1. Meaning of economics.

2. It is the inability to satisfy the unlimited human wants with limited resources, that
is when we cannot have all that we want or need.
3.
4. It is the way of expressing needs.
5. Refers to the foregone.
6. Something necessary for survival.
7. Nomus means.
8. Is the most basic form of wealth derived from human resources.
9.
10. Give the definitions of economics in neoclassical.
11. Deals with how society allocates scarce resources among its unlimited wants and
needs.
12. It refers to the foregone value of the next best alternative.
13. What is the relationship between economics and scarcity.
14.
15. The condition for not having enough resources to produce all the things to people
would like to have.
16. Economics comes from the greek word __________ or ____________.
17. It means a lack of enough resources to satisfy all desired uses of those
resources.
18. It is the way of expressing needs and it tends to be broader than needs.
19.
20. Due to the growth of city state household management was changed into.
21. It is the basic requirement for survival that includes food, water, clothing and
shelter.
22. It is interdependent with other sciences ( Sociology, POl. SCI, physics,
geography )
23. It is the study of how people and society end up choosing with or without the use
of money.
24.
25. Give three needs.
26. What are the three types of economic system.
27. Are natural, human and man made wealth than can provide satisfaction through
the production of goods and services.
28. It is the amount of one good that must be given up to get more of another.
29. What are the limited resources or economic resources.
30. Oikos means.
31.
32. It is the value of what is given up when one make a choices.
33. It is the branch of economics that examines choices of individuals concerning
one product, one firm, or one industry.
34. Enumerate the important economic terms.
35. What are the two division / branches of economics.
36. It is the branch of economics that examines the behavior of the whole economy
at once.
37. Relies on value judgements to evaluate or recommend alternative policies.
38.
39.
40. Are man made thigs used in the production of commodities and services.
41. It compliment human resources by helping human labor to be more productive.
Ex. computer - secretary.
42. What are the three categories of resources.
43. It is the form of wealth dervied from nature ex. land , forest mountains.
44. Refers to direct utulization or usage of the available goods and services by the
buyer or the consumer sector.
45. Attempt to describe how the economy functions relies on testable hypotheses.
46. Refers to anything that has a functional value ( usually in money ) which can be
traded goods and services.
47. Is defined as the formation by the firms of an output ( products - goods /
services).
48.
49. Used in manual labor to till the soil, to make clothes, to fish and to construct
houses and other buildings.
50. Is the process of allocating or apportioning scarce resources to be utilized by the
household.
51. It is the talents, skills, knowledge, and enterprise are qualities that go with
muscular power to make goods and services.
52. It is the state of health, nutrition, education, and general well being of the citizen
of the country
53. It focuses on the behavior of the entire economy.
54. Is the process of trading goods and / or services for money and / or its
equivalent.
55.
56. Resources is considered as __________ in production.
57. What are the four core questions / four basic questions.
58. Why there is a need to study economics.
59. What are the three categories of the ten principles of economics.
60. It studies the decision of individuals and firms, how these decisions are made,
how these individual interact.
61. Means productivity and proper allocation of economic resources.
62.
63. Means attainment of goals and objectives.
64. It uses scientific methods in data gathering analyzing the data, and making
conclusions.
65. What are the three Es in Economics.
66. Is the ratio of the vertical change to the corresponding horizontal change as we
move to the right along.
67. Relationship of scarcity to economics.
68. A curve that shows the maximum combinations of two outputs that an economy
can produce.
69.
70. Occurs when it is incorrectly assumed that what is true for each and every
individual in isolation is true for an entire group.
71. Holding everything else constant.
72. Is a visual model of the economy that shows how money flow through markets
among households and firms.
73.
74. Are those whose values changes when the value of another value changes.
75. Are those whose changes will cause the dependent variable to change.
76. What are the two most basic economic model.
77. What are the basic steps in policy formulatios.
78.
79. What is the hierarchy of needs
80. Occurs when one incorrectly assumes that one event is the cause of another
because it precedes the other.
81. It also refers to the relationship between scarce factor inputs and outputs of
goods and services.
82.
83.
84. Is something measured by a number; it is used to analyse what happens to other
things when the size of that number changed.
85. Effeciency can be measured in.
86. It is something we given up
87.
88. Define Economics in your own.
89.
90. Inquiry into the nature and causes of the wealth of nations.
91. It is a science of making choice.
92. Study of how people try to satisfy what appears to be seemingly unlimited.
93. Studies of human behavior as a relationship between ends and scarce means
which have alternative uses.
94. It means justice and faireness.
95. It is a simple mathematical expression.
96. What is the goal of the economist.
97. What are the scarcity imposes/ basic economic problem.
98. .The organizational and institutional structure of an economy including the nature
of sources.
99. What is the indicator of living standards of the economy.
100.
101. What is the core problem of the society.
102. What do you call the point along the line.
103. What do you call the point inside the line.
104. What do you call the point outside the line.

1. Primarily this is a problem of determining what wants or needs are the are the
most important.
2. An economic system must determine how resources ( input or factors of
production ) are to be organized or utilized in order to produce the desired goods
in sufficient quantities.
3. What are the function of an economic system.
4.
5.
6. The organizational and institutional structure of an economy including the nature
of resource ownership and control ( private vs. public ).
7. What happen if there is an increase in resources.
8. The producer who have the smaller oppurtinity cost of producing a good is said
to have a comparative advantage.

9. Often refered as to “ mixed “ economic system, which generally is characterized

by public ownership of key industries.
10. Refers to keeping the productive power of the economy to sustain the people
welfares and benefits.
11.
12. The distribution of products or output in a private economy ( capitalist economy )
is accomplished by the price system.
13. What are the two types of economic growth.
14. Is the continuos increase in the kinds and quantities of the economy’s resources
like capital and labor, together with continuos improvement in technology.
15. All resources are owned by the government.
16.
17. What happen if there is a technological advance.
18. What are the types of economic system.
19. .
20. The comparison among producers of good according to their opportunity cost.
21. It is the ability of an economy to produce greater level output, represented by an
outward shift of its production posibilities curve as a result of an increase in
resources or an advance in technology.
22.
23. A method of economic system which are owned privately by person or group of
person
24. It is often called as free enterprise system.
25. The comparison among the producers of good according to their productivity.

26. The body of knowledge and skills applied to how goods are produced.
27. This economy has practically no private ownership of any industry.
28. A form of government in which the ruler is an absolute dictator.

1. What type of slope is the demand curve.

2. The consumers desire for a specific good or services for which they are willing
and able to buy at various prices during a particular period of time “ ceteris
paribus “.
3. DEMAND = ________.
4. When an individual income rises, they buy more of that good.
5.
6. Latin phrase that means all variables other than the ones being studied are
assumed to be constant.
7.
8. Is a table that shows the quantity of a good that buyers would purchase at each
price.
9. It is the desire or want backed by up by money.
10. Is the number of units ( amount ) of a good and service that consumers buy at
various price levels during specified period of time.
11.
12. Is the graphical illustration of the demand schedule.
13. Other things being equal or unchanged.
14. These are goods that can replace the other goods. Ex. rice and corn.
15.
16. What is the demand equation.
17. State the law of demand.
18. When an individual income rises they buy less of that good.
19. Relationship of the complementary goods.
20.
21.
22. What is the increase/decease in the demand curve.
23. What are the determinants of demand.
24. These are partner goods.

25. What is the relationship of price to quantity demanded in demand.

26. A shift in the demand curve, either left or right caused by the change in a
determinant other than the price.
27. It is the movement along the curve, caused by the change in price.
28.
29. Relationship of the substitute goods.
30.

1. Is the graphical illustrations of the supply schedule.

2.
3. What is the relationship of the price and quantity supplied in supply.
4. The amount of a good or service a firm wants to sell and is able to sell per unit
time.
5.
6. Is the number of units ( amount ) of a good or service that producers or sellers
sell at various price levels during a specified period of time.
7. What are the determinants of supply.
8.
9. A shift in the supply curve, either to the left or right, caused by a change in a
determinant other than the price.
10. What type of slope does the supply curve.
11. It is the movement along the supply curve, caused by the change in price of the
product.
12. States the law of supply.
13. Why do sellers produce more output when price rises.
14. Refers to the willingness and ability of producers or sellers to sell goods and
services at all alternative prices, other things being equal.
15. Is a table showing the amount of a product that producers are willing and able to
make available for sale at eac of a series of possible prices.
16.
17.
18. What is the supply equation.