THE IMPORTANCE OF STUDYING ECONOMICS

Question 1

(8) THE IMPORTANCE OF STUDYING ECONOMICS

Answer 1

•Understanding resource allocation and scarcity.
•Informed decision-making
•Shaping public policy
•Promoting economic growth and development
•Globalization and Trade
•Addressing social challenges
•Critical thinking and analytical skills
•Career Opportunities

Question 2

studying how individuals, firms, and government allocate their resources whether how to address present problem like poverty, inequality, and environment sustainability.

Answer 2

•Understanding resource allocation and scarcity

Question 3

individuals and businesses pays trade-off in everyday decisions.

Answer 3

•Informed decision-making

Question 4

equip people with tools to make inform choices by analyzing cost, benefits, risk, and incentives.

Answer 4

Economists

Question 5

policy maker use economic theories to address the critical
societal issues like unemployment, inflation, healthcare, education, and taxation.

Answer 5

•Shaping public policy

Question 6

play a central role in public policy formation.
o Contribute to the base on how government should interfere in the economy.

Answer 6

Economic

Question 7

economic knowledge is key
to pose the economic growth and improve living standard.

Answer 7

•Promoting economic growth and development

Question 8

in business we have to connect in different countries it helps to explain the effects of trade agreements, tariff, and exchange rate.

Answer 8

•Globalization and Trade

Question 9

economics not just about market and money, it involves ______ __________.

Answer 9

•Addressing social challenges

Question 10

studying economics developed ________ thinking and __________ skills .

Answer 10

•Critical thinking and analytical skills

Question 11

economics not just about market and money, it involves social challenges.

o By studying economics, we understand how to balance economic growth with social welfare, sustainability, and equity.

Answer 11

•Addressing social challenges

Question 12

a background in economics offers out diverse opportunities in the fields like finance, consulting government, international organization academia, even politics.

Answer 12

•Career Opportunities

Question 13

-distribution of task and duties, responsibility according to their specialization, field, degree, skills, and knowledge.

Answer 13

RELATIONSHIP BETWEEN PRODUCTION AND DIVISION OF LABOR

Question 14

the separation of tasks in a production process.

Answer 14

DIVISION OF LABOR

Question 15

(9) RELATIONSHIP BETWEEN PRODUCTION AND DIVISION OF LABOR

Answer 15

1. Increased Efficiency
2. Higher Production Output
3. Innovation and Improvement
4. Time-Saving
5. Economies of Scale
6. Interdependence in Production
7. Adam Smith’s Pin Factory Example
8. Limitations of Division of Labor
9. Application in Modern Production Systems

Question 16

when labor is divided each worker focuses on a particular task or set-up task.

Answer 16

1. Increased Efficiency

Question 17

nahati na yung trabaho mas napabilis at mas naging effective yung production.

o Makakapagproduced ng maraming goods in a small time.

Answer 17

2. Higher Production Output

Question 18

they find new ways to improve their specific task that can lead to innovation and benefit the entire production process.

Answer 18

3. Innovation and Improvement

Question 19

nakafocus na yung employee sa single aspects of production so nakakapagsave ng time.

Answer 19

4. Time-Saving

Question 20

the division of labor contributes to economies of scale where the cost per unit of production decreases as output increases.

Answer 20

5. Economies of Scale

Question 21

meron silang group of people sa isang trabaho para maging efficient.

Answer 21

6. Interdependence in Production

Question 22

Breakdown smaller task to produce more product. Dapat may designated work na nakaassign in each worker.

Answer 22

7. Adam Smith’s Pin Factory Example

Question 23

less motivated ang mga employee sa kanilang task (nabobored) dapat may limitation, Restructing- ilipat sa ibat ibang gawain.

Answer 23

8. Limitations of Division of Labor

Question 24

Global supply chain, advance on division of labor.

Answer 24

9. Application in Modern Production Systems