economics
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Social Studies
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9th Grade
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Medium
Carl Javison
Used 5+ times
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5 Slides • 23 Questions
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Analogy:
In English the Greek word,
oikos : house while nomos:
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These are biological requirements for human survival.
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The realization of a person's potential, self-fulfillment, seeking personal growth and peak experiences.
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It refers to a human emotion, acceptance, and relationship.
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The social standing of a person in society influences his wants and needs.
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Individuals' primary needs are prioritized differently depending on their revenue or earning.
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ANALOGY:
Scarcity : Permanent while,
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Shows the maximum possible output combinations of two goods or services an economy.
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It is the trade-off between two choices.
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These are people who buy or use goods and services to satisfy their wants.
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These are people who make or grow goods and provide services.
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He's considered to be the Father of Communism. In his Economic theory he states that wealth should be nationalized.
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He presented the blueprint of an economy and perfect society.
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Prioritization of finished product to accumulate more precious and valuable metals/currency.
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Government involvement and taxation in the free market are minimized,
but considered the government to be in charge of order and defense.
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This theory states that food production will not be able to keep up with exponential growth in the human population.
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Discussion of agriculture as the main economic activity. Then, efficient household management and leadership.
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Countries can benefit from international trade by specializing in the production of goods for which they have the advantage in production.
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Refers to the fact that society has limited resources and therefore some goods and services that people want cannot be produced
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It is the most stable economic and political unit during the Pre-Spanish period.
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The FATHER OF MACROECONOMICS, known for his General Theory of Employment, Interest, and Money.
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The FATHER OF MICROECONOMICS. Known for his theory on LAW OF DIMINISHING MARGINAL UTILITY.
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