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It is a social science concerned with the production, distribution, and consumption of goods and services.
Economics
what are the two types of goods?
Economic and Free Goods
what are the two types of Economics?
Microeconomics and Macro Economics
He is the proponent of Laissez Faire.
Adam Smith
He is the proponent of Law of Comparative Advantage.
David Ricardo
He discussed the effects of rapid increase population will cause famine.
Thomas Robert Malthus
Economists used _______ to explain the present condition of the economy.
statistical data
Differentiate ethics and psychology.
morals vs. mind
Differentiate chemistry and physics.
composition of chemical vs. matter and energy (technology)
Differentiate individual choice and social choice.
people acting separately vs. government
It refers to the value of alternative given up to obtain another item.
Opportunity Cost
It is the condition where the resources are limited.
Scarcity
Enumerate the 3 scarce resources.
natural, human, and physical resources
Differentiate allocation and economic system.
distribution vs. activities that answer the basic questions on the needs
It is an economic system in which the government decides in addressing the economic problems.
Command Economy
It is an economic system in which the ownership of factors is in the hands of a private group or individuals.
Capitalism
