Scientific Method Quiz

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

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.

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.