It is progressive process of   improving human conditions by eliminating or   reducing poverty, unemployment, literacy, etc.

(a)  

A field of Economics that deals with the behavior and activities of specific economic units  - individuals, households, firms, industries and resource owners.

    The central concept in microeconomics is the market.

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A field of Economics that deals with the behavior of the economy as a whole with respect to output, income, the price level, foreign trade, unemployment and other aggregate economic variables.

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A method of economic reasoning that dwells mainly on making statements about “what is” or predictions about “what will happen” when a certain action that has implications on the allocation of scarce resources is proposed.

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A method of economic reasoning that is concerned with “what should be done”. Looks at the outcome of economic behaviors and asks whether they are good or bad. It involves value-judgments based on norms/beliefs and prescriptions for courses of actions.

(a)  

•An economic goal of a country where there must be work for those willing and able to work.

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It summarizes transactions between the different economic agents such as households, firms, government and the rest of the world

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The market value of all final goods and services produced by all nationals in the economy during a given period of time.

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A measure of the he market value of all final goods and services produced within the boundaries of the Philippines, whether by Filipinos or foreign supplied resources

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•Are goods which are not purchased for the purpose of producing other goods or for resale in order o avoid double counting

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•Refers to the population 15 years old to 64 who contribute to the production of goods and services in the country

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•Refers to all persons without jobs and are not actively seeking/looking for work because they believe that there are no available jobs.

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•Proportion of employed persons to the total labor force

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Is the annual rate of change or year-on-year change in CPI.

(a)  

Inflation rate in the Philippines as of August 2022

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Employment rate as of July 2022 in the Philippines.

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The set of assets in an economy that people regularly use to buy goods and services from other people.

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The setting of money supply by policymakers in the central bank. It affects the economy first by affecting the interest rate and then by affecting the aggregate demand.

(a)  

A decrease in the general price level or a rise in the purchasing power of money

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