Measuring The Size Of The Economy

Question 1

What are the 4 Sectors that contribute to the economy of the ph

Answer 1

1. Agricultural
2. Industrial
3. Informal
4. Service

Question 2

Info on agri sector

Answer 2

1.Cultuvating, harvesting crops and animals
2. Primary sector because of raw materials
3. 8.82% income
4. 22.52 employed

Question 3

What are the four compenents in agricultural sector

Answer 3

1. Farming
2. Fisheries
3. Forestry
4. Animal husbandry

Question 4

What are the institutions for agri sector

Answer 4

1. Dep. of agriculture
   - provide, public investments, support services, for promoion of agricultural development and upheld policies
2. Deparment of agrarian reform
   -uphel agrarian reform like land ownership and distribution, agricultural productivity
3. Department of enviromental and natural resources
   -conserving, managing, developing enviroment and natural resources.

Question 5

What is industrial sector

Answer 5

• processes products from agricultural sector to finished products
• 30.75% income
• 19.7%employment

Question 6

Problems in agri sector?

Answer 6

1.climate change
2. Pollution and environmental depletion
3. Inadequacy of capital
4. Lack of support from gov and new gen
5. Inadequacy of infrastructure

Question 6

Generalize the componens in industrial sector

Answer 6

Overall way of living and generation or production of something with machines

Question 7

Problems in industrial sector

Answer 7

1. Skill gap
2. Dependence on importa
3. Enviromental concerns
4. Lack of national industry
5. Inadequacy of infrastructures

Question 8

Institutions for industrial sector

Answer 8

1. Department of trade industry
   - enables innovative competitive job generating business
2. Technical educ and skills development
   - develop filipino workforce

Question 9

Service sector

Answer 9

• source of labor, skills and knowledge for economic activity
• largest employmenr share 58.5%
• largest gdp contribution
• business outsourcing

Question 10

Institutions for service sector

Answer 10

1. Department of interior local gov
   - promote peace and order and safety
2. Department of labor and employmenr
   - formulate policies
3. Department of agrarian reform
4. Dep. Of enviromental & natural resources
5. Department of agriculture

Question 11

What is informal sector

Answer 11

• units producing or distributing goods and services unregisterd
  -not taxed not recorded
• contributes to economy by persinal taxes

Question 12

5 components of informal sector

Answer 12

1. Home worker
2. Online business
3. Small scale
4. Medium tier
   5, black market

Question 13

Problems in informal sector

Answer 13

1. Decreasing tax
2. Job security
3. Low wages
4. Security benefit issues
   5, fake illegal products

Question 15

economic growth, unemplyment and infkation

Answer 15

3 things considered in the status of an economy

Question 16

Economic growth?

Answer 16

• measure by gross domestic product of a country
• 3% or more increase is good for the economy

Question 17

Unemployment?

Answer 17

• measure of none working people available for work
• unemployment rate of 5% under is acceptable for an economy

Question 18

inflation?

Answer 18

• increase level of prices
• measure by consumer index
• rise in price becomes problematic if faster than rise of wage
• 1-2% inflation is acceptable for an economy

Question 19

How do we measure a country’s overall income and growth

Answer 19

1. Gdp
2. Gnp

Question 20

• value of all final goods and servuces within a country for a year
• within borders of a country

Answer 20

GDP

Question 21

Formula for gdp?

Answer 21

Y = C + I + G + NX

Export - import
+ statistical discrepancy

Question 22

What are not included in gdp?

Answer 22

1. Intermediate goods
   2, transfer pay,engs
   3, used goods
   4, illegal goods

Question 23

Net income from the rest of the world ( all citizens in a country)

Answer 23

GNP

Question 23

Formula for GNP?

Answer 23

GNP = GDP + Net primary income

Question 24

Prices unadjusted for inflation

Answer 24

Nominal gdp

Question 25

Prices adjusted to inflation

Answer 25

Real GDP

Question 26

Level of economic imporvment between current and prev rate

Answer 26

Growth rate = current gdp - prev gdp / prev gdp x 100

Question 27

Causes of unemployment?

Answer 27

Cats for sale

1. Cyclical unemployment
   - changes in economic tstaus of a countr
2. Frictional unemployment
   - voluntary change in employment
3. Structural unempkyment
   - lack of skills forms need ti employ

Question 28

Cause of inflation

Answer 28

Dogs cant bite

1. Demand pull
   - positive change in ourchasing power so they demand more
   - demand higher than market supply
2. Cosy push inflation
   -change in price production inputs infleunce price production process
3. Built in inflation
   - expectation that other products will increase since a product closely related to it increase ( complemntarh goods)

Question 29

Sum of all expenses on final goods

Answer 29

Expenditure approach

Question 30

Sum of the payments for the different factors of production ( land labor capital

Answer 30

Income approach

Question 31

Difference between the value of goods from the stage of production and the codts of goods at the stage of production

Answer 31

Value added approach