MARKET INTEGRATION

Question 1

ECONOMICS
Derived from the Greek word _____ which pertains to
the management of a family or a household

Answer 1

“oikonomia”

Question 2

“oikonomia” which pertains to

Answer 2

the management of a family or a household

Question 3

It is a science of wealth that studies the process of
production, consumption, and accumulation of wealth (Adam
Smith, 1776. The Wealth of Nations)

Answer 3

Economics

Question 4

It refers to the study of men as they live and move and think
in the ordinary business of life (Marshall, 1890)

Answer 4

Economics

Question 5

is the science which studies human behavior as a
relationship between ends and scarce means which have
alternative uses (Robbins, 1932)

Answer 5

Economics

Question 6

is the study of a person’s decision
-making amidst
the presence of scarcity.

Answer 6

• Economics

Question 7

ECONOMICS banches

Answer 7

1. Microeconomics
2. Macroeconomics

Question 8

• The field of economics that looks at the economic behaviors
  of individuals, households, and companies

Answer 8

MICROECONOMICS

Question 9

For example, ___ might analyze how a firm
decides to set prices for its products

Answer 9

microeconomics

Question 11

Takes a wider view and looks at the economies on a much
larger scale
– regional, national, continental, or even global.

Answer 11

MACROECONOMICS

Question 12

• It examines aggregate phenomena, such as national output,
  unemployment, and inflation

Answer 12

MACROECONOMICS

Question 13

Study the factors that influence the general price level, such
as monetary policy, fiscal policy, and the level of aggregate
demands

Answer 13

MACROECONOMICS

Question 14

It is an economic concept which refers to a place with two or
more parties (composed of a buyer and seller) participating
in the activity of exchanging goods and services

Answer 14

Market

Question 15

True/False
Markets, whether physical or virtual, can exist for both tangible goods (physical products) and intangible goods (such as services, digital products, and intellectual property).

Answer 15

True

Question 16

tangible goods

Answer 16

physical products

Question 17

intangible goods

Answer 17

such as services, digital products, and intellectual property

Question 18

WHY DO MARKETS INTEGRATE?

Answer 18

1. Globalization
2. Local demand

Question 19

• integration is taken to denote a state of affairs or a process involving
  attempts to combine separate national economies into larger economic
  unions

Answer 19

Market Integration-

Question 20

COMMON TYPES OF MARKET INTEGRATION
ACCORDING TO THE WTO:

Answer 20

1. Custom Union- EU
2. Free Trade Area- NAFTA
3. Common Market/Economic Community
4. Economic Union/Monetary and Political Union

Question 21

ADVANTAGES OF
MARKET INTEGRATION

Answer 21

1. Creates Competition
2. Better utilization of Resources
   3.Cultural Globalization

Question 22

3. Cultural Globalization
   - Korea is one of the well-known countries to have successfully
   exported its culture, capitalizing on their entertainment
   industry and transmitting its products through various media
   platform, creating this K-Pop craze among different, just like
   here in the Philippines.

Answer 22

Cultural Globalization

Question 23

• The Philippines has long been known to be an exporter of
  raw agricultural products such as coconut. Being already
  known in the world for being a coconut exporter, Filipinos have
  continued developing other products made out of coconut.

Answer 23

Better utilization of Resources

Question 24

• An example of this is Alfamart, an Indonesian convenience store
  franchise chain that was founded in 1999. The ASEAN economic
  integration has allowed Alfamart to enter the Philippine market as a
  small player in 2014 tying up with SM group. Since then, it has
  established its presence in the countryside attracting small investors
  due to its more affordable franchise scheme compared to other
  convenience store franchises thus, providing tough competition to 7-
  eleven and Ministop

Answer 24

Creates Competition

Question 25

DISADVANTAGES OF
MARKET INTEGRATION

Answer 25

1. Monopoly: Big versus small firms
2. The weaponization of Market Integration for political
   motivation

Question 26

True or False: The weaponization of Market Integration for political motivation can occur, such as when a government opens up its market through integration to provide competition to a local firm that dominates the local market and is not supportive of the government.

Answer 26

True

Question 27

• small enterprises or businesses may have a hard time to
  compete with well-established companies.
  -this means that even though a healthy competition happens in
  the onset of market integration, over time, a certain company
  may emerge and take over a certain industry

Answer 27

Monopoly: Big versus small firms

Question 28

• small enterprises or businesses may have a hard time to
  compete with well-established companies.

Answer 28

Monopoly: Big versus small firms

Question 29

is considered as a developing country which
earned the name “Bright Spot of Asia” during Aquino
administration.

Answer 29

The Philippines

Question 31

True or False: The Philippine archipelago is brimming with natural resources, making it a country with much potential to generate wealth for its citizens.

Answer 31

True

Question 32

Philippines recorded a total revenue of about ____ in 2021, a
10.6% increase from the previous year, and employed more
than 1.4 million Filipinos

Answer 32

$29.5 billion

Question 33

has generated by overseas Filipino
workers(OFWs)
* According to BSP, in December 2021alone reached $3.3
billion which was 2.9% higher than in December 202

Answer 33

Personal remittances