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Applied Economics > Week 2 > Flashcards

Week 2 Flashcards

1
Q

In the article of Guru, S. (2020) Basic Central Problems Faced by an Economy, there are basic problems common to all economies. In terms of production, common to all countries is the problem on _____

A

Scarcity

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2
Q

Basic Economic Problems of the country

A

What to Produce?
How to Produce?
For whom to Produce?
What provision/Laws should be made for economic growth?

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3
Q

-The system must determine the desires of the people.
-Goods and services must be based on the needs of the consumers

A

What to produce?

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4
Q

The system must select the proper combination of economic resources in producing the right amount of output.

A

How to produce?

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5
Q

This has something to do with distribution?

A

For whom shall the goods and services be produced?

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6
Q

A society uses all its resources for current consumption.

A

What provision/laws should be made for economic growth?

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7
Q

seeks to solve the problems on scarcity.

A

Applied Economics

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8
Q

BASIC ECONOMIC PROBLEMS OF THE COUNTRY

A

UNEMPLOYMENT
POVERTY
POOR QUALITY OF INFRASTUCTURE
INCOME INEQUALITY

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9
Q

The number of people entering the job market has been greater than the number of jobs created.

A

Unemployment

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10
Q

•few services
•lack of job opportunities
•unhappy life
•poor transport links •natural disasters
•wars
•shortage of food

A

Push Factors

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11
Q

•access to services better •job opportunities
•more entertainment facilities.
•better transport links
•improved living conditions.
•hope for a better way of life.
•family links

A

Pull Factors

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12
Q

WHAT CAN BE DONE TO SOLVE UNEMPLOYMENT PROBLEM?

A
  1. Appropriate economic policies for labor-intensive industries.
  2. Improve the educational system of the country especially in the rural areas.
  3. Minimize rural-urban migration by improving the economic environment in rural areas.
  4. Proper coordination between government and the private sector to solve the problem of job mismatch.
  5. Slowing population growth. Philippine growth must increase faster than the population. Limit the size of families.
  6. Provision of more investment opportunities to encourage local and international investment.
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13
Q

•Increase in population
•Increase in the cost of living.
• Unemployment
•Income inequality

A

Poverty

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14
Q

WHAT CAN BE DONE TO SOLVE THE POVERTY PROBLEM?

A

1.Reduce unemployment.
2. Appropriate policy on labor income.
3. Provision of unemployment benefits for those who will be unemployed due to natural or man made calamities.
Ex. Typhoon, Bombing of terrorists, Earthquake
Increase social services like education, health care and food subsidies for sustainable poverty reduction.
>Subsistence
>Sustainable
>Self- existing
5. Appropriate policy on labor income.

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15
Q

91ST OUT OF 144 COUNTRIES ON POOR INFRASTRUCTURE QUALITY.

LOST ABOUT $250 BILLION IN ECONOMIC GROWTH.

A

POOR QUALITY OF INFRASTRUCTURE

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16
Q

WHAT CAN BE DONE TO IMPROVE THE QUALITY OF INFRASTRUCTURE?

A
  1. The government shall implement fiscal reform
    program.
  2. Continue reform in key sectors- particularly power, roads and water - to improve cost recovery, competition, and institutional credibility and to sharply reduce corruption.
  3. Improving central oversight of the planning and coordination of investments.
  4. Focus on investments through public-private partnerships to achieve faster delivery of service.
17
Q

is the money that an individual earned from work or business received from investments.

A

•Income

18
Q

Refers to the gap in income that exists between the rich and the poor.

A

•Income Inequality

19
Q

“palakasan” “utang na loob” Ex. Voting for the wrong person during election

A
  1. Political culture
20
Q

poor people shoulder this taxes like the Value Added Tax - 12%

A

2.Indirect taxes

21
Q

Minimum Wage - No Tax

A little more than minimum wage-32% TAX

A
  1. Income Taxes
22
Q

WHAT CAN BE DONE TO SOLVE THE PROBLEM OF INCOME INEQUALITY

A
  1. Policies to enforce progressive rates of direct taxation on high wage earners and wealthy individuals.
  2. Direct money transfers and subsidize food programs for the urban and rural poor.
23
Q

SOLUTIONS TO INCOME INEQUALITY

A
  1. Direct government policies to keep the price of basic commodities low.
  2. Raise minimum wage
  3. Encourage profit sharp.

Applied Economics (6 decks)

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