economics

Question 1

Scottish who is considered the father of modern economics and proposed the invisible hand where there is competition, supple and demand and self-interest

Answer 1

Adam Smith

Question 2

production of products or services is based on supply and demand

Answer 2

market economy

Question 3

based on central planning

Answer 3

planned economy/command economy

Question 4

economic system where private markets or businesses own their capital goods

Answer 4

capitalism

Question 5

simplest form of capitalism

Answer 5

laissez-faire

Question 6

feature of communist economy; where the government decides what to sell at what price and its sale price

Answer 6

command economy

Question 7

includes machinery, tools and such needed to produce the products; based on public ownership by means of production

Answer 7

walang mayari, pampubliko na machinery na ginagamit upang maisagawa ang mga produkto

ANSWER: SOCALISM

Question 8

who wrote the Malthusianism theory

Answer 8

Thomas Robert Malthus

Question 9

What is malthusianism

Answer 9

this is where the population increases more than food supply

Question 10

how is population naturally restricted?

Answer 10

by famine, disease and war (related to malthusianism)

Question 11

population is controlled by birth control methods and the class is identified which contributes the most to overpopulation

Answer 11

neo-malthusianism

Question 12

increase the input of production while other inputs are fixed; the input may increase slowly or diminished which results to increase OUTPUT

Answer 12

law of diminishing returns