Lesson 3: economic institutions

Question 1

Act of coordinating the other factors of production (land, labor, capital)

Answer 1

Economic Organization

Question 2

Enumerate the 6 aspects of the economic system

Answer 2

1. Price
2. Division Labor
3. Law of Supply and Demand
4. Economic Exchange
5. Economic Socialization
6. Property

Question 3

A socially acknowledged right; involves right of ownership

Answer 3

Property

Question 4

Individuals and organizations exchanging valuable goods and services for different goods and services

Answer 4

economic exchange

Question 5

Individuals learning the values and behavior needed to fill in positions in the economic community

Answer 5

economic socialization

Question 5

Division of work in reference to age, gender, skill, and qualification

Answer 5

division of labor

Question 6

the monetary value of goods and services

Answer 6

price

Question 7

states that when demand is higher than supply, there is an increase in price; when supply is higher than demand, there is a decrease in price

Answer 7

law of supply and demand

Question 8

enumerate the types of economic organization

Answer 8

1. sole proprietorship
2. partnership
3. corporation
4. cooperatives

Question 8

known as “one man business”

Answer 8

sole proprietorship

Question 9

the proprietor solely manages the business and performs all the functions of an entrepreneur

Answer 9

sole proprietorship

Question 10

Business is carried by two or more men called partners

Answer 10

partnership

Question 11

a legal entity that is separate and distinct from its owners

Answer 11

corporation

Question 12

often referred to as a “legal person”

Answer 12

corporation

Question 13

incorporated by a group of shareholders

Answer 13

corporation

Question 14

established for the purpose of providing services on a non-profit basis to its shareholders or members who own and control it

Answer 14

cooperative

Question 15

enumerate the 6 types of cooperatives in the Philippines

Answer 15

1. Credit cooperative
2. Consumer cooperative
3. Marketing Cooperative
4. Producer’s Cooperative
5. Service Cooperative
6. Multipurpose Cooperative

Question 18

Procure and distribute goods to its members and non members

Answer 18

Consumers Cooperative

Question 19

Promotes and undertakes savings and lending services among its members

Answer 19

Credit Cooperative

Question 20

undertakes a joint production whether it’s agricultural or industrial

Answer 20

Producer’s Cooperative

Question 21

Engages in supply of production inputs to members and markets their products

Answer 21

Marketing Cooperative

Question 22

engages in several services such as dental and medical care, electricity, etc.

Answer 22

Service Cooperative

Question 23

Combines 2 or more of the business activities

Answer 23

Multipurpose Cooperative