Scientific Method Quiz

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?

Households are the primary unit for resource allocation Signup and view all the answers

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

Personal relationships in households Signup and view all the answers

What is the first step in the scientific method?

Formulating a hypothesis Signup and view all the answers

Which step involves seeking ways to gather necessary information?

Gathering information or data Signup and view all the answers

What does the analysis of collected data involve?

Using various techniques to interpret data Signup and view all the answers

What is the purpose of testing a hypothesis?

To review and interpret the results from previous steps Signup and view all the answers

What does the final step in the scientific method entail?

Drawing conclusions from the findings Signup and view all the answers

What is indicated by limited resources?

Resources are finite and insufficient to meet all needs. Signup and view all the answers

What does the term 'unlimited wants' refer to?

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

What does behavior and action in terms of economics involve?

Deciding how to respond and act to ensure survival. Signup and view all the answers

What is a characteristic of an economic system?

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

Which statement best describes human actions regarding resource limitations?

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

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

Examination of individual units within the economy Signup and view all the answers

Which of the following is NOT typically studied in maykroekonomiks?

National economic performance Signup and view all the answers

What is the focus of makroekonomiks?

Overall economic trends and performance of a country Signup and view all the answers

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

Large Signup and view all the answers

Which example is most relevant to maykroekonomiks analysis?

Pricing strategies of a specific business Signup and view all the answers

What does GNP represent in economic terms?

The total national income of residents Signup and view all the answers

Which of the following best describes GDP?

Value of goods and services produced within a specific country Signup and view all the answers

Which example best illustrates GNP?

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

What is not included in GDP calculations?

Income earned by citizens working overseas Signup and view all the answers

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

The exchange of Philippine pesos for US dollars Signup and view all the answers

What does production primarily involve?

Creating and providing goods and services. Signup and view all the answers

What is considered a factor of production?

Land. Signup and view all the answers

Which of the following describes blue-collar jobs?

Jobs that mainly use physical skills. Signup and view all the answers

What is capital in the context of production?

Physical goods that produce other goods. Signup and view all the answers

Which type of worker relies primarily on mental capabilities?

White-collar workers. Signup and view all the answers

What is the compensation received for land in production factors?

Rent Signup and view all the answers

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

Entrepreneur Signup and view all the answers

Which of the following represents the compensation for the entrepreneur?

Profit Signup and view all the answers

What is consumption primarily concerned with?

Buying and using products Signup and view all the answers

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

Income distribution Signup and view all the answers

What is the definition of 'Pagpapalitan'?

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

What does 'BARTER' involve?

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

Where does 'Pagpapalitan' typically occur?

In a pamilihan or marketplace. Signup and view all the answers

What is defined by 'PAMPUBLIKONG PANANALAPI'?

The taxes collected and expenditures by the government. Signup and view all the answers

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

It exclusively includes commercial goods. 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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Description

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.