It is the application of economic principles and theories to real situations, and trying to predict the outcomes.

• Economics

• Applied Economics

• Microeconomics

• Macroeconomics

It is the market value of final products, both sold and unsold, produced by the resources of the economy in a given period.

• Opportunity Cost

• Gross Domestic Product

• Marginal Cost

• Gross National Product

True or False: GDP is net of GNP after deducting Net Factor Income from abroad or by deducting factor income from abroad and adding back Factor Payments to other countries.

• True

• False

It is the condition of one who is capable of working, actively seeking work, but unable to find any work.

• Poverty

• Scarcity

• Unemployment

• Corruption

One way to account the Gross National Product and classify its components is by ________________.

• environmental analysis

• end-use expenditure

• computational economics

• economic research

It focuses on how individual consumers and firm make decisions; these individuals can be a single person, a household, an organization or a government agency.

• Social Economics

• Applied Economics

• Microeconomics

• Macroeconomics

True or False: Economics is the application of economic principles and theories to real situations, and trying to predict the outcomes.

• True

• False

It is an economic state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

• Population Growth

• Scarcity

• Economic Security

• Poverty

True or False: Determination of the price of a single product is an example of a activity under macroeconomics.

• True

• False

It is simply a situation where too many people live in a location than space, economic and natural resources can sustain.

• Poverty

• Scarcity

• Corruption

• Overpopulation