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Questions and Answers
What is the first step in the scientific method as applied in Economics?
What is the first step in the scientific method as applied in Economics?
Which of the following processes is NOT one of the three primary economic processes discussed?
Which of the following processes is NOT one of the three primary economic processes discussed?
What is the primary focus of Economics as a social science?
What is the primary focus of Economics as a social science?
What does the term 'oikonomia' origin from in Greek?
What does the term 'oikonomia' origin from in Greek?
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Which step involves recording data obtained from an experiment?
Which step involves recording data obtained from an experiment?
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What must be done after testing a hypothesis in the scientific method?
What must be done after testing a hypothesis in the scientific method?
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In what area does Economics study primarily?
In what area does Economics study primarily?
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The term 'management' in the context of Economics refers to which of the following?
The term 'management' in the context of Economics refers to which of the following?
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What is required for the study of economics to exist?
What is required for the study of economics to exist?
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Which of the following is NOT considered a factor of production?
Which of the following is NOT considered a factor of production?
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What does opportunity cost represent in economic terms?
What does opportunity cost represent in economic terms?
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In the circular flow model, households primarily provide which resource?
In the circular flow model, households primarily provide which resource?
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What type of goods and services does the Product Market represent?
What type of goods and services does the Product Market represent?
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What is the primary purpose of entrepreneurship in the factors of production?
What is the primary purpose of entrepreneurship in the factors of production?
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Which question is NOT one of the basic economic questions?
Which question is NOT one of the basic economic questions?
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Which of the following best describes trade-offs in production?
Which of the following best describes trade-offs in production?
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What does microeconomics primarily focus on?
What does microeconomics primarily focus on?
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Which concept helps explain the relationship between the price of a good and the quantity demanded?
Which concept helps explain the relationship between the price of a good and the quantity demanded?
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What is the main purpose of applied economics?
What is the main purpose of applied economics?
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Which of the following best describes scarcity?
Which of the following best describes scarcity?
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Who is known as the 'Father of Economics'?
Who is known as the 'Father of Economics'?
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What do laissez-faire policies advocate for?
What do laissez-faire policies advocate for?
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What is the Law of Demand generally summarized as?
What is the Law of Demand generally summarized as?
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Which of the following concepts distinguishes between necessities and desires?
Which of the following concepts distinguishes between necessities and desires?
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What is the primary focus of servicification in contemporary economic issues for Filipino entrepreneurs?
What is the primary focus of servicification in contemporary economic issues for Filipino entrepreneurs?
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Which of the following best describes external financing?
Which of the following best describes external financing?
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What does a dynamic innovation ecosystem aim to achieve?
What does a dynamic innovation ecosystem aim to achieve?
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How does enhanced connectivity contribute to business operations?
How does enhanced connectivity contribute to business operations?
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Which industries can benefit from the strategy of servicification according to contemporary economic challenges?
Which industries can benefit from the strategy of servicification according to contemporary economic challenges?
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What role does crowdsourcing play in the context of innovation?
What role does crowdsourcing play in the context of innovation?
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What is a potential source of funds for entrepreneurs apart from external financing?
What is a potential source of funds for entrepreneurs apart from external financing?
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What is essential for a dynamic innovation ecosystem to evolve?
What is essential for a dynamic innovation ecosystem to evolve?
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What characterizes a command economic system?
What characterizes a command economic system?
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Which economic system combines market aspects with government intervention?
Which economic system combines market aspects with government intervention?
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What is the primary motive behind a command economic system?
What is the primary motive behind a command economic system?
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Which goal is associated with maintaining the currency's purchasing power?
Which goal is associated with maintaining the currency's purchasing power?
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What is a defining feature of a traditional economic system?
What is a defining feature of a traditional economic system?
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Which of the following describes an autarkic economy?
Which of the following describes an autarkic economy?
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What does the term 'balance of payments' refer to?
What does the term 'balance of payments' refer to?
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Which statement accurately reflects the concept of 'high and sustainable economic growth'?
Which statement accurately reflects the concept of 'high and sustainable economic growth'?
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What is associated with the function 'D=f(P)' in economics?
What is associated with the function 'D=f(P)' in economics?
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What is one characteristic of a market economic system?
What is one characteristic of a market economic system?
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Study Notes
Nature of Economics & Applied Economics
- Economics is a systematic pursuit of knowledge addressing societal resource allocation.
- Uses the scientific method: Observations lead to questions, followed by hypothesis testing, data collection, results examination, and reporting findings.
Key Concepts in Economics
- Economics studies demand and supply, focusing on consumption, production, and distribution of goods and services.
- Defined etymologically from Greek "oikonomia," meaning household management, combining "oikos" (household) and "nemein" (management).
Social Science and Economic Behavior
- Social science investigates the "why" and "how" of economic behaviors among individuals and firms.
- Key questions include consumer spending and saving behaviors.
Branches of Economics
- Microeconomics: Analyzes individual units of the economy, including households and firms, examining price-setting and economic behaviors.
- Macroeconomics: Explores the economy as a whole, focusing on overall performance, resource flow, and aggregate economic changes.
Fundamental Economic Concepts
- Scarcity is the central problem of economics; it arises from unlimited wants and limited resources.
- Factors of production include land, labor, capital, and entrepreneurship.
Opportunity Cost
- Represents the trade-off involved in producing one good over another due to limited resources.
- Illustrated through examples, such as choosing between walking or riding a car to school.
Economic Systems
- Capitalism: Characterized by private ownership and free markets.
- Command Economy: State ownership of production with central planning, no private property, and limited economic freedoms.
- Mixed Economy: Combines free market principles with government intervention.
Economic Models and Variables
- Models simplify relationships between economic phenomena, using assumptions like "ceteris paribus."
- Economic variables can change and are essential for analysis, such as demand depending on price.
Macroeconomic Goals
- Full Employment: Maximizing productive resources, particularly labor.
- Fair Income Distribution: Equitable wealth distribution among the population.
- Price Stability: Maintaining the purchasing power of currency.
- Sustainable Economic Growth: Increasing income and living standards over time.
- Balance of Payments: Ensuring foreign currency inflows equal outflows.
Contemporary Economic Issues
- Servicification fosters linkages among sectors for value-adding and efficient delivery networks, particularly in IT, tourism, and logistics.
- Dynamic Innovation Ecosystem supports translating ideas into products and processes, enhancing job creation.
- Enhanced Connectivity is essential for linking markets through digital and physical infrastructure.
Funding and Investment
- External financing involves sourcing funds from third-party investors or personal savings for entrepreneurial ventures.
- Crowdsourcing gathers data and input from numerous individuals, utilizing diverse perspectives for innovative solutions.
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Description
This quiz covers the fundamental concepts of economics, including its nature and the application of economic principles. Explore key ideas such as demand and supply, microeconomics, and macroeconomics while understanding the role of social science in economic behavior.
