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Questions and Answers
What does Economics study?
What does Economics study?
Demand and supply, consumption, production, and distribution of goods and services.
What does the term 'oikonomia' mean?
What does the term 'oikonomia' mean?
Household management.
How does Mankiw define Economics?
How does Mankiw define Economics?
The study of how society manages its scarce resources.
Which of the following is a component of Economics?
Which of the following is a component of Economics?
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Economics is considered a natural science.
Economics is considered a natural science.
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What makes Economics a social science?
What makes Economics a social science?
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What is the significance of the scientific method in Economics?
What is the significance of the scientific method in Economics?
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Study Notes
Objectives of the Lesson
- Understand economics as both a social and applied science.
- Reflect on the significance of economics in daily life and decision-making.
- Create a Venn diagram comparing economics as a social science and an applied science.
Nature of Economics
- Economics studies demand and supply dynamics.
- Focuses on three primary economic processes: consumption, production, and distribution of goods and services.
- Etymology derived from “oikonomia” (household) and “nemein” (management).
- Examines how societies manage scarce resources effectively.
- Defined by Mankiw as the study of resource management amidst unlimited human demands.
- Robbins emphasizes the efficient allocation of scarce resources with alternative uses.
Science and Economics
- Science is a systematic approach to understanding the natural world through observation and experimentation.
- Economics is considered a science due to its methodological analysis of social behavior and resource allocation.
Social Science Context
- Social science broadly studies society and human behavior.
- Economics qualifies as a social science as it analyzes human interactions and behaviors regarding resource use.
- Highlights the interconnectedness between economics and societal influences.
Key Figures
- Mankiw is noted for his contributions to economic theory and policy discussions, reflecting the evolving nature of economic practices.
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Description
This quiz focuses on the nature and scope of economics, as outlined in the Applied Economics curriculum for Senior High School at the University of Santo Tomas. Designed for Thomasians, it explores fundamental concepts and principles of economics to enhance understanding.
