Economic Models
It is defined as a representation of an idea or a theory which reflects real-world situations and is founded on sound economic analysis.
Economic models
is a diagram of how one variable relates to another.
graph
The very foundation of economic analysis
data
It refers to the study in which subjects are observed during a single period.
Cross- Sectional Series Analysis
a business organization where the proprietor is the main decision maker and is solely responsible for the management of the business
Sole Proprietorship
an underlying premise taken into consideration for the claims of the model to be valid.
Assumption
is a simplified representation of data.
chart
It is a statistical process of determining the possible relationship between two or more variables.
Regression analysis
It refers to descriptive or unstructured study.
Qualitative Analysis
is a form of business organization that is jointly owned and managed by its members.
Cooperative
a Latin phrase which literally translates to “other things equal” and is used frequently in economic analyses to explain the variables that are held constant or assumed to be unchanged
ceteris paribus
Give 3 examples of different charts
line graph, horizontal bar charts, pie charts, histogram
It is the reproduction of real-life scenarios to test the effectiveness of an idea or concept before implementation.
Simulation
short for quantitative analyst.
quant
is defined in the Corporation Code of the Philippines as “an artificial being created by operation of law, having the right of succession and the powers, and attributes and properties expressly authorized by law or incident to its existence.
Corporation
What is Consumption Choice Theory?
assumes that consumers are rational individuals who would prefer choices that would maximize their utility.
an be defined as a mathematical expression showing the association of variables, or simply how variables “equate” to one another.
equation
A sample of Simulation named after the renowned gambling district in Monaco, an independent sovereign in Western Europe.
Monte Carlo Simulation
It is an approach means assessing the aggregate or nationwide coverage of the study.
Macroeconomic Approah
What agency in the government facilitates the business registration of sole proprietorships.
Department of Trade and Industry
Why Economic Models are important in economic research? Explain
three commonly used economics and statistical programs.
Stata, EViews, and R.
Data analysis that is driven by the approach to be taken may either be _____, ______
deductive and inductive
Economic statements may be classified as_______, _______
positive and normative
What are the three main business organization and which agency of the government they went to for registration?
Sole Proprietorship - DTI, LGU, BIR, SSS
Partnerships- SEC
Corporations - SEC