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The term ECONOMICS comes from the Ancient Greek words
Oikos and Nomos
What do you call the price where buyers and sellers met?
Equilibrium price
What is the official currency of the Philippines?
Pesos
Filipinos started working abroad in the early 1900s. What was their first occupation when they were first recruited?
Agricultural worker
The gap in income that exists between the rich and the poor.
Income Inequality
It pertains to the amount of physical, mental, and social effort used to produce goods and services.
Entrepreneurship
what are the two market forces that determine the price in the market?
Supply and demand
The condition where the population is only able to meet its basic subsistence needs?
Poverty
LETTER A OR B. What does it mean when the exchange rate shows $1 = Php43? A. To get 1 Philippine Peso, 43 US dollars need to be exchanged B. To get 1 US dollar, 43 Philippine Peso need to be exchanged
B.
It is the study of economics in relation to real-world situations, as opposed to the theory of economic.
Economics
The demands for goods and services, what the people want.
What to produce?
It deals with the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants.
Economics
What do you call the portion of the labor force who are willing to engage in productive activities yet fails to do so?
Unemployment
It pertains to the amount of physical, mental, and social effort used to produce goods and services.
Labor
What economic problem is being described by lack of basic infrastructure such as paths, trails, bridges, and roads and access to transport services?
Poor quality of infrastructure
It is a social science as it uses scientific methods to build theories that can help explain the behavior of people or organizations.
Applied Economics
