Entrepreneurship 100: Philippine Economy Growth

Questions and Answers

What role did the private business sector play under Corazon Aquino's administration?

It was reduced to a minimal role.

It was primarily regulated by the government.

It became the engine of economic development. (correct)

It focused solely on foreign investments.

How does entrepreneurship contribute to economic development?

By hindering access to resources.

By reducing competition among businesses.

By generating jobs and improving income. (correct)

By consolidating wealth in a few hands.

Which of the following is NOT a benefit of entrepreneurship?

Improves the quality of life.

Ensures equal distribution of wealth. (correct)

Generates goods and services.

Accelerates economic development.

What initiative has the national government implemented to help alleviate poverty?

Promoting entrepreneurship and micro businesses. Signup and view all the answers

In what way does entrepreneurship facilitate resource utilization?

By mobilizing resources for productivity. Signup and view all the answers

How does entrepreneurship help ease social unrest?

By contributing to more equitable income distribution. Signup and view all the answers

What has been the continuity of the Ramos government from Aquino's administration?

Sustaining beneficial programs of Aquino's era. Signup and view all the answers

Which of the following statements accurately reflects the role of NGOs in the context of entrepreneurship?

NGOs are actively involved in entrepreneurial projects for the poor. Signup and view all the answers

What are the main determinants of economic growth identified in the content?

Knowledge, skills, values, and the quality of people Signup and view all the answers

Which historical period contributed to the introduction of the tobacco monopoly in the Philippines?

Spanish colonial period Signup and view all the answers

What economic freedoms are highlighted as significant in the Philippine economy?

Free competition and free choice of investments Signup and view all the answers

Which statement accurately reflects the status of the Philippine economy after gaining political independence in 1946?

It remained economically dependent on the US. Signup and view all the answers

How did the import control program of President Carlos Garcia affect Filipino entrepreneurs?

It provided them with breathing space to thrive. Signup and view all the answers

What impact did historical exploitation by colonial powers have on the Filipino economy?

It disrupted local agricultural and business initiatives. Signup and view all the answers

Which group has been noted as having historically dominated retail trade in the Philippines?

Chinese traders Signup and view all the answers

In the context of the Philippine economy, what is primarily affected by the interaction between demand and supply?

Market prices and consumer choices Signup and view all the answers

What distinguishes economic development from economic growth?

Economic growth is a product of economic development, while economic development is a broader process. Signup and view all the answers

Which theory emphasizes the importance of government intervention in economic development?

Keynessian Theory Signup and view all the answers

According to the Harrod-Domar Theory, which factor is key to producing more products?

Utilizing advanced machinery Signup and view all the answers

Which theory focuses on technology as a key factor in economic success?

Kaldor Theory Signup and view all the answers

What role do entrepreneurs play in economic development according to the Innovation Theory?

They are viewed as innovators who drive growth and change. Signup and view all the answers

Which of the following is NOT a component of economic development?

Increasing market size Signup and view all the answers

What aspect does the Ricardian Theory primarily emphasize?

Agriculture as a significant driver of economic development. Signup and view all the answers

How does economic development aim to improve human conditions?

By reducing or eliminating aspects such as poverty and illness. Signup and view all the answers

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.