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A wise consumer is watchful and mindful.
Alert
A wise consumer is not affected in the product endorsed by a celebrity.
Advertisement
Differentiate needs and wants.
essential (may remain constant over time) vs. desire (may change overtime)
How old is Teacher JM?
23
Enumerate the three human needs that the government should address.
Material things, Freedom, Dignity
Differentiate consumer products and consumer services.
personal and household needs vs. rendered by the different business firms
It is an economic system in which the ownership of factors is in the hands of a private group or individuals.
Capitalism
It is an economic system in which the government decides in addressing the economic problems.
Command Economy
Differentiate allocation and economic system.
distribution vs. activities that answer the basic questions on the needs
Enumerate the 3 scarce resources.
natural, human, and physical resources
It is the condition where the resources are limited.
Scarcity
It refers to the value of alternative given up to obtain another item.
Opportunity Cost
Differentiate individual choice and social choice.
people acting separately vs. government
Differentiate chemistry and physics.
composition of chemical vs. matter and energy (technology)
Differentiate ethics and psychology.
morals vs. mind
Economists used _______ to explain the present condition of the economy.
statistical data
He discussed the effects of rapid increase population will cause famine.
Thomas Robert Malthus
He is the proponent of Law of Comparative Advantage.
David Ricardo
He is the proponent of Laissez Faire.
Adam Smith
what are the two types of Economics?
Microeconomics and Macro Economics
what are the two types of goods?
Economic and Free Goods
It is a social science concerned with the production, distribution, and consumption of goods and services.
Economics


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