Allocation and Economic Systems

This set of vocabulary flashcards covers the fundamental concepts of resource allocation, product classifications, and the various economic systems as presented in the lecture.

Allocation (Alokasyon)

The wise distribution of limited resources or factors of production.

Economic System (Sistemang Pang-ekonomiya)

A systematic method or way of allocating a country's resources.

Private (Pampribado)

One of the identified types of products in the study of economics.

Club (Pangkapisanan)

A specific category of product listed under the URI ng Produkto.

Common (Pangkaraniwan)

One of the four types of products mentioned in the lesson on allocation.

Public (Pampubliko)

A classification for products that are often shared or accessible to the general population.

Traditional System (Sistemang tradisyonal)

An economic system based on customs, beliefs, and long-standing traditions.

Market System (Sistemang pamilihan)

An economic system where the allocation of resources is determined by market forces.

Command System (Sistemang komand)

An economic system where a central authority or government makes decisions regarding resource allocation.

Mixed Market and Command System (Sistemang pinaghalong pamilihan at komand)

An economic system that combines elements of both market-driven and government-controlled resource allocation.