Module 1 : S1/S2/S3 : Applied Economics

(S1) The tools, instruments, machines, buildings, and other construction that business now use to produce goods and services are called ______________.

Capital

(S2) Economists sometimes take out certain variables or consider as constant in determinating and limiting the endegenous equation.

Ceteris Paribus

(S2) Planning Economy is also known as ______________________________.

Command Economy

(S1) It is the use of a good or service. It is also the ultimate end of economic activity.

Consumption

(S1) In everything we do, whether we produce or consume, wealth-getting or wealth-using, we make decisions and these decisions are based on alternative choices.

Decision making process / Making Choices

(S2) Few economist who believed that there is a need to focus on poor nations and how they can avoid the pitfall of copying verbhtm the development program of the industrialized countries.

Development Economies

(S1) It is the allocation of the total product among members of society.

Distribution

(S2) There is believe that economics should rely more on mathematical equations, instead of just graphs and logic so there is a branch called economic phenomena.

Econometrics

(S1) Adam Smith is the Father of _________________.

Economics / Father of Economics

(S1) What is Economics?

Economics is the study of the allocation of scarce resources to satisfy the commerce of men and women.

(S1) The human resource that organizes labor, land, and capital is called __________________________.

Entrepreneurship

(S2) Is the fusion of finance and economics

Financial Economics

(S3) Force / Labor force

Force / Labor force

(S1) _______________________________ are the objects that people value and produce to satisfy wants.

Good and Services / Goods and Services (Not sure if Good/Goods)

(S1) _______________ are physical objects such as cellphones.

Goods

(S2) Economists are prolific writers so there is a need to codify their works and relate the to earlier works.

History of Economics

(S1) ___________ are commodities or services that are used to produce goods and services

Inputs

(S2) (Different fields of economics) Discuss the concepts if globalization, internationalization, and mechanic of the open economy system.

International Economics

(S1) The work time and work effort that people devote to producing goods and services is called _____________.

Labor

(S1) Adam Smith - He continued a lot of rules, using french word __________________________ for free enterprises.

Laissez Faire

(S1) The 'Gift of nature' that we use to produce goods and services are called ___________.

Land

(S2) Deals with the bigger picture while the allocation of resources on the aggregate level.

Macroeconomics

(S1) It is the cost of an increase in an activity is called ______________.

Marginal Cost

(S2) The consumers exercise virtual anatomy on what they will buy, at what quantities will they buy, and at what price.

Market Economy

(S2) Aims to give an understanding appreciation of the basic theories and concepts in economics. The focus of the course is on the economic activities.

Microeconomics

(S2) The state dictates and exercises some control the factors of production, but the populate exercise _____________________.

Mixed Economy

(S2) ______________ are based on value of judgements on "what should be". The __________ lends itself to debate.

Normative Statements

(S2) ___________________ and __________ are the only remnants of planned economy.

North America and Cuba

(S1) It is defined as the cost of the lost alternative.

Opportunity Cost

(S1) ___________ are the different goods and services which come out of production process.

Output

(S2) The __________________________ is prevalent in the communist and socialist type of government.

Planning Economy / Command Economy

(S2) These are statements and prediction can be tested to see if the theories from which they were derived should be accepted or rejected concern is with "what is"

Positive Statements

(S3) ___________________ is a restricting condition experience by millions of families that prevents them attaining the minimum level of consumption for subsistence living.

Poverty

(S1) It is the use of inputs to produce outputs.

Production

(S1) It is concerned with government expenditures and revenues.

Public Finance

(S3) Refers to the structure on how the national income is being distributed among households in an economy.

Relative Poverty

(S1) ________________ are action performed such as cutting and more.

Services

(S1) Economics is primarily a __________________________.

Social Science

(S2) As _________________________, economics deals with the analysis on how members of a society interact with one another on the creation and utilization of wealth.

Social Science

(S3) __________________ is the manner of processing the raw materials or intermediate inputs into transported outputs through the use of factor inputs.

Technology

(S3) (True/False) In 2015, the population estimate for the country has reached 102 million people.

True

(S3) (True/False) Skills training and invesment in education can be shape human capital of a nation.

True

(S3) (True/False) A highly trained workforce is more productive than a pool of unskilled workers.

True

(S3) Philippines have _________________________, meanwhile the limited capacity of our energy infrastructure has resulted in daily interruptions of electricity in many regions in the country.

Weak infrastructure

(S1) The earlier definition of economics.

Wealth

(S1) There are three standards in the development on the definition of economics:

Wealth Decision Making Process Allocation Process

(S2) That fuses knowledge from both disciplines psychology and economics.

Behavior Economics

(S1) Goods and Services get produced by using productive resources that economist called factors of production. 4 Group Categories of "Factors of Production"

1. Land 2. Labor 3. Capital 4. Entrepreneurship

(S2) Main branches of economics

1. Microeconomics 2. Macroeconomics

(S3) The food sufficiency is linked with the development of agriculture as major economic sector of the country contributes over __________ of GNP.

11%

(S3) It is the lack of income to buy the basic foods and necessities for subsistence living.

Absolute Economy

(S1) Who is the father of Economics?

Adam Smith

(S1) ______________________________, The first economist

Adam Smith

(S3) _______________________ and savers that can expand the economy.

Additional Consumer

(S3) _______________________ can be a source of productivity, creativity, and entrepreneurship.

Additional Laborer

(S2) Ceteris Paribus

All things are equal

(S1) The definition of economics as a social science that deals with the study of allocation of scarce resources to answer the unlimited human wants.

Allocation Process / Allocation

(S2) It is the application of economic theory and econometrics in specific settings.

Applied Economics

(S2) _________________________ is a discipline of science that applies existing scientific knowledge to develop more practical application, like technologies or inventors.

Applied Science

(S2) What is an applied science?

Applied Science is a discipline of science that applies existing scientific knowledge to develop more practical application, like technologies or inventors.