Ekonomiks
Theoretical social science studying how societies allocate limited resources
What is Economics?
It's a concept guiding to advancement of nurturing society, both for current and future societies without sacrifice.
What is Likas-Kayang Pag-unlad?
It's the distribution of resources for various uses to solve scarcity.
What is Alokasyon?
These are the types of economy.
What are traditional, command, market, and mixed?
Because the weather is hot, a company decided to make an electric fan instead of a rice cooker.
Practical, physical system where the economics' theories are applied
What is Economy?
The three pillars of L.K.P.U. are these.
What are pang-kalikasan, pang-ekonomiya, and panlipunang dimensyon?
Alokasyon, but with sacrifice.
This is based off society's beliefs, culture and makes basic human needs.
What is Traditional Economy?
A factory used a new machine to make shoes faster.
What is "How"?
Specifically focuses on the actions of individual entities.
What are Microeconomics?
It wisely uses natural resources and maintains balance of ecosystems, preventing excessive natural resources' depletion, utilizing reforestation, biodiversity conservation, and renewable energy.
What is pang-kalikasan?
Allocation is necessary when limited resources are equally distributed in a way that meets important [THIS] and are used efficiently, fairly, and without waste.
This is by centralized agency, usually under the government, and has power to make production factors like land, capitals, and labor.
What is command economy?
Because school is approaching, a factory has increased production of notebooks and pencils.
What is "When"?
Broader, examines economy as a whole on a national scale (GDP, inflation, unemployment, etc.)
What are Macroeconomics?
This has free decision-making over goods and service production, operating with consumers' interests and producers that happen in a free market.
What is market economy?
A company has launched cheap school supplies to make them affordable for students.
What is "For Who"?
Ancient Greek word that translates to "household management" or "stewardship".
What is "oikonomia"?
It promotes just and equitable development, focusing on justice, equality, citizen participation, and respect for human rights.
What is panlipunang dimensyon?
This is basically market + command, with consumers and producers acting freely in the market.
What is mixed economy?
The farmers noticed that more buyers were looking for onions than tomatoes, so that's what they planted.
What is "What"?