THE NATURE AND PROCESS OF ECONOMICS

Question 1

-It is a social science that studies how individuals, businesses, government,

Answer 1

ECONOMICS

Question 2

(6) NATURE OF ECONOMICS

Answer 2

1. Scarcity and Choice
2. Resource Allocation
3. Utility and Value
4. Production and Distribution
5. Economic Systems
6. Interdependence

Question 3

alam natin na ang resources ay finite, make choices how to allocate the resources effectively.

Answer 3

1. Scarcity and Choice

Question 4

it examines how resources are distributed and utilize in the production of goods and services.

Answer 4

2. Resource Allocation

Question 5

it explores how individuals drive satisfaction or _______ for goods and services.

It also examines how _____ determine and how prices are set in the market.

Answer 5

3. Utility and Value

Question 6

economics are studies how the goods and services are produced and distributed.

Answer 6

4. Production and Distribution

Question 7

analyze to understand and how they address the problem of scarcity and organize the production and distribution.

Answer 7

5. Economic Systems

Question 8

3 types of Economic Systems

Answer 8

1. Market economies
2. Command economies
3. Mixed economies

Question 9

The situation where two or more parties, individuals, businesses, companies, countries, etc. Depend upon each other for the exchange of goods and fulfillment of their necessities, they will affect each other.

Answer 9

6. Interdependence

Question 10

(7)PROCESS OF ECONOMICS

Answer 10

1. Observation and Data Collection
2. Formulation of Hypothesis
3. Model Building
4. Analysis
   5.Testing and Validation
   6.Policy Implications
5. Communication and Application

Question 11

economist start by observing economics phenomenal and collecting data.

Answer 11

1. Observation and Data Collection -

Question 12

(4) Gathering information in various aspects of economy.

Answer 12

1. Prices
2. Output
3. Employment
4. Trade

Question 13

based on the observation economist developed theories/hypothesis to explain economic behavior or strength.

Answer 13

2. Formulation of Hypothesis

Question 14

the economist construct model to represent economic process. This model simplify reality to focus on specific aspects of the economy.

Answer 14

3. Model Building

Question 15

they analyze how different factors interact and influence one another.

This _______ help in understanding the potential outcome of different scenarios or policies

Answer 15

4. Analysis

Question 16

this involves statistical analysis and empirical research to validate or refine theories.

Answer 16

5. Testing and Validation

Question 17

tinetest ng economist, kinocompare sa real- world data (current happening here). To validate it ginagamitan ng statistical tools.

Answer 17

Hypothesis and Model

Question 18

the findings from the economic analysis further led to recommendation from policy decisions.

Answer 18

6. Policy Implications

Question 19

They used their insight to advice in economic policy such as;

Answer 19

1. Fiscal and monetary measure
2. To address issues like inflation, unemployment, and economic growth.

Question 20

economist share their findings through research paper, reports, and presentation.

Answer 20

7. Communication and Application -