Questions and Answers
What role did the private business sector play under Corazon Aquino's administration?
How does entrepreneurship contribute to economic development?
Which of the following is NOT a benefit of entrepreneurship?
What initiative has the national government implemented to help alleviate poverty?
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In what way does entrepreneurship facilitate resource utilization?
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How does entrepreneurship help ease social unrest?
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What has been the continuity of the Ramos government from Aquino's administration?
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Which of the following statements accurately reflects the role of NGOs in the context of entrepreneurship?
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What are the main determinants of economic growth identified in the content?
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Which historical period contributed to the introduction of the tobacco monopoly in the Philippines?
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What economic freedoms are highlighted as significant in the Philippine economy?
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Which statement accurately reflects the status of the Philippine economy after gaining political independence in 1946?
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How did the import control program of President Carlos Garcia affect Filipino entrepreneurs?
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What impact did historical exploitation by colonial powers have on the Filipino economy?
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Which group has been noted as having historically dominated retail trade in the Philippines?
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In the context of the Philippine economy, what is primarily affected by the interaction between demand and supply?
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What distinguishes economic development from economic growth?
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Which theory emphasizes the importance of government intervention in economic development?
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According to the Harrod-Domar Theory, which factor is key to producing more products?
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Which theory focuses on technology as a key factor in economic success?
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What role do entrepreneurs play in economic development according to the Innovation Theory?
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Which of the following is NOT a component of economic development?
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What aspect does the Ricardian Theory primarily emphasize?
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How does economic development aim to improve human conditions?
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Study Notes
Learning Objectives
- Understand the status of the Philippine economy.
- Identify factors significantly affecting business establishments in the Philippines.
- Explain mechanisms of economic growth.
- Discuss how entrepreneurship can enhance quality of life.
Structure of the National Economy
- Composed of business enterprises, households, and government.
- Economic freedoms include competition, investment choices, with prices determined by demand and supply.
Factors Influencing Economic Growth
- Development relies on the knowledge, skills, values, and quality of the populace.
- Historical context: Philippines experienced colonial rule from Spain, the U.S., and Japan, affecting its economic structure.
Colonial and Post-Colonial Economic Context
- The Spanish introduced tobacco monopolies and galleon trade, favoring Spanish elites.
- American exploitation focused on agriculture, while Japanese rule severely damaged the economy.
- Post-independence in 1946, economic dependency on the U.S. persisted despite political independence.
Impact of Political Changes on Economics
- President Carlos Garcia's import control briefly supported Filipino entrepreneurs.
- Martial law led to business control by the dictator's associates.
- Corazon Aquino's presidency marked a return to democracy and focused on private sector-led development.
Government Initiatives for Entrepreneurship
- The national government promotes entrepreneurship to alleviate poverty with financial and technical assistance programs.
- NGOs actively participate in entrepreneurial development for the underprivileged.
Role of Entrepreneurship in Economic Development
- Accelerates the distribution of goods and services, fostering economic growth.
- Generates jobs, income, and enhances the availability of goods and services.
- Improves overall quality of life and contributes to the equitable distribution of income, reducing social unrest.
- Mobilizes and utilizes resources effectively, enhancing national productivity.
- Provides social benefits through government engagement and programs.
Nature of Economic Development
- Distinguished from economic growth; development is a process while growth is a result.
- Aims to improve human conditions by addressing poverty, disease, and injustice in underdeveloped nations.
Development and Growth Theories
- Laissez-Faire Theory: Advocates minimal government interference in economic activities.
- Keynesian Theory: Proposes a significant government role in fostering economic development.
- Ricardian Theory: Emphasizes agriculture as a primary driver of economic growth.
- Harrod-Domar Theory: Suggests increased production through machinery use.
- Kaldor Theory: Highlights technology's critical role in production and economic success.
- Innovation Theory: Focuses on entrepreneurs as catalysts for economic progress, as articulated by Joseph Schumpeter.
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Description
This quiz explores the status and growth factors of the Philippine economy. It aims to identify how entrepreneurship plays a crucial role in enhancing business establishments and overall quality of life. Engage with key concepts related to economic development and entrepreneurial impact.