APPLIED ECONOMICS
Gross Domestic Product (GDP)
is the monetary value all the finished goods and services produced within a country's boarders in a specific time period, usually one year.
Macroeconomics
it deals with the economic behavior of the whole economy or its aggregates such as government, business and households.
efficiency
means the ability to produce a desired result with the least cost possible or without any waste. It is achieved when society is able to get the greatest amount of satisfaction from the available resources.
•Gross domestic product (GDP) •Gross national product (GNP)
measuring the economy
Scarcity
is a condition where there are insufficient resources to satisfy all the needs and wants of a population.
Economics
is a social science which deals with the proper allocation of scarce resources to satisfy the unlimited human wants
Full Employment
is an economic situation when all available labor resources are fully utilized.
branches of economics
microeconomics and macroeconomics
economic growth
refers to the situation wherein there is an increase in the overall output or production.
Gross National Product (GNP)
resources of the economy on the given period. Market value is determined by supply and demand while the economy's resources are those belonging to Filipino citizens and corporations.
consumer producer the public sectors market
the agents/stakeholders
human resources
the efforts of people involved in production, including labour and entrepreneurship
Alfred Marshall
Economics is a study of human as they live and move and think in the ordinary business of life. He claimed that, "Economics is a study of mankind in the ordinary business of life
Lionel Robbins
Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. He linked the word "scarcity and human behavior".
Adam Smith
Father of Classical Economics
Microeconomics
It deals with the economic behavior of individual units such as the consumers, firms, and the owners of the factors of production.
Capital
It is a finished product, which is used to produce goods.
labor
This is also termed as human resources
Land, labor, capital, entrepreneurship, and foreign exchange
The five major factors of production
land
These resources consist of free gifts of nature which includes all natural resources above, on, and below the ground.
foreign exchange
This refers to the dollar and dollar reserves
natural resources
came from nature that are used in production, including land, raw materials, and natural process.
scarcity partially used partially replaceable
characteristics of economics
social science, resources, human wants, scarcity, and allocation
five elements in the definition of economics
consumer goods economic goods essential goods capital goods luxury goods
goods may also be classified according to use
economic resource
the problem of having unlimited wants, but limited resources to satisfy them. It also known as factors of production or inputs
capital resources
the processed materials, equipment, and buildings used in production.
Equity
treats a valuable support to achieve fairness and greater outcomes while equality upholds equal opportunity among others.
Entrpreneur
who is engaged in economic undertakings and provides society with goods and services it needs.