TOPIC 3 – FACTORS IN DETERMINING ECONOMIC GROWTH

Vocabulary flashcards covering Filipino values, culture, and capital/employment factors influencing economic growth from the lecture notes.

Love of Imported Goods

A Filipino value showing a preference for foreign products due to centuries of colonization.

Bahala Na

A belief in leaving one's fate to a higher power; reliance on destiny rather than proactive effort.

Crab Mentality

The tendency to pull down others who are succeeding, hindering collective progress.

Mañana Habits

A culture of postponement (mamaya na/bukas na) that delays hard work and timely action.

Value of Time

The belief that time is precious and should be used efficiently; noted in contrast to slower, less timely habits.

Hiya

A value of propriety or modesty that can drive better service and fair business dealings.

Fiesta and Social Occasions

Celebrations inherited from Spanish colonizers that may slow development due to time and resource use.

Employment

A major factor in economic development; entrepreneurs create jobs, circulating wages to support local industries.

Income Opportunity in the Countryside

Rural income remains subsistence-based; urban areas like Manila are seen as hubs of wealth and opportunity.

Magna Carta for Small Enterprises (R.A. 6977)

Law providing funds and support for the development of small businesses.

Magna Carta for Countryside and Barangay Business Enterprise (R.A. 6810)

Law granting exemptions from government rules and offering incentives for countryside and barangay enterprises.