Podcast
Questions and Answers
In Situation #1, what economic problem is the graduate experiencing?
In Situation #1, what economic problem is the graduate experiencing?
What economic problem is highlighted in Situation #2, where the newly-registered nurse has to take a different job?
What economic problem is highlighted in Situation #2, where the newly-registered nurse has to take a different job?
In Situation #3, what economic problem is the person facing?
In Situation #3, what economic problem is the person facing?
Which economic problem arises when the value of goods and services decreases significantly over a period of time?
Which economic problem arises when the value of goods and services decreases significantly over a period of time?
What economic problem is associated with a general increase in the prices of goods and services?
What economic problem is associated with a general increase in the prices of goods and services?
Which of the following is NOT a basic economic problem discussed in the content?
Which of the following is NOT a basic economic problem discussed in the content?
How can scarcity be linked to the economic problems mentioned in the content?
How can scarcity be linked to the economic problems mentioned in the content?
Which statement best explains how applied economics can be used to solve economic problems?
Which statement best explains how applied economics can be used to solve economic problems?
What is the primary theme emphasized in the content about basic economic problems?
What is the primary theme emphasized in the content about basic economic problems?
Why is it important to discuss the ‘basic economic problems’ of a country?
Why is it important to discuss the ‘basic economic problems’ of a country?
Flashcards
Basic Economic Problems
Basic Economic Problems
Challenges faced by a country related to scarcity and resource allocation.
Scarcity
Scarcity
The fundamental economic problem of having limited resources to meet unlimited wants.
Job Availability Problem
Job Availability Problem
A situation where qualified individuals cannot find jobs because of a shortage in the labor market.
Opportunity Cost
Opportunity Cost
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Job Market Dynamics
Job Market Dynamics
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Applied Economics
Applied Economics
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Economic Mobility
Economic Mobility
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Underemployment
Underemployment
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Educational Attainment
Educational Attainment
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Economic Inequality
Economic Inequality
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Study Notes
Classroom Rules
- Observe respect
- Listen attentively
- Always give your best
- Value other's opinions
- Enjoy learning
Economic Problem Examples
- Poverty
- Unemployment
- Traffic congestion (Example: Metro Manila)
Unemployment Definition
- People available for work but unable to find jobs
- People without work
- Not limited to leaving a job; encompasses a wider range of reasons
Poverty Characteristics
- Basic needs (food, clothing, shelter) unmet
- A lack of income to meet basic food and non-food needs
- Low standard of living, as defined by a government
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