Introduction to Economics and Sustainable Development Goals

General concepts of Economics, its etymology, key decision-making principles, and the 17 Sustainable Development Goals.

What is the definition of Economics?

A social science that studies how to meet infinite needs and wants of people using limited resources.

From which Greek words is the term 'Ekonomiks' derived?

It is derived from 'Oikonomia,' which comes from 'Oikos' (house) and 'Nomos' (management).

What is the meaning of the word 'Oikonomia'?

Management of the house.

In the context of the lecture, what is 'Sambahayan'?

The household sector consisting of all people aiming to meet infinite needs and wants.

What does the concept of 'Trade-off' refer to in economics?

Choosing and sacrificing one thing in exchange for another.

What is 'Opportunity Cost'?

The value of the thing or best alternative that is ready to be exchanged or sacrificed for every decision made.

How is 'Marginal Thinking' or 'Marginalism' described?

An individual's examination of the additional value, cost, or benefit obtained from making a decision; the analysis of additional utility.

What is an 'Incentive' (Insentibo)?

Any reward, benefit, or advantage that encourages a person to act or decide in a particular way.

What is Sustainable Development Goal 1?

No Poverty

What is Sustainable Development Goal 2?

Zero Hunger

What is Sustainable Development Goal 3?

Good Health and well-being

What is Sustainable Development Goal 4?

Quality Education

What is Sustainable Development Goal 5?

Gender Equality

What is Sustainable Development Goal 6?

Clean Water and Sanitation

What is Sustainable Development Goal 7?

Affordable and clean Energy

What is Sustainable Development Goal 8?

Decent Work and Economic Growth

What is Sustainable Development Goal 9?

Industry, Innovation and Infrastructure

What is Sustainable Development Goal 10?

Reduced Inequality

What is Sustainable Development Goal 11?

Sustainable Cities and Communities

What is Sustainable Development Goal 12?

Responsible Consumption and Production

What is Sustainable Development Goal 13?

Climate action

What is Sustainable Development Goal 14?

Life Below Water

What is Sustainable Development Goal 15?

Life On Land

What is Sustainable Development Goal 16?

Peace, Justice, and strong Institutions

What is Sustainable Development Goal 17?

Parterships for the Goals