Questions and Answers
What are the main components of the Philippine economy?
Business enterprises, households, and the government.
Which colonial masters influenced the Philippine economy?
The United States had no influence on the Philippine economy.
False
What role does entrepreneurship play in economic development?
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According to the Laissez-Faire theory, what should the government do?
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The ______ theory emphasizes the role of innovators in economic development.
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What is the focus of the Ricardian theory?
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Match the following economic development theories to their key concepts:
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What are the factors that greatly affect business establishments in the Philippines?
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The Philippine economy is composed of business enterprises, households, and the government.
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What is the role of entrepreneurship in economic development?
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Which colonial masters had an impact on the Philippine economy?
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What does the Laissez-Faire Theory propose?
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Match the following economic theories with their descriptions:
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The _____ program of President Carlos Garcia gave breathing space for Filipino entrepreneurs.
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Study Notes
Learning Objectives
- Identify factors influencing business establishments in the Philippines.
- Understand the elements contributing to economic growth.
- Explore development and growth theories.
The Philippine Economy
- Comprised of business enterprises, households, and government entities.
- Operates on principles of free competition and choice, with prices determined by demand and supply.
Historical Context
- Early inhabitants migrated 250,000 to 300,000 years ago, leading to a primitive economic state.
- Major colonial influences include Spain, the United States, and Japan, each affecting the economy in various ways.
- Spanish colonialism introduced tobacco monopoly and galleon trade.
- American control exploited agricultural resources.
- Japanese occupation severely damaged the economy.
Political Independence and Economic Control
- Carlos Garcia's import control policy provided temporary relief for Filipino entrepreneurs but led to continued US economic dominance.
- Martial law under a dictatorship resulted in business control by loyal friends of the regime.
- Corazon Aquino's administration pivoted economic development responsibility to the private business sector.
Role of Entrepreneurship
- Acts as a catalyst for economic development by:
- Distributing goods and services more efficiently.
- Generating jobs and increasing income.
- Enhancing quality of life.
- Promoting equitable income distribution, mitigating social unrest.
- Mobilizing resources for increased productivity.
- Delivering social benefits through government collaboration.
Broader Impacts of Entrepreneurship
- Extends beyond business into the realm of social services.
- In less developed countries, focuses on improving living conditions by addressing poverty, disease, injustice, illiteracy, and exploitation.
Development and Growth Theories
-
Laissez-Faire Theory: Advocates for minimal government intervention in economic activities.
-
Keynesian Theory: Argues for active government involvement in driving economic development.
-
Ricardian Theory: Developed by David Ricardo; emphasizes agriculture's crucial role in economic growth.
-
Harrod-Domar Theory: Suggests that production levels can rise significantly through mechanization.
-
Kaldor Theory: Introduced by Nicholas Kaldor; highlights the importance of modern technology in production.
-
Innovation Theory: Created by Joseph Schumpeter; emphasizes the role of entrepreneurs and innovators in driving economic success.
Contributions of Entrepreneurship
- Development of new markets.
- Accelerated economic processes.
- Increased resource efficiency and utilization.
Learning Objectives
- Identify factors influencing business establishments in the Philippines.
- Understand the elements contributing to economic growth.
- Explore development and growth theories.
The Philippine Economy
- Comprised of business enterprises, households, and government entities.
- Operates on principles of free competition and choice, with prices determined by demand and supply.
Historical Context
- Early inhabitants migrated 250,000 to 300,000 years ago, leading to a primitive economic state.
- Major colonial influences include Spain, the United States, and Japan, each affecting the economy in various ways.
- Spanish colonialism introduced tobacco monopoly and galleon trade.
- American control exploited agricultural resources.
- Japanese occupation severely damaged the economy.
Political Independence and Economic Control
- Carlos Garcia's import control policy provided temporary relief for Filipino entrepreneurs but led to continued US economic dominance.
- Martial law under a dictatorship resulted in business control by loyal friends of the regime.
- Corazon Aquino's administration pivoted economic development responsibility to the private business sector.
Role of Entrepreneurship
- Acts as a catalyst for economic development by:
- Distributing goods and services more efficiently.
- Generating jobs and increasing income.
- Enhancing quality of life.
- Promoting equitable income distribution, mitigating social unrest.
- Mobilizing resources for increased productivity.
- Delivering social benefits through government collaboration.
Broader Impacts of Entrepreneurship
- Extends beyond business into the realm of social services.
- In less developed countries, focuses on improving living conditions by addressing poverty, disease, injustice, illiteracy, and exploitation.
Development and Growth Theories
-
Laissez-Faire Theory: Advocates for minimal government intervention in economic activities.
-
Keynesian Theory: Argues for active government involvement in driving economic development.
-
Ricardian Theory: Developed by David Ricardo; emphasizes agriculture's crucial role in economic growth.
-
Harrod-Domar Theory: Suggests that production levels can rise significantly through mechanization.
-
Kaldor Theory: Introduced by Nicholas Kaldor; highlights the importance of modern technology in production.
-
Innovation Theory: Created by Joseph Schumpeter; emphasizes the role of entrepreneurs and innovators in driving economic success.
Contributions of Entrepreneurship
- Development of new markets.
- Accelerated economic processes.
- Increased resource efficiency and utilization.
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Description
This quiz explores the key factors that influence the growth of the Philippine economy. Students will identify crucial elements affecting business establishments and examine various theories of economic development. It's essential for understanding the dynamics of economic growth within the context of the Philippines.
