問題一覧
1
deals with how to use of wealth ; wisest decision ; allocate the scarce resources
economics
2
what to produce?
products and services
3
how to produce?
establishing business
4
for whom to produce?
tourist/consumers/people
5
ECONOMIC GOALS;
material survival stability development/growth
6
Terminologies
markets food clothes house
7
majority of families purchase food
market
8
sustain, strengthen body to keep healthy
food
9
cover bodies, express taste and prosperity
clothes
10
protection, enhance level of enjoyment
house
11
2 Major Economic Problem
Production consumption
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benefits that business misses out when choosing one alternative
opportunity cost
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basis in making choices
valuation of costs and benefits
14
Five key elements in the Economics
social science resources human wants scarcity allocation
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social science that focuses on production; to allocate resources
economics
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study on how society creates material wealth
social science
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creation and utilization of water
political science
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sociology, anthropology and psychology
behavioral science
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goals are achieved overtime
history
20
products of nature, man-made things
resources/wealth
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2 KINDS OF RESOURCES
natural resources human resources
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KINDS OF RESOURCES
physical/man made resources
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Reduced through the process of depreciation
productive capacity
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Subject to further transformation; Natural resources
raw materials
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2 Major Factors of Limitation Resources
length of time as well as the difficulties in producing the resources competing uses of the resources
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ECONOMICS AS HUMAN WANTS
resources human wants human needs
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used to answer human needs and wants of a society
resources
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differentiated/ expanded human needs; luxury or unnecessary
human wants
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basic necessities for material survival
human needs
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FACTORS brought by differences among consumers
taste income environment socioeconomic status
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ECONOMIC AS limitation of resources; expanding human wants
scarcity
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supply is not enough to meet the demand
shortage
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supplied is greater than the amount demanded
surplus
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improper way of using resources
wastage
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ECONOMIC AS ALLOCATION to respond to economic problem of scarcity
allocation
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3 MAJOR MECHANISMS OF ALLOCATION
market system command tradition
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when transaction are made ; buyers and sellers transact
market
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higher price reflects high value lower price reflects lower value
price of commodity
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summary of unit cost; value of inputs
price
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Higher price = higher revenue/profit
shortage
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lower price= lower returns/revenues
surplus
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reflection of relative scarcity
price of commodity
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inputs and raw materials that will give lowest cost
price system
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allocating higher proportion of output
market system
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government in charge of allocation ; temporary alternative mechanism
command system
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SHORTAGE
ration temper price confiscate
47
most recent iteration of economic inpact report Philippine tourism sector increased by 129.5% in 2021 reaching 41 billion USD. 80% drop 2020 only contributed 17.8 billion USD GDP 2021
World Travel and Tourism Council