Lesson [__]: The Sectors of the Economy:

Question 1

The Sectors of the Economy:

Give 5 sectors only.

Answer 1

Agriculture Sector, Industry Sector, Service Sector, Informal Sector, Government Sector.

Question 2

The Philippine economy depends on the movement of the different sectors: _______________________________

Complete the sentence and fill it.

Answer 2

Agriculture, Informal sector, Industry, Service, Government and International.

Question 3

The agricultural sector is one of the sectors upon which the country relies to __________________

Complete the sentence and fill it.

Answer 3

supply food needs.

Question 4

Meanwhile, the industrial and services sectors play _____________________________

Complete the sentence and fill it.

Answer 4

major roles in the quest for economic growth…

Question 5

The informal sector, meanwhile is a ____________________

Complete the sentence and fill it.

Answer 5

major concern of the government.

Question 6

Government Sector - ___________

Other name of Government Sector?

Answer 6

Public Sector

Question 7

Government intervension in the economy is invitable because ______________________________

Complete the sentence and fill it.

Answer 7

there are certian roles and responsibilities that cannot be assumed by the private sector

Question 8

Incomplete writing of notes press 5

Answer 8

.

Question 9

What are the government’s economic functions?

Give atleast 3 economic functions of the government.

Answer 9

• Resource Allocation Function
• Regulatory Function
• Redistributive Function

Question 10

• It refers to the way in which the available factors of production are (________) among the various uses to which they might be put.
• The (________________) is that part of governemtn tax and expenditure policy which is concerned with influencing the provision of goods and services in the economy.

Give the answer to the meaning of the questions.

Answer 10

Resource Allocation Function

Question 11

• (____) is a form of intervention on the part of the government when the market is likely to fail.
• This means creating conditions to promote competitions among producers, as well as the welfare of the consumers.

Give the answer to the meaning of the questions.

Answer 11

Regulation Function

Question 12

• It refers to the government’s role in influencing the (____________) of income among the population.
• (____________) usually involves higher tax rate for people.

Give the answer to the meaning of the questions.

Answer 12

Redistributive Function

Question 13

Public Good

Give the list of meanings based from the notes.

Answer 13

• Produces by Government
• Non-rivalry (consumption by no does not mean others can’t have it)
• Non-excludability (no way to stop people from receiving it - free rides problem)
• Efficiency does not accurately reflect supply and demand

Question 14

Private Goods

Give the list of meanings based from the notes.

Answer 14

• Produced by private firms
• Rivalry (consumption by one person may mean that others have to do without)
• Excludable (if you don’t pay, you don’t get it)
• Supply, demand and efficiency exist in these markets)

Question 15

A situation defined by an inefficient distribution of goods and services in the free market.

What’s the answer to this meaning?

Answer 15

Market Failure

Question 16

It talks about the unintended consequences of actions or policies of the government.

What’s the answer to this meaning?

Answer 16

Externalities

Question 17

Give two types of externalities:

Answer 17

• Spill-over Cost (Negative Externalities)
• Spill-over Benefits (Positive Externalities)

Question 18

This happens when individuals involuntarily bear economic costs without compensation.

What’s the answer to this meaning?

Answer 18

Spill-over Cost (Negative Externalities)

Question 19

A market with spillover (________) is inefficient so there is an oppurtunnity for government to promote efficiency.

What’s the answer to this meaning?

Answer 19

Spill-over Benefits (Positive Externalities)