Tool in economics that deals with facts is called ____________.

___________ is considered to be the basic consuming unit.

Scientific approach wherein hypotheses or theories are presented for validation: _________

This refers to an important concern in economics that implies that reproductive resources are not being fully utilized in the economy:___________

A useful measure of the changes in the general price level is called__________.

Adding up the production values from all stages overstates GNI because of _______________________.

The use of the resources to produce only a single or a few kinds of goods and services: __________

Certain resources are not enough to satisfy people’s needs and wants: _________

Categorize the economic system being applied by the given countries.

i. Market Economy iii. Command Economy

ii. Mixed Economy iv. Traditional Economy

Singapore: _________, China: __________.

Categorize the economic system being applied by the given countries.

i. Market Economy iii. Command Economy

ii. Mixed Economy iv. Traditional Economy

United Kingdom: __________, Ukraine: _________, Russia: __________.

Categorize the economic system being applied by the given countries.

i. Market Economy            iii. Command Economy

ii. Mixed Economy             iv. Traditional Economy

Ethiopia: ___________,

Ecuador: __________,

Guinea- Bissau: ______________.

Identify the following macroeconomic goals.

i. Economic Growth                              iv. Economic Development

ii. Economic Freedom                           v. Economic Efficiency

iii. Full Employment                             vi. Economic Security

Presence and availability of jobs for those who are willing and able to work: ________________,

Production of more goods and services and a higher standard of living or an increase in the number of goods and services produced in the country: _________________.

Identify the following macroeconomic goals.

i. Economic Growth                              iv. Economic Development

ii. Economic Freedom                           v. Economic Efficiency

iii. Full Employment                             vi. Economic Security

Improvement in the quality of life of the people: ______________________,

Producing more output with the use of fewer resources: _________________.

Evaluate the following statement: TRUE or FALSE.Philippine’s economy applies three forms of economy. However, it is more market oriented rather than command or traditional.

Evaluate the following statement: TRUE or FALSE.

Economic models are the main tools used by economist to explain economic phenomena. Models are simplification of reality.

Evaluate the following statement: TRUE or FALSE.

A sunk cost is a cost that an entity has incurred, and which it can be recovered. A sunk cost is also term as a stranded cost.

Evaluate the following statement: TRUE or FALSE.

Society is endowed with a fixed amount of productive resources at a given time.

Evaluate the following statement: TRUE or FALSE.

Population can affect economic growth.

Evaluate the following news coming from different sources then identify whether the situation exhibits a (an):

a. non-economic issue with macroeconomic topic

b. non-economic issue with microeconomic topic

c. economic issue with microeconomic topic

d. economic issue with macroeconomic topic

Coronavirus: India faces oxygen scarcity as cases surge. Ankit Sethia spent a sleepless Friday night trying to procure oxygen for his 50-bed hospital on the outskirts of India's commercial capital, Mumbai. (bbc.com, September 15, 2020)

Evaluate the following news coming from different sources then identify whether the situation exhibits a (an):

a. non-economic issue with macroeconomic topic

b. non-economic issue with microeconomic topic

c. economic issue with microeconomic topic

d. economic issue with macroeconomic topic

Philippine economy posts its biggest-ever quarterly plunge. Strict, prolonged coronavirus lockdowns sent economy into recession, with gov't projecting 5.5% GDP contraction in 2020. (aljazeera.com, August 06, 2020)

Evaluate the following news coming from different sources then identify whether the situation exhibits a (an):

a. non-economic issue with macroeconomic topic

b. non-economic issue with microeconomic topic

c. economic issue with microeconomic topic

d. economic issue with macroeconomic topic

The K-pop label that created BTS is going public. Hong Kong/Seoul (CNN Business)The mastermind of global music phenomenon BTS is taking his company public. Big Hit Entertainment, the talent agency behind the hugely popular Korean pop boy band, received preliminary approval this month to list on the country's stock market. (cnn.com, August 18, 2020)

Analyze the following article it if exhibits a NORMATIVE ECONOMICS or POSITIVE SCIENCE.

US 2020 election: Climate change takes centre stage amid wildfires. Climate change, a topic seldom debated during the 2020 US presidential campaign, is having a moment in the spotlight due to severe wildfires raging along the US West Coast. (source: bbc.com)

Analyze the following article it if exhibits a NORMATIVE ECONOMICS or POSITIVE SCIENCE.

DepEd allows private schools to start ahead of October 5 opening. MANILA, Philippines — The Department of Education on Saturday clarified that private or non-DepEd elementary and high schools that have already started classes can proceed provided that they are strictly using distance learning methods and not face-to-face classes. (source: Philippine Star)

Analyze the following article it if exhibits a NORMATIVE ECONOMICS or POSITIVE SCIENCE.

Doctors warn distancing cut may lead to spike in infections. MANILA, Philippines -The medical community on Monday warned that the ill-timed decision of the Department of Transportation (DOTr) to gradually reduce

physical distancing on public vehicles would only drive up coronavirus infections, especially as the country has yet to see a significant decline in the number of new COVID-19 cases. (source: Inquirer.net)

Refer to the excepted SONA 2016 ADDRESS OF PRESIDENT RODRIGO “DIGONG” ROA DUTERTE:

The first economic resource stipulated from the first paragraph can be classified as _________.

Refer to the excepted SONA 2016 ADDRESS OF PRESIDENT RODRIGO “DIGONG” ROA DUTERTE:

The economic resource stipulated from the second sentence of the first paragraph can be classified as _______________.

Evaluate the following statement: TRUE or FALSE.

A group of people can be considered as an economy if they are doing the economic activities.

Refers to a change in relationship between good’s price and the quantity supplied in response to a change in a supply

determinant other than price of good:________

The Law of Demand states that _______________________.

A change in the relationship between price of a good and the quantity demanded caused by a change in demand

determinant other than price is _______________.

Demand: Normal Good Increases: Income: ________________,

Demand: Inferior Good Increases: Income: ____________.

Price Floors: set ______: Equilibrium Market: _________.

Government saves when its tax revenues ________ it’s _________ on recurring items (such as wages, social security

payments, fuel, schoolbooks, medical supplies for hospitals, etc). If its tax revenues _________ these current expenses, it

has money left to spend on the building of new roads, bridges, hospitals, schools.

According to the classical model of smoothly functioning labor markets, if the demand for labor falls, for instance due to

a drop in aggregate demand ______________________________________.

According to ___________, full employment is the lowest rate of unemployment compatible with price stability, thus

__________ to ________ percent of ___________.

This model represents the equilibrium in interest rates and output given by the equilibrium in the goods and money

markets.

_________ model represents the one percent more unemployment is estimated to equal two percent less output.

Identify and analyze the impact of the following events on supply or demand:

New cars in the United States – price steel increases

Identify and analyze the impact of the following events on supply or demand:

Baguio strawberry jam – a landslide occurs on the main roads leading out of the city

Identify and analyze the impact of the following events on supply or demand:

Coconut – scientist claim that coconut water can cure renal diseases

The consumer surplus is the extra utility gained by the consumer from paying an actual price for a good that is __________ than the amount he/she is willing to pay. It is essentially the additional he additional benefit that the consumer gains by making his/her purchase via the market instead of some other mechanism or system.

The competitive equilibrium brings about the ___________ surplus welfare for the society. It is also efficient in the sense that any increase in consumer surplus will necessarily entail a decrease in producer surplus and vice versa.

For the perfectly competitive market, its marginal revenue is equal to average revenue and is also equal to _______.

Elasticity along a linear demand curve:

Consumers are completely unresponsive to the price change.

Elasticity along a linear demand curve:

Chain smokers smoke the same quantity of cigarettes regardless of the price.

Elasticity along a linear demand curve:

Niel Rotsen Jhays who is on maintenance medicine still take the same dosage of the prescribed drug no matter the price is.

Base from the first sentence of the paragraph, BLS study will result to __________ shift of labor force that renders personal services.

On the third sentence, this will create a/an ____________ shift for people of the robotics industry from programming to engineering.

Holding all other factors constant, the implementation of the third sentence will generally result to a _____________ of personal service robots.

Ceteris paribus, base from the first sentence of the paragraph, NFA rice will generally result to a __________.

Base from the second paragraph, the implementation of the program will result to a movement of supply classified as _________________.

Base from the second paragraph, the implementation of the program will result to a movement demand classified as ________________.

Ceteris Paribus, base from the first paragraph, imported rice will generally result to a movement of supply that can be classified as ____________.

Base from the first paragraph, imported rice result to a movement of demand that can be classified as __________.

Held other factors constant, the implementation of the program stipulated in the second sentence of the second paragraph will generally result to ______________.

Base from the first sentence of the paragraph, holding all other factors constant, low-glycemic corn seedlings will generally result to a _______________.

On the result of the change in the latter case, this will generally result to _____________ shift of rice.

Base on the second sentence of the paragraph, this will result to _____________ shift of rice consumption.

Classify which does not belong to the group.