Upload
jam-moraleja
View
9
Download
2
Embed Size (px)
DESCRIPTION
reviewer
Citation preview
Economics – Oiknomia – Household management
Economics – Is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants.
Psychology – The Science of mind.
History – The science that records and explain past events.
Sociology – The science that deals with the development of society.
Political Science – The science of government.
Geography – The science that determines the main resources of a region.
Religion – This can discourage or encourage economic development because of religious traditions and beliefs.
Macroeconomics – It deals with the behavior of the whole economy. Government, Business, Household.
Microeconomic – It deals with the economic behavior of individual unit such as Costumer, Firms, etc.
Production – The process of producing or creating goods needed by households to satisfy their needs.
Input – The factors of production
Output – The goods and services that have been created
Distribution – The marketing of goods and services to different economic outlets for allocation to individual consumers.
Exchange – This is the process of transferring goods and services to a person or persons in result for something.
Consumption – This refers to the proper utilization of economic goods. It is spending money for goods and services in order to yield direct satisfaction.
Public Finance – This pertains to the activities of the government.
Logic – It is a science that deals with the sound thinking and reasoning.
Mathematics – It is a science that deals with number and their operation.
Statistic – It is a branch of mathematics dealing with the analysis and interpretation of numerical data.
Mixed Inputs – These are inputs that do not change with volume of production.
Variable Inputs – These inputs change accordance with the volume of production.
Economic system – It means the organization of economic society with reference to the production, exchange distribution and consumption wealth.
Economic System – Is the way the economic units are organized to make decision on economic problems on the society.
Traditional Economy – People produce goods and services for their own consumption.
Command Economy – Under this system the government takes hold of the economy state.
Market System – Business enterprises are owned and controlled by private individuals.
Mixed Economy – A mixture of different types of economy.
Consumer goods – Goods that are ready for consumption.
Capital Goods – Goods that are used in the furtherance of production.
Luxury Goods – Goods that give something or add pleasure and comfort but not absolute necessary.
Deflation – A decrease in the amount of currency in circulation in a country resulting in a decline prices.
Inflation – An increase of currency in circulation or an over issue of credit.
Taxation – Is the process by which the sovereign through it law-making body, raises revenues to defray the necessary expenses of the government.
Bangko Sentral – The institution designed to oversee the banking system and regulate the quantity of money in the economy.
Broad Money – Includes savings account and time deposits, plus M1.
Capital – Material used in the production of goods and services including money.
Consumption – The used of economic resources.
Currency in Circulation – Includes coins and bills in circulation, checking accounts
Demand – Reflects the consumers desire for a commodity.
Economic Goods – A good which is both useful and scare.
Economic Resources – Inputs used in the production of goods and services.
Economic – A social science concerned with man’s problem of using scare resources to satisfy humans wants.
Employment – The use of economic resources in production.
Entrepreneur – Organizes all other factors of production to be used in the creation of goods and services.
Exchange – The process of trading goods or services for money and/or its equivalent.
Fiscal supply – That which controls taxes and government expenditures.
Flow – A quantity measured over a particular period of time
Goods – Anything that yields satisfaction to someone.
Inflation – Generally used to mean any sustained or continuing increase prices.
Inflation Rate – The percentage change in the price index from preceding period.
Inflows – Income that goes inside the economy like investments, government expenditures, export which expand the flow of goods and services.
Interest – Payment for use of capital or money.
Investment – Spending on capital equipment, inventories and structures, including new household purchases.
Labor – Human efforts expended in production.
Land – Natural resources.
Market – A place where buyers and sellers interact and engage in exchange.
Monetary policy – Refers to the issuance and control of money supply, interest rates on loans and deposits.
Monetary Policy – That which affects savings, investment and money supply.
Money – Is anything serves as a commonly accepted medium of exchange.
Money Supply – The quantity of money available in the economy.
Opportunity Cost – Cost of benefits foregone in the alternative used of a resources.
Outflows – Incomes that go out of the economy like savings, taxes and imports which constrict the flows of goods and services.
Production – The use of economic resource in the creation of goods and services for the satisfaction of human wants.
Reserves – Deposits that banks have received bur have not loaned out.
Stock – A quantity measured as of a given point in time.
Supply – The amount of a commodity available for sale.
Trade Policy – That which affects a country’s exports and imports.
Wages – Payment for the use of labor.
Wealth – Anything of value owned.