Economic Theories
The father of modern economics.
Who is Adam Smith?
The central bank of the U.S.A.
What is the Federal Reserve?
The total value of all goods and services produced by a country in a year.
What is Gross Domestic Product (GDP)?
The trade agreement between the U.S., Canada, and Mexico in 1994.
What is NAFTA?
The first Philippine economic plan, implemented in 1949, aimed at post-war recovery.
What is the Philippine Recovery Plan?
The satisfaction decreases with each additional unit consumed.
What is the Law of Diminishing Marginal Utility?
The total money circulating in the economy.
What is the Money Supply?
The rate represents the percentage of people in the labor force who are currently unemployed and actively seeking work.
What is the Unemployment Rate?
The state where one country produces a good more efficiently than another.
What is Comparative Advantage?
The Philippines joined this Southeast Asian economic bloc in 1967.
What is ASEAN?
The theory supporting government intervention during recessions.
What is Keynesian Economics?
The item accepted as a medium of exchange.
The index which measures the average change over time in the prices paid by consumers.
What is the Consumer Price Index (CPI)?
The tax on imported goods.
What is a Tariff?
This Philippines' top agricultural export.
What is Coconut?
The economy driven by supply and demand, with minimal government interference.
What is a Market Economy?
The medium, measure, standard, and store.
What are the Functions of Money?
The percentage of the labor force that works part-time but would prefer to work full-time.
What is Underemployment?
The organization ensuring smooth global trade.
What is the WTO?
The Philippine stock exchange which is the main venue for trading shares of companies.
What is the Philippine Stock Exchange (PSE)?
The complete lack of government interference in the economy.
What is Laissez-Faire?
The financial institution which accepts deposits from public and gives loans with aim of gaining profit.
What if a Commercial Bank?
The rate at which the general level of prices for goods and services is rising, often measured by the Consumer Price Index (CPI).
What is Inflation?
The policy aimed at reducing trade barriers.
What is a Trade Liberalization?
The 2008 policy allowed greater foreign ownership in certain sectors of the economy.
What is the Philippine Economic Zone Authority (PEZA)?