HISTORY
Who is called the Father of Modern Economics?
Adam Smith
What branch of economics studies households and firms?
Microeconomics
Economical term that means “desires”?
Wants
This is the person or business that buys and uses goods and services.
Consumer
Which division involves the use of goods and services to satisfy wants?
Consumption
During what age did economics begin through written records like clay tablets?
The Bronze Age (4000–2500 BCE)
What do we call the value of the next best alternative that is given up?
Opportunity cost
What do we call labor, land, capital, and entrepreneurship?
Resources/ Inputs/ Factors of Production
It the scientific study of human society and social relationships
Social Science
Which major division of economics refers to the creation of goods and services?
Production
What early civilization recorded crops, land, and goods using scribes? (Country/ People of the country).
The Egyptians
What branch studies the whole economy of a country?
Macroeconomics
What concept explains why people must make choices or a situation where resources are not enough for wants?
Scarcity
This is called the "Price Theory"
Microeconomics
Which among the major divisions of economics is referred to as "The Heart of Economics"?
Exchange
He developed a new branch of economics known as Keynesian Economics, or macroeconomics.
John Maynard Keynes
GDP, inflation, and employment belong to which branch of economics?
Macroeconomics
Economics comes from the Greek words oikos and nomos. What do they mean?
Household and management
What is the main medium of exchange in the modern economy?
Money/ Currency
The government collects taxes to build schools, hospitals, and roads for the people. Which major division of economics is involved in this activity, and why?
Public Finance – because it deals with government revenue and public spending for society
What ancient law code set business rules and ethical standards for trade?
The Code of Hammurabi
What economic condition refers to a continuous increase in the general price level of goods and services in the whole economy?
Inflation
What economic doctrine believed that a country becomes rich and powerful by controlling trade, accumulating gold and silver, and limiting imports through strict government regulation?
Mercantilism
What process connects unlimited wants and scarcity? (The last process)
Decision-making or making choices
A farmer grows rice, sells it to a wholesaler, and the wholesaler delivers it to grocery stores. Which major division of economics is mainly involved in moving the rice from the farmer to the stores?
Distribution