Questions and Answers
What is the main focus of economics?
The study of how prices of land, labor, and capital are determined, and how these prices are used to allocate scarce resources.
According to Dilts (2004), how is economics defined?
As the study of the allocation of scarce resources to meet unlimited human wants.
Scarcity means that the demand for a good or service is less than its availability.
False
According to Parkin (2008), economics is the social science that studies the choices made by individuals, businesses, governments, and societies as they cope with _______ and the incentives that influence those choices.
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Which of the following is a focus of economics?
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What does the study of economics examine regarding government policies?
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What is the definition of economics provided by the National Geographic article?
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Study Notes
Vision and Mission of Kolehiyo ng Lungsod ng Lipa
- Committed to human development through the pursuit of wisdom, truth, justice, and local/global competitiveness.
- Aims to provide quality and affordable education to all qualified clients.
- Mission emphasizes establishing an academic environment that fosters excellence and holistic development rooted in love of country and fellowmen.
Goals of Kolehiyo ng Lungsod ng Lipa
- Enhance spiritual, intellectual, social, moral, and creative growth through affordable education.
- Offer a diverse range of relevant academic disciplines and experiences to promote personal and societal transformations.
- Collaborate with government and community to achieve national developmental objectives.
- Prepare qualified individuals with necessary life skills for local and global competitiveness.
Course Overview: Basic Microeconomics
- Focuses on the fundamentals of economics and the introduction to key economic concepts.
Specific Objectives of the Basic Microeconomics Course
- Define essential economic terms.
- Identify elements in satisfying human wants.
- Differentiate between economic analysis and policy.
- Describe scientific methodologies in economics.
- Apply economic models for analysis.
- Present an overview of the economy's circular flow.
- Differentiate various economic systems.
Definition of Economics
- Studies the determination of prices for land, labor, and capital and their role in resource allocation.
- Analyzes financial markets and capital distribution across the economy.
- Investigates income distribution and strategies to assist the poor without harming economic performance.
- Examines government spending, taxation, and budget deficits' effects on growth.
- Looks at economic cycles, income, and employment trends to develop growth-enhancing policies.
- Analyzes trade patterns and barriers among nations.
- Proposes methods to encourage efficient resource usage in developing countries.
Key Concepts in Economics
- Scarcity: Exists when demand for goods/services exceeds availability, impacting consumer choices.
- Scarcity increases the value of limited items, enabling sellers to set higher prices due to high demand.
- Economics, as defined by Parkin, involves studying choices made by individuals and societies under conditions of scarcity and the resulting incentives.
- Dilts simplifies economics as the study of allocating scarce resources to fulfill unlimited human wants.
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Description
This quiz covers the vision and mission statements focused on human development. It aims to encourage discussions on the pursuit of wisdom, excellence, and local/global competitiveness in an academic environment. Test your understanding of these core values and principles.
