Araling Panlipunan 9 - Basic Economics Review

Comprehensive Question and Answer flashcards covering basic economic concepts, production, consumption, utility, goals, economic systems, trade, and consumer rights.

How is Economics defined in relation to resources and human needs?

Economics is the science of choice that studies how people use limited resources to satisfy their needs and wants.

What is choice (Pagpapasiya) in economics?

The act of selecting one option from different alternatives because resources are limited.

What is a trade-off?

The concept that every choice involves giving up or sacrificing another option.

What is scarcity (Kakapusan)?

A condition where resources are limited while human needs and wants are unlimited.

What is the difference between a surplus and a shortage?

A surplus occurs when supply is greater than quantity demanded, whereas a shortage occurs when supply is less than quantity demanded.

What role did Karl Marx emphasize in the economy?

Karl Marx emphasized the important role of workers in production and viewed laborers as important producers.

What is a wage (Sahod)?

The payment received by a worker in exchange for labor or services.

How is production (Produksiyon) defined?

The process of creating goods and providing services to satisfy human needs and wants.

What is Equity as an economic goal?

Fairness in the distribution of wealth, resources, and opportunities.

What is Efficiency as an economic goal?

The proper and effective use of resources without unnecessary waste.

What indicators signal Economic Growth?

An increase in economic activity shown through higher GDP, increased production, and more employment opportunities.

What defines Economic Stability?

A condition of the economy that provides confidence and trust because economic conditions are relatively stable.

How are economic decisions made in a Traditional or Subsistence Economy?

Decisions are based mainly on traditions, customs, and established ways of doing things to satisfy basic or personal needs.

How does a Market Economy (Ekonomiyang Pampamilihan) operate?

Supply and demand, consumers, and producers play main roles in deciding what is produced and sold, with prices influenced by supply and demand.

What characterizes a Command Economy (Ekonomiyang Minamanduhan)?

The government has major control over economic decisions, including production, distribution, and allocation of resources.

What is a Mixed Economy (Sistemang Pinaghalo)?

An economic system combining market and command economies, where both the private sector and government play important roles.

What is consumption (Pagkonsumo)?

The use of goods and services to satisfy human needs and wants.

Why is consumption called the 'Soul of All Economic Activities'?

Because production is ultimately intended to satisfy the needs and wants of consumers.

What is induced consumption?

Consumption that is influenced by or changes according to a person's income.

What is conspicuous consumption?

The purchase or use of goods and services mainly to show wealth, status, prestige, or social standing.

What does Engel's Law state?

As income increases, the proportion of income spent on food decreases, even though the actual amount spent on food may increase.

What is utility, and what mathematical unit measures it?

Utility is the satisfaction or benefit derived from consuming a good or service, and it is measured in utils.

What is elementary utility?

Utility derived from a product in its natural or basic form, without further processing.

What is form utility?

Utility created by changing the form of a product into something more useful.

What is time utility?

Utility created when a product is made available at the right or appropriate time.

What is place utility?

Utility created when a product is moved to a place where it is needed or more useful.

What is service utility?

Utility created through human service or assistance.

What is possession utility?

Utility created when ownership of a product is transferred to the person who can use or benefit from it.

How do tangible goods differ from services?

Tangible goods can be seen and touched, whereas services are activities or assistance that cannot be physically touched.

What are complementary goods, and what is an example?

Products that are used or consumed together because they complement each other, such as a printer and ink.

What are substitute goods, and what is an example?

Products that can replace or be used instead of one another, such as coffee and tea.

What is the purpose of an Expiration Date on a product?

It helps consumers determine the quality and safety of a product for use or consumption.

What is the rule regarding a store's 'No Return, No Exchange' policy?

It cannot be used to disregard legitimate consumer rights, especially if a product is defective or does not conform to what was promised.

What is dumping in international trade?

The practice of selling a product in another country at an unfairly low price, which may harm local producers and create unfair competition.

What is domestic employment?

Employment involving household or domestic work, such as working as a kasambahay/domestic worker.

Which countries are known as the 'Rice Bowl of Asia'?

Thailand, Vietnam, and India.