Basic Muna Tayo
It is refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources to diverse uses in order to answer the problem of scarcity.
Allocation
Father of Modern Economics
Adam Smith
Optimizing the use of natural resources for maximize use.
Scarcity
It refers to the value of alternative given up to obtain another item.
Opportunity Cost
It is an economic system in which the ownership of factors of production – land, capital, labor, and entrepreneur
Capitalism
Oikonomia means __________
Household Management
Father of Communism
Karl Marx
Wise use of natural resources is being efficient in conserving resources to ensure that the next generation have something to use.
Conservation
This type of economy answers problems based on customs, traditions, beliefs, and norms of the society.
Traditional
The theory that Capitalism was derived from.
Laissez-faire
Centered in studying small unit of the economy.
Microeconomics
A systematic process of empirical investigation which, refers to the use of the 5 senses together with the utilization of available technology.
Scientific Method
This could help you as a person grow and productive.
Investment
It is a type of economy where an arrangement between sellers and buyers to make transaction.
Market
It is the one manages the command economic system and every person must abide under it.
Central Authority
Study of the behavior of the entire economy.
Macroeconomics
It is a universal condition – phenomenon that exists in every country which lead us to optimize our maximum use of natural resources.
Scarcity
Technological advancements can be used produce more goods and services for consumption.
Technology
It covers the structure of governance composed of institutions and mechanisms that deal with activities that answer the basic questions on the needs of the economy.
Economic Systems
The ideology of Communism came from _________
Das Kapital/Communist Manifesto
It stresses that the government should not interfere with the activities of man in the free market.
These are the inputs needed for the creation of a good or service.
Factors of Production
An act of selecting or making a decision when faced with two or more possibilities.
Choice
A type of system where in gold and silver are essential to trade and commerce. The more gold and silver you have the more powerful and wealthy you are.
Mercantilism
Resources and industries are controlled by the state under a dictator.
Fascism