Economics Past Paper PDF (Social Studies 9)

SY. 2023-20 24 Concept of Economics Social Studies 9  Quarter 1 Economics The social science related with the examination of human behavior and practices to efficiently use the scarce resources to su...

SY. 2023-20 24 Concept of Economics Social Studies 9  Quarter 1 Economics The social science related with the examination of human behavior and practices to efficiently use the scarce resources to supply the unlimited needs of man and achieve man’s satisfaction.  Economic Goods Free Goods  icroeconomic M s is the study of the behavior of centered in studying the the entire economy. small unit of the economy Focuses on the aggregate Tackles individal behavior of activities of the government, the consumer, producers and industry, and households. the market (products and Whole operations of the services) economy. What people would like to buy and what suppliers would like to sell Ma ic s croecono m  OIKONOMIA History of OIKOS - NOMOS Economics House household management Xenophon Plato Artistotle c. 353 BCE c. 348 BCE c. 322 BCE Oeconomicus The Republic Topics and Retoric is about Efficient a blueprint for an views exchange as a management economy where cities way to satisfy and leadership are founded on key individual and in a house-hold principles of collective wants specialization and division of labor.  Mercantilist Francois Quesnay and Physiocrats 1500-1700 1739 ultimate goal is to Believed in the accumulate silver and importance of nature gold by selling the and wise use of finished products of natural resources. agriculture Tableau Economique Private property illustrated the circular flow of the economy Adam Smith Father of Modern Economics Laissez Faire or Let Alone Policy stressed that government should not interfere with the activities of man towards the free market. Focus on maintaining peace and order. An Inquiry Into the Nature and Caused of the Wealth of Nations Focus on Specialization to achieve the industrialization of the economy. David Ricardo Known for his brilliant ideas about the effects of natural resources, like land, in the development of the economy. Law of Diminishing Marginal Returns, the increasing number of people will drive man to cultivate even the idle lands to support his necessities in life. Law of Comparative Advantage principle that explained that a country benefits more in producing the products with less production cost than any country. Thomas Robert Malthus Discussed the effects of rapid increas in population. Malthusian Theory - pointed out that if population increases rapidly that the supply of the food, it can cause famine and will affect the economic activities of man. John Maynard Keynes The Law of Supply and Demand is the underlying principle of the Neoclassicists, a group where John Maynard Keynes belonged. According to Keynes, the government plays a significant role in maintaining equilibrium in the economy through public spending and keeping the balance among demand, supply, and the market prices. He was considered as the Father of Macroeconomics. General Theory of Employment, Interest, and Money Father of Modern Theory of Employment Karl Marx Father of Communism Shared his principles regarding the cause of poverty in society. Believed that poverty of the proletariat or working class is caused by abusive practices of the rich capitalists that safeguard their own selfish interest in their accumulation of wealth. All industries and sources of wealth should be nationalized to achieve equality.  ’s That Econom ho ist? W  The Bible says He has made everything beautiful in its time. He has also set eternity in the human heart; yet no one can fathom what God has done from beginning to end. Ecclesiastes 3:11 Thank You! Any Questions? Social Studies 9 | 1st Quarter Good Morning! Smile! God is good all the time! Social Studies 9 | 1st Quarter WESTHILL INTERNATIONAL SCHOOL First Quar ter Determinants of Demand Social Studies 9 What Affects Demand? Price is not the only factor that affects demand. There are other determinants, which affect the demand of the consumer. Population Mostly, change in number of buyers directly affects the quantity of a product demanded at each price. When buyers increase, demand is likely to increase and if buyers decrease, it will probably decrease. For example, increase in number of students will increase demand for books. Expectation Change in consumer expectations about a product may affect the quantity they demand. For example if consumers expect that future price of a product A will increase, they will demand more to save money. Conversely, if they expect that future price will decrease, they will decrease demand and wait to benefit from lower future price. Income Change in income affects demand directly in most cases. Increase in income of buyers will allow them to purchase more thus demand will be increased and decrease in income will restrict their purchases thus demand will be decreased. Normal goods - cars, pizza, discount clothing, and canned foods. Inferior goods - wine, roses, cars, home services. Preference Consumer tastes is another important determinant of demand. If consumer tastes change such that they now favor a product more, the will demand that product more and if their taste changes unfavorably they will demand lower quantity of that product. Businesses advertise their products to change consumer tastes in favor of their products. Colonial mentality  Occasion For Filipinos celebrating every special event and occassion is important. Whenever there is a celebration, demand for products that are used for the occasion increases. Such as Valentine’s Day, Christmas Time, graduation and birthdays. Price When the price of goods increases then the demand decreases. There are two types of related goods, substitute goods and complementary goods. The price change of a substitute of a product usually affects the demand of the product directly. For example, price drop of solar power technology will decrease the demand for traditional electric power. Change in Price & Quantity Demanded Change in price will result in change of quantity demanded. As illustrated in the movement along the curve. It shows the signifcant effect of price on demand. Shift of the Demand Curve to the Right When the demand curve shifts to the right. Qd1 to Qd2 shows an increase in demand caused by different factors even when the price is constant. Shift of the Demand Curve to the Left When the shift of demand curve is from right to left. it shows a decrease in demand caused by the different factors even when the price is constant. Learning Targets I can identify the different determinants of Demand. I can explain how the determinants of demand affect my daily life.  SY. 2024-20 25 Thank you Economists! me back! co el W  First Quar ter Economics: The Science of Making Choices Social Studies 9 Why Study? choose a college course Most of the issues/problems Budgeting allowance encountered by people are related Joining school orgs to economics. Economics provide people with an choose friends opportunity to practice DECISION- MAKING. Selecting a career Remember as humans- we are never contented and satisfied, but we can’t Giving priority to study have everything in life. What will you learn? INTELLIGENT DECISION-MAKING. choosing a hobby  4 Aspects that Influence the Behavior of people Moral Political Economic Social  Economic Significance of the Scientific s9 Method in Economics In order for us to understand and predict the effects of a problem we need to know how to study them. Make Identify Test Make Gather data conclusions hypothesis the assumptions and and data and problem or hypothesis information recommenda analysis tions Significance of the Scientific Method in Economics  Social Scien ce Economics: The Science of Making Choices Cost and Benefit - in everything we do, there are costs and benefits. These guide each individual and our society in their choice process. Choice and Decision - make a choice, it depicts your decision. Individual and Social Choices.  Social Scien ce Opportunity and Benefit Opportunity Cost - refers to a value of alternative given up to obtain another item. Trade off - when you give up or sacrifice one product for one another. Benefit - what you gain from choices. Thank You! Any Questions? Social Studies 9 | 1st Quarter Good Morning! Smile! God is good all the time! Social Studies 9 | 2nd Quarter WESTHILL INTERNATIONAL SCHOOL 2nd Quar ter The Concept of Supply Social Studies 9  Willingness and Capacity of the Supply supplier is the basis of declaring the supply in the market. Represents the amount of good and services available for Supply is also affected by price. consumption at different prices. Producers and sellers are considered suppliers.  The Law of supply shows that. Law of Supply Price increase serves as incentive to seller to supply more products. States that when the price of Many producers supply products the product is high, producers at high prices; and are willing to sell more. Price and supply have direct relationship. But if the price is low, producers ten to decrease the supply assuming all other things remain constant. As the price increase, supply also increases. Supply Schedule Table showing the POINT P QS different units of the product that A 23 12 can be sold at B 26 24 different prices is called. C 31 44 D 34 56 Qs - Quantity Supplied E 38 72 Supply Function Mathematical way to show the relationship of Supply and Price. Qs = c + dP Qs = Quantity Supplied (Dependent Variable) P = Price (Independent Variable) c = Intercept d = Slope Supply Function POINT P QS A. A 23 Qs = -80 + 4 P B 26 = -80 + 4 (23) C 31 = -80 + 92 D 56 Qs = 12 E 72 Supply Function POINT P QS B. A 23 Qs = -80 + 4 P B 26 = -80 + 4 (26) C 31 = -80 + 104 D 56 Qs = 24 E 72 Supply Function POINT P QS C. Let’s Try A 23 B 26 C 31 D 56 E 72 Supply Function D. What if P is missing? POINT P QS Transpose then cancel! A 23 12 B 26 24 Qs = -80 + 4 P C 31 44 80 + Qs = 4P D 56 4 4 E 72 P = 80 + Qs 4 Supply Function POINT P QS D. Get the Price A 23 12 P = 80 + Qs B 26 24 4 = 80 + 56 C 31 44 4 D 56 = 136 E 72 4 P = 34 Supply Function POINT P QS E. Now you try. A 23 12 P = 80 + Qs B 26 24 4 C 31 44 D 56 E 72 Supply Curve is a graphical representation of the direct relationship of price and quantity supplied. Checkpoint Answer Explain 1-3 pg. 107  SY. 2024-20 25 Thank you Economists! Social Studies 9 | 1st Quarter First Quar ter The Concept of Allocation Social Studies 9  Economic s9 Allocation Allocation refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources to diverse uses in order to answer the problem of scarcity. Importance: The market is considered as one of the important mechanisms of allocation because it shows how the resources are being used in production.  Economic s9 Allocation Focus on Expansion: Three important There are many steps to make resources expand: processes that can 1. Effective, orderly, and wise use distribute these resources, one of 2. Investment which is expansion. 3. Use of modern technology  Economic Step 1 - Effective, Orderly, and Wise Use s9 Conservation Definition: Conservation is the wise use of resources. Importance: Natural resources are limited, so they need to be used wisely to ensure availability for future generations. Example: "Water is life." Implications: Severe droughts and potential water wars highlight the need for conservation.  Economic Step 2 - Investment s9 Investment: Investment refers to the addition of capital stock, both in human and physical resources. Role of Government: Vital in implementing this step. Investment in Physical Resources: - Avoid depreciation effects. - Invest in new technology and machinery. Investment in Human Resources: - Enhance skills through education, workshops, seminars, and training. - Example: Implementation of the K to 12 curriculum.  Economic Step 3 - Use of Modern Technology s9 Modern Technology in Resource Allocation Technology refers to technical processes and know-how in a particular field. Impact on Production: Makes production easier and faster. Increases goods available for consumption. Contributes to Gross National Product (GNP).  Economic s9 Remember Allocation is critical for addressing scarcity by distributing resources effectively. Conservation, investment, and modern technology are key processes in expanding and efficiently using resources. Remember the importance of each process in sustaining resources for future generations.  SY. 2024-20 25 Thank you Economists! me back! co el W  First Quar ter Human Needs And Wants Social Studies 9  Social Scien ce Difference between Needs and Wants Needs - things which are necessary in order to survive. It is natural for us to sruvive. Wants - things which people consume to satisfy their desires and pleasures. The desire to achieve all our needs is the reason why we keep ourselves busy to earn a living. People are not content on simple ordinary food, clothing, and shelter.  Social Scien ce Difference between Needs and Wants Wants become needs because or our environment, the people, and circumstances around us. As countries develop, human needs and wants also evolve. Now, things that was a luxury before is now necessity (cars) Progress tends to make people aspire for more self-satisfaction. This way, needs and human wants are satisfied. Abraham Maslow’s Economic Hierarchy of Human Needs s9 Abraham Maslow (1908-1970)  SY. 2023-20 24 Thank you Economists! me back! co el W  First Quar ter Allocation and Economic Systems Social Studies 9  Scarce Resources Needs/ Economic Allocation Wants Activities 3 Basic problems in Economics Allocation Plays an important role in addressing the problems of scarcity and unlimite wants and needs. With the help of market, products and services are produced and distributed so that people from different areas can have the chance to buy goods to satisfy their needs.  Economic Systems Covers the structure of governance composed of institutions and mechanisms that deal with activities that answer basic questions on the needs of an economy. Economic system can be changed to suit present and urgent needs of the people.  Econom ics a. Traditional Economy Answers problems based on the customs, traditions, beliefs, and norms of the society. Individuals know their roles in the society. Don’t have the rights to what they want to have the society dictates it for them. All economic activities and answers to economic problems are influenced by customs and traditions.  Econom ics b. Market Economy Individuals and private sectors make decision to answer the: what? how? and for whom to produce? Market is an arrangement between sellers & buyers to make transaction. Capitalism Feudalism Mercantilism Feudalism Dealth with extensive land ownership. Man’s power depends on how much land he owns. Lords gave Vassals fiefs. Peasants tended the manor. Manor source of agricultural economy. Weakened when towns and trade were developed. Mercantilism 16th - 18th Century Gold and silver were very essential. Gold is the basis for power. Colonization were used. Britain, Netherlands, France, and Spain. Capitalism Industrial revolution DECENTRALIZED paved the wa for the recognition og the private sector. Adam Smith - Laissez Faire gave birth to PROFIT Capitalism MARKET Capitalism. MOTIVES Ownership of factors of production in the hands of private or group individuals. Free market system. PRIVATE SECTOR  Economic s9 Characteristics of Capitalism Ownership of Pricing Resources & Wealth Decision making is decentralized. Private Price of the All citizens have the individuals and commodities are freedom to company make their based on the accumulate wealth own business prevailing price in the and utillize own decisions. market. capital. Consumer behavior & business goals. Decision-making  Econom ics C. Command Economy Government decides in addressing the economic problems. Economic decisions come from a cental authority and people are expected to abide to it. Communism Socialism Fascism Communism Karl Marx - Das Kapital Desired to have a classless society and the working class the power to lead. Lenin, Mao Tze-tsung and Ho Chi Minh were followers. The state controls all and owned all industries and From each of us according to resources. abilities, to each of us according to Central Planning Board needs. Socialism Combination of Capitalism and Communism Main industries are controlled by the state and individuals can own small industries. Robert Owen’s Utopian Socialism. Cooperation is more The government provides all the important than needs of the people who do not cooperation have the capacity to fulfill it.  Fascim Resources and industries are controlled by a dictator. Hitler and Mussolini The dictator decides all the activities of the state (political, social, and economic) Imports and strikes are banned. People are obliged to follow with no right to complain or defy. The people for the state, not the state for the people.  Area of CAPITALISM SOCIALISM COMMUNISM FASCISM Comparison Decentralized Decision Making on State and Private Centralized Dictator Production Private Individual Ownership of Private Collective State Dictator Resources Individual Source of Market Market/Plan Planned Planned Information Motives Profit Material Social Social  SY. 2024-20 25 Thank you Economists! me back! co el W  First Quar ter Consumption Behavior Social Studies 9 Relationship of Consumption and Production Consumption Consumption - deals with buying and using goods and Economy services to satisfy our needs. Major concern of economics because our activities are influenced by it. Production  Consumer services Consumer All of us are consumers. Consumers - refers to a person who purchases and uses consumer products and services to satisfy his or her personal needs through direct consumption. Consumer products Characteristics of a Wise Consumer Alert Budget Reasonable Not Affected by Analytical Conscious advertisement Looking for Avoids panic alternative/Substitute buying Consumerism movement that promote and protect the rights of consumers to fair business practices. Aims to educate and help consumers when buying products. RA 7394 “The Consumer Acts of the Philippines” Rights of a Wise Consumer Rights to Right to Right to Right to clean and have basic Choose Security orderly needs environment Right to organize Right to proper information  Econom ics Responsibilities of Consumer 1. Always be alert, watchful, and mindful of the wrongdoings and malpractices in the market. 2. Take action and be vigilant. Monitor the proper implementation of price control. 3. Be united so that consumers will be string enough to fight for their rights. 4. Protect the environment. 5. Support local industries.  SY. 2023-20 24 Thank you Economists! me back! co el W  WESTHILL INTERNATIONAL SCHOOL First Quar ter Laws that Protect Consumers Social Studies 9 Laws that Protect Consumers 1. RA No. 7394 “Consumer Act of the Philippines” Objectives: To protect consumers from hazardous products To provide consumers education and information To involve consumer organizations in policy making To protect consumers from business malpractices and deception. RA. No. 7581 or Price Act Approved to ensure that the prices of basic commodities are according to government pricing especially during period of calamity. RA No. 71 Price Tag Law Price tag- a marking attached to products to indicate their prices. The Law states that all goods and services should bear a price tag and display them conspicuously on the product.  National Food Authority Formerly National Grains Authority. renamed from PD. No. 1770. Grains, raw or fresh fruits and vegetables, and fish and marine, manufactured, processed, or packaged food products. NFA guaranteeing the food security of the country and the stability of supply and price of the staple gain-rice.  Econom ics RA. No. 3740 Law on Advertising, Labeling and Branding Enacted to protect consumers from fraudulent advertising, mislabeling, or misbranding of any product. Advertising fake products and services is strictly prohibited under this law.  RA. No. 6675 Generics Act of 1988 Promotes, encourages, and requires the use of generic name in importation, manufacture, distribution, advertising, and prescription of drugs. Ensures the adequate supply of drugs with generic name at the lowest possible cost and make them available for indigent patients. Article 1546, Civil Code of the Philippines (Law on Sales) Defects on products should not be hidden from the consumers. Guarantees that there are no hidden defects in the products. Article 2187, Civil Code of the Philippines (Law on Exra Cotractual Obligations) Producers and processors of products are liable for any death or injury suffered by a consumer. Expiration date is mandatory. Article 188, Revised Penal Code (Law on Trademark) Law that penalizes those who willl use the brand, container, wrapper or trademarks of other registered products.  Econom ics Government Agencies and Private Sectors that Implement the Consumer Act Also: Local Government Units and Print and Broadcasting Companies  Econom Factors that Influence ics our Consumption 1. Price Price is the amount to be paid for goods or services and is a factor that limits consumption. Often, the price - the affordability of the product- is the deciding factor whether to buy or not.  Econom Factors that Influence ics our Consumption 2. Advertisements Motivate and convince consumers to buy, try out or use certain products. Bandwagon effect Testimonial form Branding Emotional or intellectual appeal  Econom Factors that Influence ics our Consumption 3. Income Consumption depends on how much income we have. Ernst Engel - large proportion of man’s income is spent on food if his income is low but when high less percent is used for food.  Econom Factors that Influence ics our Consumption 4. Occasion Special occasion are a reason for increased spending. Tradition of gift-giving, feasting, special dining and offering of pricey gifts influence consumption.  Econom Factors that Influence ics our Consumption 5. Imitation/bandwagon Effect Association with status, personality, and popularity of the person who uses or endorses a product Provides reassurance to emotional buyer.  Econom Factors that Influence ics our Consumption 6. Values and Seasons Values reflect out attitude and behavior are manifested even in our purchases and consumption Practice frugality Things are also bought depending on the weather.  SY. 2023-20 24 Thank you Economists! me back! co el W  First Quar ter Production Social Studies 9 Production Plays an important role in a country’s development. Production is the process if using resources to produce goods and services that satisfy the needs and wants of individuals and businesses. Consumer goods - sold to the public Producer goods - used to produced other goods.  Factors of Production Land Encompasses all natural resources used in the production of a good. Raw Materials. Payment: Rent  Factors of Production Labor All the works that laborers and workers perform at all levels, except entrepreneur. Man’s physical, or mental talents, abilities, and strength used in production. Payment: Wages  Factors of Production Capital Tools and Machineries used to produced goods or service. Tools, machineries, equipment, and factories. Money (financial Capital) Payment: Interest  Factors of Production Entrepreneur A person who has managerial ability and willingness to accept risks in doing business. Captain of the industry - organizes, manage, and control the other factors of production. Payment: Profit Thank you Economists!  First Quar ter Production Function Social Studies 9  Econom The Production ics Function INPUT OUTPUT Relationship of physical inputs and physical outputs in a business production. Raw materials Raw materials Land Houses Rice Law of Variable Proportions: how Machineries PRODUCTION Vegetables marginal output changes as single Factories Worker’s skills & Clothing input becomes varied while other Jewelry inputs remain constant. services Computers Cellphones Fixed Input not changed easily Variable Input easily changed. The Production Function Fixed Input (FI) Hectare of Variable Input (VI) No. of Total Product (TP) Cavan Average Product (AP) Marginal Product (MP) Land workers of Palay 1 1 12 12 - 1 2 30 15 18 Stage 1 1 3 49 16.33 19 1 4 51 12.65 9 1 5 58 11.6 7 1 6 63 10.5 5 1 7 66 9.4 3 1 8 66 8.25 0 1 9 64 7.11 -2 1 10 58 5.8 -6  Principle of Diminishing Stage 1 - Returns. Increasing Returns Total Production inceases as workers are added. The increase in total The total output increases production as the number by adding variable input of workers increase. while other inputs remain Increasing returns constant wherein the happen. marginal productivity of Total Product (TP) is the variable input continues to total production or output decrease. as a result of using the fixed & variable inputs. Stage 2 - Decreasing Returns The Production Function Fixed Input (FI) Hectare of Variable Input (VI) No. of Total Product (TP) Cavan Average Product (AP) Marginal Product (MP) Land workers of Palay 1 1 12 12 - 1 2 30 15 18 1 3 49 16.33 19 1 4 51 12.65 9 1 5 58 11.6 7 1 6 63 10.5 5 Stage 2 1 7 66 9.4 3 1 8 66 8.25 0 1 9 64 7.11 -2 1 10 58 5.8 -6 Stage 3 - Negative Adding more workers will Returns not do any good for the production. Producers The addition of the 9th should be aware of this to and 10th workers has avoid waste in resources. caused reduction in the total product because the marginal product (MP) has become negative and total product has decreased.  Econom ics Production Line Mechanization Methods of Automation Production Computerized Division of Labor Machine Table for Production Cost in a Sort-run Market Period Ave. Total Fixed Cost Total Variable Ave. Fixed Ave. Total Marginal Total Product (TP) Total Cost (TC) Variable (TFC) Cost (TVC) Cost (AFC) Cost (ATC) Cost Cost (AVC) 0 40 0 40 0 0 0 - 1 40 20 60 40 30 60 10 2 40 31 71 20 25.5 35.5 11 3 40 43 83 13.3 14.33 27.63 12 4 40 58 98 10 14.5 24.5 15 5 40 76 116 8 15.2 23.2 18 6 40 96 136 6.67 16 22.67 20 7 40 121 161 5.71 17.3 23.01 25 8 40 151 191 5 18.9 23.9 30  Econom The Production Costs ics 2. Variable Cost 1. Fixed Cost Total Variable Cost (TVC) Is connected with the Total Fixed Cost (TFC) is the production rate. sum of all the expenses for Variable cost can be the payment of the fixed controlled like payment for input. utilities, taxes, wages. Constant in any level of production. (land, building) Total Fixed Cost + Total Variable Cost = Total Cost  Econom The Production Costs ics 3. Total Cost Average Fixed Cost AFC = TFC/TP Total expenses in producing goods & services are called Average Variable Cost total cost. Increase in total AVC = TVC/TP cost depends in variable cost. Average Cost or ATC TC = TFC + TVC ATC = TC/TP Marginal Cost ATC = TC/TP  Econom The Production Costs ics 2. Variable Cost 1. Fixed Cost Total Variable Cost (TVC) Is connected with the Total Fixed Cost (TFC) is the production rate. sum of all the expenses for Variable cost can be the payment of the fixed controlled like payment for input. utilities, taxes, wages. Constant in any level of production. (land, building) Total Fixed Cost + Total Variable Cost = Total Cost Thank you Economists!  First Quar ter Types of Industries Social Studies 9  Types of Industries Small-scale Industries Industries that are based at home like cottage industries. Produces handicraft or handmade products. RA 8289 - changed cottage industry to small enterprises (businesses engaged in agribusiness or industry with capital of 1.5 million to 15 million pesos) Incentives (tax exemption, low interest rate) Types of Industries Medium-scale Industries Developed small-scale industry Workers: 200. Capital: 20 Million pesos. RA. No. 9501: Magna Carta for Micro, Small, and Medium (MSMEs) signed by Pres. Arroyo - states that MSME’ are entitled to have total assets of not more than Php 3,000,000. Types of Industries Large-scale Industries Uses heavy equipment and machineries, employ many workers, and invest more capital. Product: cement, medicines, oil products, & electronic durables. Higher loans. What our economy needs.  Business Organizations Sole Proprietorship Managed & owned by one individual. As an Entrepreneur & worker. Advantageous because only one person makes business decisions & gets all the profit. Disadvantage: Limited production  Business Organizations Partnership Organization of 2 or more individuals Kinds of Partnership who agree to put their money & 1. Limited - one partner properties together to put up a has limited control or business or industry. the other handles the Has a legal personality (goals, financial. objectives in accordance with law & all 2. General - all obligations agreements are written. and debt will be Both partners invest thus getting shouldered by the bigger capital. members  Business Organizations Corporation Kinds of Corporations Ownership is shared by many 1. Open Corporation - open individuals known as stockholders. to all aspiring stockholders. Stockholders have the power to elect 2. Closed corporation - not board members. open to public ex. Family Have bigger capital thus allowing corporation. them to hire experts. Corporation has legal personality, *Expands thru Mergers & separate entity & distinct from its Conglomerates owners.  Business Organizations Cooperative Organization in which members owns the stocks of the cooperative. Main objective: serve members over gaining profit. Government prioritizes cooperatives (Cooperative Development Authority) RA. No. 6938 Kinds: Credit, Producers, Service, Multipurpose and others. Thank you Economists!