Jovita, Aprille Joy P.

CHAPTER 1
EXERCISE 1:
1. BRANCH OF ECONOMICS that studies the behaviour of the economy as a whole
Macro Economics
2. A science related to economics which deals with money
Finance
3. Denotes being productive
Efficiency
4. Refers to the creation of utility
Capital
5. The foregone value of what you give up when you make choices
Opportunity Cost
6. Refers to the human effort exerted in producing goods
Labor
7. It means justice or fairness
Equity
8. A type economic system wherein the production and distribution of commodities are owned
and controlled by the government
Command Economy
9. Branch of economics concerned with individual decision making
Micro Economics
10. Refers to man-made goods used in production of other goods/services
Capital
11. Neoclassical economics was believed to have transpired around what year?
1870
12. The major work of Karl Marx
Das Kapital
13. It only means all other things held constant
Ceteris Paribos
14. He is the one who organizes, manages and assumes the risks of a firm
Entrepreneur
15. Basically means the subsistence economy

16. He developed the analysis of equilibrium in several markets

17. This is described as the economic system of the Philippines
Mixed Economy
18. If there is no scarcity, there should also be no
Economics
19. The greek word oikos means
Household
20. It means the attainment of goals and objectives
Effectiveness
21. Refers to the scarce resources in demand
Scarce means of production
22. Considered the father of economics
Adam Smith
23. The Greek word for economics
Oikonomia or oikonomus
24. He developed the theory of political economy
John Stuart Mill
25. Considered as the bible of economics
Wealth of the Nations
26. He developed the concept of IS LM model
John Hicks
27. Refers to economics as it is
Positive economics
28. Science that manages limited resources in demand
Distribution
29. He developed the theory of money, employment and interest
John Maynard Keynes
30. Refers to economics as it should be
Normative Econimics

PART II: ENUMERATION
1-4: What are the factors of production?
Land
Labor
Capital
Entrepreneurship
5-7: What are the 3 Es in Economics?
Efficiency
Equity
Effectiveness
8-11: What are the four basic economic questions?
What to produce
How to produce
How much to produce
For whom to produce
12-16: What are types of economics systems?
Traditional economy
Command economy
Market economy
Socialism
Mixed economy
17-20: What are the Four Major Sectors of Macroeconomics?
Consumption
Investment
Government spending
Export and Import











EXERCISE 2: DEMAND AND SUPLY AND EQUILIBRIUM
PART I: MATCHING TYPE
1. K
2. C
3. D
4. N
5. K
6. M
7. K
8. L
9. J
10. M
11. O
12. K
13. K
14. A
15. P
16. M
17. M
18. M
19. H
20. F
21. I
22. M
23. K
24. M
25. G
PART II: MULTIPLE CHOICE
1. C
2. B
3. D
4. A
5. E
6. F
7. G
8. H
9. H
10. J
EXERCISE 3: ELASTICITY OF DMAND AND SUPPLY
PART II: IDENTIFICATION
1. Supply elasticity
2. Demand elasticity
3. Supply elastic
4. Cross Price Elasticity of Demand
5. Price elasticity of Demand
6. Cross price elasticity
7. Perfect price inelastic
8. Perfect price inelastic
9. Price elastic
10. Positive income elasticity coefficient
11. Perfect price inelastic
12. Cross price elasticity positive
13. Perfectly elastic demand
14. Price inelastic
15. Perfectly elastic
16. Time
17. Arc elasticity
18.