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The Contemporary World > Economy > Flashcards

Economy Flashcards

1
Q

What are the elements of the contemporary world?

A

Economy
Politics
Culture and Ideas
Geography and Demography
Institutions

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2
Q

What are the components of gross domestic product?

A

Consumption
Investment
Government Spending
Net Export (Export - Import)

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3
Q

What is involved in the division of Economic Activity?

A

Production
Distribution
Exchange
Consumption

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4
Q

What are involve in the production?

A

goods, services and information

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5
Q

What are involve in distribution?

A

goods, services, information and income

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6
Q

What is involve in exchange?

A

Buying and Selling

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7
Q

What percent of tax is taken using VAT?

A

12%

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8
Q

What are the factors affecting production?

A

Land
Labor
Capital
Entrepreneur
Ability

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9
Q

What is involved in land production?

A

natural resources

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10
Q

What is termed as payment for Land production?

A

Rent

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11
Q

What is termed as payment for labor production?

A

Wage

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12
Q

What are involved for labor production?

A

Manual, Clerical, Scientific, Managerial and Intellectual

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13
Q

What is involved in capital production?

A

Financial, Commercial and Industrial

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14
Q

It involves land, labor and capital. It’s payment is termed as profit?

A

Entrepreneur

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15
Q

What are the 2 types of investors?

A

Domestic and Foreign

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16
Q

What are involved in domestic?

A

Portfolio investment and capital investment

17
Q

What are involved in foreign investment?

A

Portfolio and foreign direct investment

18
Q

What components has direct impact on making jobs?

A

Capital Investment and Foreign Direct Investment

19
Q

What is the cycle of economics?

A

Job, salary, demand, production, employment, income, demand

20
Q

It is a phenomenon referring to increasing demands with more job opportunity?

A

Multiplier effect

21
Q

A component of Government spending?

A

Fiscal Policy (General Appreciation Act)

22
Q

What is General Appreciation Act?

A

Being prioritize by government

23
Q

What are the sources of Government Revenue?

A
  • Taxes, Duties, Fines and other charges
  • Income of GOCCs
  • State of Government Property
  • Borrowing (a. Loan, b. insurance of bonds of treasuring bills)
24
Q

What is GOCCs?

A

Government owned and controlled corporations

25
Q

What area of the government handles Import and Export?

A

Bureau of Costums

The Contemporary World (1 decks)

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