
Economic
sociological 
technological
legal 
environmental

Question 22

What is P in pestle analysis?

Answer 22

Politcal- the current and potential influences from politcal pressures

Question 23

what is E in pestle analysis

Answer 23

Economic- the local, national, and global world economic impact.

Question 24

what is S in pestle analysis

Answer 24

Sociological - the ways in which a society affect the project

Question 25

What is T in pestle analysis?

Answer 25

Technological- how new and emerging technology affects our project/organization

Question 26

What is l in pestle analysis

Answer 26

Legal - how local, national and global legistationb affects the project.

Question 27

What is 2nd E in pestle analysis

Answer 27

Environmental- local, national, and global environmental issues.

Question 28

activities that doesnt require much energy. It only requires observation

Answer 28

Passive recreation

Question 29

how can we classify recreation

Answer 29

recreation can be classified through its nature.

Question 30

Motives of recreation

Answer 30

exploratory motive competitive motive associative motive socializing motive

Question 31

other types of recreational activities

Answer 31

pysical cultural intellectual social

Question 32

activities which you need to participate directly or you are required to do the task

Answer 32

active recreation

Question 33

values derived from recreation

Answer 33

``` psychological awareness social fitness emotional stability physical and health growth mental health ```

Question 34

the way you live your life in a daily basis, it includes the eating habits, physical activities participation and recreational choices.

Answer 34

lifestyle

Question 35

the best way of preventing illness and early death

Answer 35

lifestyle change

Question 36

activity that is intended for relaxation and enjoyment purposes. activity that rejuventates your body, emotions, and mind.

Answer 36

recreation

Question 37

consist of factors that affect customers purchasing power and spending patterns.

Answer 37

economic environment

Question 38

what are the marketing mix

Answer 38

product place price promotion

Question 39

what is goods?

Answer 39

are tangible products that can be physically inspect or touch.

Question 40

what is services?

Answer 40

intangible benefits a customer enjoys that are performed by the machines.

Question 41

.... exchanging offerings that has value for customers and etc.

Answer 41

Marketing

Question 42

can be goods or services thaT ARE OFFERED to the market.

Answer 42

Products.

Question 43

captures the value of a product's offering when you put a price tag that equated to the benefits the product offer to its customers

Answer 43

price

Question 44

includes the necessary activities to make the products available to consumers.

Answer 44

place

Question 45

is the component that informs, persuades, and reminds the potential buyers of the value they can get to the product.

Answer 45

Promotion

Question 46

is defined as a state of felt deprivation.

Answer 46

need

Question 47

these are basic needs for survival.

Answer 47

physiological needs

Question 48

people need to secure once they satisfy their basic needs.

Answer 48

safety needs

Question 49

this referes to living in a community that is free from crime and violence.

Answer 49

personal security

Question 50

this is characterized by job security and financial freedom.

Answer 50

financial security

Question 51

this can be form of health/life insurance that provides security

Answer 51

assurance

Question 52

they need to feel a sense of belonginess and form relationships with other people.

Answer 52

social needs

Question 53

people need to be respected and confident of themselves.

Answer 53

esteem needs

Question 54

need for achievement after working hard for something.

Answer 54

self actualization

Question 55

five aspects of maslow's hierarchy of needs

Answer 55

``` Physiological needs safety needs social needs esteem needs self actualzation ```

Question 56

what is the marketing process

Answer 56

1. analyze the market place and understand the customers needs and wants 2. design a customer driven marketing strategy 3. formulate an effective market program 4. build profitable relationships and establish customer loyalty 5. capture value from customers to earn frofits in echange for value created for customer

Question 57

when needs are shaped by culture and individual's personality, they became ____

Answer 57

wants

Question 58

____ are wants that are backed with buying power.

Answer 58

demands

Question 59

what are the four aspects of pyramid of corporate social responsibility?

Answer 59

economic responsibility legal responsibility ethical responsibility philantropic responsibility

Question 60

three pillars of sustainability

Answer 60

profit people planet

Question 61

is a statement of the organization's purpose and what it wants to accomplish in the bigger environment

Answer 61

mission statement

Question 62

long term goals of a company

Answer 62

vision

Question 63

consist of components close to the company that directly affect its ability to maintain position in the market and its capacity to serve its customers.

Answer 63

microenvironment

Question 64

consist of bigger factors that are beyond the control of the management. /larger factors that can affect the whole industry

Answer 64

macroenvironment

Question 65

provide the resources and materials needed by the company to manufacture goods and services.

Answer 65

suppliers

Question 66

are entities that help get teh products tot the final consumers.

Answer 66

marketing intermediaries

Question 67

are integral part in the microenvironment.

Answer 67

customers

Question 68

offer products belonging in the same product category or industry

Answer 68

competitors

Question 69

is any group of individuals nthat has an actual or potential interest in the company or its products.

Answer 69

public.

Question 70

Porters five forces of analysis

Answer 70

``` threat of new entrants bargaining power of buyers threat of substitute products or services bargaining power of suppliers rivalry among existing competitors ```

Question 71

brought selfishness and isolation to humanity

Answer 71

sin

Question 72

is the way to restore this lost unity among human beings, to correct eroneous human choices and to destroy structures of sin

Answer 72

conversion

Question 73

gives people that firm and persevering determination to commit themselves to the common good.

Answer 73

interdependence

Question 74

is what is the best for the whole of human society.

Answer 74

common good.

Question 75

demands respect from everyone. it is only when such mutual respect is present that authentic solidarity can thrive.

Answer 75

human dignity

Question 76

christian virtue that is a permanent disposition for good

Answer 76

solidarity.

Question 77

4 candles of adven

Answer 77

peace love joy hope

Question 78

what did olaf said about love

Answer 78

love is putting someone else's needs before yours.

Question 79

it is characterized by the absence of all self-seeking, genuine acceptance of the other, and the authentic quest for the good of the other.

Answer 79

charity