Summative Test in Araling Panlipunan 9

What do we call the things that people acquire without payment, such as air and sunlight?

What do we call the things that have a corresponding value or price, such as food, clothing, and housing?

This is a branch of Social Science that studies how to address the seemingly endless needs and wants of people using the limited resources of the country.

Derived from the Greek word 'mikro' which means small.

Who is known as the 'Father of Modern Economics' and is recognized for his doctrine of laissez-faire or Let Alone Policy?

What do we call the study of small units of the economy such as individuals and businesses?

Who proposed the theory about population and stated that population grows faster than food?

He promoted the theory or idea of 'Law of Comparative Advantage' and 'Law of Diminishing Marginal Returns'.

Who contributed to the development of the 'General Theory of Employment, Interest, and Money' and advocated for government intervention in the economy?

He is known as the Father of Communism and his work is 'Das Kapital'?