Economics, Scarcity, and Population Lecture Notes

This set of vocabulary flashcards covers the fundamental definitions of economics, the distinction between scarcity and shortage, demographic formulas, and concepts related to resource management and population growth based on the provided lecture notes.

Oikonomos

The Greek word from which 'economics' is derived, meaning 'household management' (tagapamahala ng sambahayan).

Economics

A discipline studying how people make decisions regarding their livelihood despite the limitations or constraints they face; it is considered both a science and an art of decision-making.

Shortage (Kakalangan)

A temporary condition often caused by human actions like hoarding, panic buying, or supply chain problems, which can be resolved by increasing supply.

Scarcity (Kakapusan)

A permanent condition arising from the natural limitations of resources compared to the infinite needs and wants of humans, requiring management through wise decision-making.

Hoarding

The practice of hiding products to create an artificial shortage in the market, forcing prices to rise.

Relative Scarcity (Relatibong Kakapusan)

Occurs when human needs are endless compared to the limited supply of goods and services available in the market.

Absolute Scarcity (Lubos na Kakapusan)

Occurs due to the natural exhaustion or depletion of non-renewable resources that cannot be replaced.

An Essay on the Principles of Population

The work by Thomas Robert Malthus stating that population grows faster than the world's ability to produce food, leading to hunger and scarcity.

Thomas Robert Malthus

The economist who theorized that the rapid growth of population relative to food production causes famine and scarcity.

Population Density (Densidad ng Populasyon)

A measurement used to determine how crowded an area is, calculated by the ratio of the total population to the land area.

National Capital Region (NCR) Density

The region in the Philippines with the highest density, recorded at over $21,765$ people per square kilometer in $2020$.

Cordillera Administrative Region (CAR) Density

One of the least dense regions in the Philippines, with only $91$ people per square kilometer.

Dependency Ratio

The percentage of the population that is not working and relies on those who are employed; it includes the young and old populations.

Young Population

The segment of the population consisting of individuals aged $0-14$ years old.

Old Population

The segment of the population consisting of individuals aged $65$ years old and above.

Working Age Population (WAP)

The segment of the population consisting of individuals aged $15-64$ years old.

Depreciation (Depresasyon)

The gradual decrease in the value and quality of physical assets like buildings and machinery due to wear and tear, age, or frequent use.

White Elephant Projects

Expensive and massive government projects built with public funds that ended up being unused, unfinished, or wasted.

Bataan Nuclear Power Plant

A project built during the administration of Ferdinand Marcos Sr. intended to solve the energy crisis but never used due to safety concerns; an example of a White Elephant Project.