Basic Economics
The three basic types of resources.
What are natural, human, and man-made/physical?
The first two classifications of needs according to Abraham Maslow are Physiological and Safety Needs, together known as this type of need.
What are Basic Needs?
This theory predicts that population growth can outpace food production.
What is Malthus' Theory of Population or Malthusian Catastrophe?
No real-world market perfectly fits this model. The closest thing is a market with many small sellers offering similar products, such as farmers selling the same type of produce. No single seller controls the market price.
What is Perfect or Pure Competition?
Every morning, a student buys a pandesal and a cup of milk before going to school. The student is engaging in this economic activity.
What is Consumption?
This is the process of choosing among competing ends.
What is Allocation?
This theory is a model of motivation that condenses Maslow's Hierarchy of Needs into three core categories.
What is Alderfer's ERG Theory?
Privately owned businesses compete for customers, while owners decide what to produce and how much to charge.
What is Capitalism?
When a few major airlines dominate a market, one airline can raise its fares without immediately losing all of its customers because only a small number of competitors offer similar routes.
What is an Oligopoly?
A Filipino farmer grows rice, while a factory turns the harvested rice into packaged products for consumers. Both involve creating or adding value to goods and are examples of this economic activity.
What is Production?
This branch of economics analyzes the entire economy and issues affecting it, such as inflation.
What is Macroeconomics?
A student from a higher-income family may want more expensive clothes and gadgets because of this factor affecting human wants and needs.
What is Income and Social Status?
A kingdom limits imports, encourages exports, and uses colonies to obtain raw materials and sell finished goods in order to increase national wealth.
What is Mercantilism?
In the Philippines, Jollibee, McDonald’s, Mang Inasal, and KFC compete by offering similar products with different tastes, brands, locations, and services.
What is a Monopolistic Competition?
A person replaces a working smartphone every year because of trends, ads, and the desire for the latest model. This behavior is associated with this concept.
What is Consumerism?
Limited resources but unlimited and growing human needs and wants lead to this fundamental problem of economics.
What is Scarcity?
This percentage of Filipinos belong to the rich socioeconomic class.
The government directs economic activity toward national goals and political opposition is suppressed.
What is Fascism?
A city’s water distribution system is served by a single authorized provider in a particular service area. It is very difficult for a competitor to enter the market.
What is a Monopoly?
A customer reads a food product’s ingredients, expiration date, and safety warnings before making a purchase, using this Consumer Right.
What is the Right to Information?
As a customer, this can be easily determined and is commonly used as an indicator for scarcity.
What is Price?
According to Engel’s Law, as household income rises, this happens to the percentage of income spent on food.
What is "it decreases"?
Seeking greater economic equality, major industries and resources are placed under public or collective ownership, while some private businesses still exist.
What is Socialism?
Many farmers sell their products, but only one major buyer operates in their area. With no other buyers, the buyer has significant power over the price.
What is a Monopsony?
A student has enough money for either a new pair of shoes or a new school bag, but chooses the school bag because it is more necessary, demonstrating this characteristic of a wise consumer.
What is Prioritizes Needs and Wants?