Araling Panlipunan - Kahulugan ng Ekonomiks

Vocabulary flashcards covering the basic definitions, Greek origins, and economic principles discussed in Module 1 of Araling Panlipunan.

Ekonomiks

A social science that studies how the needs and wants of people are met; it contributes to the development of the self and the nation.

Oikos

A Greek word meaning "house" (bahay).

Nomos

A Greek word meaning "manage" (pamahala).

Economic activity

The actions and decisions humans take to meet their needs, gain a livelihood, and improve their standard of living.

Marikina City Population

According to NSO $2015$ data, the city has a population of $450,741$ people.

Opportunity Cost

The most important thing surrendered or sacrificed when choosing a specific option over another.

Trade-Off

The act of choosing between two or more things because it is impossible to do everything simultaneously.

Incentive

Any benefit or reward that encourages a person to perform an action or make a decision.

Marginal Thinking

The process of analyzing whether the additional cost is worth the additional benefit before finalizing a decision.

Gregory Mankiw ($1997$)

He posited that the economy and the household are similar because both make decisions on how to use limited resources to meet needs.

Kakapusan (Scarcity)

A problem caused by the conflict between unlimited human needs and limited natural resources.

Sambahayan (Household)

The unit considered to be the decision-maker regarding consumption, savings, and the utilization of limited resources.

Oikonomia

The Greek word from which Ekonomiks originated, meaning "Management of the household."