Scientific Method Quiz
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Questions and Answers

What is the primary focus of economics as a social science?

  • The behavior and actions of individuals in fulfilling needs (correct)
  • The evaluation of global market structures
  • The analysis of historical economic trends
  • The study of government policies only

    • From which French word is the term 'economics' derived?

  • Economie (correct)
  • Finance
  • Industrie
  • Commerce

    • What does the Greek term 'oikonomia' translate to in English?

  • Management of the household (correct)
  • Social welfare
  • Political economy
  • Economic growth

    • Why is the study of economics considered to start at the household level?

    <p>Households are the primary unit for resource allocation</p> Signup and view all the answers

    Which of the following elements is NOT typically addressed within the field of economics?

    <p>Personal relationships in households</p> Signup and view all the answers

    What is the first step in the scientific method?

    <p>Formulating a hypothesis</p> Signup and view all the answers

    Which step involves seeking ways to gather necessary information?

    <p>Gathering information or data</p> Signup and view all the answers

    What does the analysis of collected data involve?

    <p>Using various techniques to interpret data</p> Signup and view all the answers

    What is the purpose of testing a hypothesis?

    <p>To review and interpret the results from previous steps</p> Signup and view all the answers

    What does the final step in the scientific method entail?

    <p>Drawing conclusions from the findings</p> Signup and view all the answers

    What is indicated by limited resources?

    <p>Resources are finite and insufficient to meet all needs.</p> Signup and view all the answers

    What does the term 'unlimited wants' refer to?

    <p>A person's desire to achieve satisfaction through acquiring goods.</p> Signup and view all the answers

    What does behavior and action in terms of economics involve?

    <p>Deciding how to respond and act to ensure survival.</p> Signup and view all the answers

    What is a characteristic of an economic system?

    <p>It outlines how individuals and groups make choices to solve economic issues.</p> Signup and view all the answers

    Which statement best describes human actions regarding resource limitations?

    <p>Humans strive to maximize their satisfaction despite limited resources.</p> Signup and view all the answers

    What does the term 'maykroekonomiks' refer to in economics?

    <p>Examination of individual units within the economy</p> Signup and view all the answers

    Which of the following is NOT typically studied in maykroekonomiks?

    <p>National economic performance</p> Signup and view all the answers

    What is the focus of makroekonomiks?

    <p>Overall economic trends and performance of a country</p> Signup and view all the answers

    What does the Greek term 'makro' signify in the context of economics?

    <p>Large</p> Signup and view all the answers

    Which example is most relevant to maykroekonomiks analysis?

    <p>Pricing strategies of a specific business</p> Signup and view all the answers

    What does GNP represent in economic terms?

    <p>The total national income of residents</p> Signup and view all the answers

    Which of the following best describes GDP?

    <p>Value of goods and services produced within a specific country</p> Signup and view all the answers

    Which example best illustrates GNP?

    <p>The combined income of Overseas Filipino Workers (OFWs)</p> Signup and view all the answers

    What is not included in GDP calculations?

    <p>Income earned by citizens working overseas</p> Signup and view all the answers

    Which scenario demonstrates the concept of 'palitan ng piso sa dolyar' (currency exchange)?

    <p>The exchange of Philippine pesos for US dollars</p> Signup and view all the answers

    What does production primarily involve?

    <p>Creating and providing goods and services.</p> Signup and view all the answers

    What is considered a factor of production?

    <p>Land.</p> Signup and view all the answers

    Which of the following describes blue-collar jobs?

    <p>Jobs that mainly use physical skills.</p> Signup and view all the answers

    What is capital in the context of production?

    <p>Physical goods that produce other goods.</p> Signup and view all the answers

    Which type of worker relies primarily on mental capabilities?

    <p>White-collar workers.</p> Signup and view all the answers

    What is the compensation received for land in production factors?

    <p>Rent</p> Signup and view all the answers

    Which factor of production is referred to as the 'captain of industry'?

    <p>Entrepreneur</p> Signup and view all the answers

    Which of the following represents the compensation for the entrepreneur?

    <p>Profit</p> Signup and view all the answers

    What is consumption primarily concerned with?

    <p>Buying and using products</p> Signup and view all the answers

    What is the term for the wealth distribution among the factors of production?

    <p>Income distribution</p> Signup and view all the answers

    What is the definition of 'Pagpapalitan'?

    <p>The transfer of ownership of goods or services from one person to another.</p> Signup and view all the answers

    What does 'BARTER' involve?

    <p>The trade of one product for another product between two people.</p> Signup and view all the answers

    Where does 'Pagpapalitan' typically occur?

    <p>In a pamilihan or marketplace.</p> Signup and view all the answers

    What is defined by 'PAMPUBLIKONG PANANALAPI'?

    <p>The taxes collected and expenditures by the government.</p> Signup and view all the answers

    Which of the following is NOT a characteristic of 'Pagpapalitan'?

    <p>It exclusively includes commercial goods.</p> Signup and view all the answers

    Study Notes

    Scientific Method Steps

    • Hypothesis Formation: Craft a statement based on gathered information, factoring in time, resources, and expertise.
    • Data Collection: Gather necessary information to address the problem, ensuring sufficient data concerning the issue at hand.
    • Data Analysis: Employ various techniques to analyze the collected data effectively.
    • Hypothesis Testing: Review and test the hypothesis by analyzing results and interpreting data carefully.
    • Conclusion Development: Assess study findings to determine potential solutions for the problem.

    Limited Resources

    • Resources are finite, creating challenges in addressing ever-growing human needs effectively.

    Endless Needs

    • Individuals strive for satisfaction through their needs and wants, leading to various approaches to achieve these goals.

    Behavior and Actions

    • Refers to how individuals respond and act to survive in their environment.

    Economic Systems

    • The framework through which individuals, groups, and governments decide how to solve economic issues.

    Economics Definition

    • A social science focusing on individual actions and behaviors to meet unlimited human needs using limited resources.
    • Examines choices made by individuals, groups, and governments in resolving national economic challenges.

    Origin of the Term "Economics"

    • Derived from the French term "économie," meaning household management.
    • Rooted in the Greek term "oikonomia," combining "oikos" (home) and "nomos" (management).

    Two Types of Economics

    • Microeconomics:
      • Focuses on small economic units.
      • Analyzes individual consumer and producer behavior and its impact on overall economy, including price-setting, demand, and supply.
    • Macroeconomics:
      • Examines the overall economy of a country.
      • Studies national income, Gross Domestic Product (GDP), Gross National Product (GNP), external debt, currency exchange rates, unemployment, and inflation.

    GNP vs. GDP

    • GNP (Gross National Product):
      • Reflects the total income of a nation's residents, regardless of where economic activity occurs.
      • Includes income from overseas Filipinos.
    • GDP (Gross Domestic Product):
      • Measures the value of products and services produced within a country’s borders.
      • Encompasses income from foreign investors in the country.

    Five Divisions of Economics

    • Production: Creation and provision of goods and services to meet human needs and wants through transforming raw materials.

    Factors of Production

    • Land: Natural resources used for agriculture and building.
    • Labor: Human effort in producing goods and services, essential for economic contributions.
    • Types of Labor:
      • White Collar Jobs: Mental labor positions like doctors, lawyers, educators.
      • Blue Collar Jobs: Physical labor roles like carpenters, drivers, farmers.

    Income from Factors of Production

    Factor of Production Compensation Received
    Land Rent
    Labor Wages
    Capital Interest
    Entrepreneur Profit
    Government Taxes

    Distribution

    • The allocation of wealth or income among the various factors of production, such as land, labor, and capital.

    Entrepreneurship

    • Acts as a connector among production factors to create products and services, often referred to as "captains of industry."

    Consumption

    • The act of purchasing, using, or depleting goods and services to meet needs and satisfy desires.

    Types of Exchange

    • Exchange: Transfer of ownership involving goods and services.
    • Barter: Direct trade where products are exchanged without cash involvement.
    • Market: Venue where exchanges occur.
    • Public Finance: Government's collection of taxes and expenditure related to public services.

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    Test your understanding of the scientific method steps, including hypothesis formation, data collection, and data analysis. Challenge yourself to recall the procedures essential for conducting scientific research.

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