AP Economics and Sustainable Development Flashcards

This set of vocabulary flashcards covers key concepts in Economics, different economic methods, branches of economics, global and local sustainable development goals, and disaster risk management based on the lecture notes.

Economics

A Social Science that refers to the full and efficient use of limited resources to satisfy human needs and wants.

Oikonomia

A Greek word derived from 'oikos' and 'nemein' which literally means 'household management'.

Scarcity (Kakapusan)

A natural and permanent problem occurring because resources are limited while human needs and wants are infinite.

Shortage (Kakulangan)

A temporary condition caused by specific events such as calamities, hoarding, or problems in production and distribution.

Trade-off

The act of choosing one thing while sacrificing or surrendering others due to limited resources like time, money, or strength.

Opportunity Cost

The value of the best alternative or 'best option' that is given up when making a decision.

Deduction (Dedukksiyon)

A method of study that starts with a general principle or theory and applies it to a specific situation.

Induction (Induksiyon)

A method of study that starts with specific observations or events to form a general conclusion or theory.

Adam Smith

Known as the Father of Economics, he stated that a nation's wealth depends on production, trade, and the free market.

Alfred Marshall

The author of 'Principles of Economics' and recognized as the Father of Microeconomics.

John Maynard Keynes

Recognized as the Father of Macroeconomics.

Microeconomics

A branch of economics that studies the activities and decision-making of small units, such as individual households or businesses.

Macroeconomics

A branch of economics that analyzes the national economy and the behavior of large institutions, including national income and products.

Sustainable Development (Likas-Kayang Pag-unlad)

Development that meets the needs of the present without sacrificing the ability of future generations to meet their own needs.

$2030$ Agenda for Sustainable Development

A global framework launched in $2015$ involving $193$ countries, featuring $17$ goals, $169$ targets, and $232$ indicators.

Millennium Development Goals (MDGs)

Established in $2000$, these $8$ goals focused on ending poverty, hunger, and HIV/AIDS, serving as the inspiration for the SDGs.

Philippine Development Plan (PDP)

A six-year plan created by each administration to outline the country's development goals and strategies.

Ambisyon Natin $2040$

A long-term vision for the Philippines to become a stable country where every Filipino enjoys a comfortable life by the year $2040$.

National Economic and Development Authority (NEDA)

The agency that leads the Subcommittee on Sustainable Development Goals (SC-SDGs) and ensures SDGs are integrated into the national plan.

RA $10121$

The Disaster Risk Reduction and Management Act of $2010$, which shifts disaster management focus toward proactive preparation.

Mitigation

The first phase of the disaster cycle involving laws, zoning, infrastructure building, and public awareness.

Preparedness

The second phase of the disaster cycle involving the creation of disaster kits, conducting drills, and establishing evacuation plans.

Response

The third phase of the disaster cycle involving search and rescue, first aid, and relief operations.

Recovery

The final phase of the disaster cycle involving rehabilitation, reconstruction, and the restoration of livelihoods.

KADIWA

A government program facilitating direct sales from farmers to consumers to provide cheaper food prices.

MATATAG Curriculum

A curriculum featuring five learning areas: Language, Reading and Literacy, Mathematics, Makabansa, and GMRC.

TUPAD

A program providing temporary employment for $10$ to $30$ days to workers who have been displaced.

RA $11898$

An act that amended RA $9003$ to strengthen solid waste management and promote sustainable consumption and production.