refers to the proper allocation of scarce resources to produce goods and services to satisfy unlimited human wants.

Oikonomia is a Greek word meaning ?

refers to the condition wherein most things that people want are available only in limited supply the imbalance between our desires and the means of satisfying those desires.

anything, either a good or service, that yields utility and could command a price if sold in the market (e.g. books, cell phones, ukay-ukay, etc.)

refers to a person's desires or preferences to satisfy a basic need.

- concerned with the behavior and activities of specific economic units (individuals, households, firms, industries). GDP

- deals with the behavior of the economy as a whole with respect to output, income, foreign trade, unemployment, etc. TAX

it is an applied field of economics in which the principles of choice are applied in the use of scarce resources such as land, labour, capital and management in farming and allied activities.

is the study of relationships arising from the wealth- getting and wealth-using activity of man in agriculture

describes and explains the economic phenomena "what is" or "what will happen" describes the facts and behavior of the economy; unbiased acceptability of statements should be verified by facts

expresses value or judgements about economic fairness or what the outcome of the economy or goals of public policy - "what should be" gives recommendation to economic policy; suggest solution to economic problems

All other things being equal constant

Represent the potential benefits an individual, investor or business misses out on when choosing one alternative over another

Indicates that as you increase the amount of something, the additional impact of that something will eventually increase at a decreasing rate.

A concept that describes one thing being affected when another thing changes slightly.

Useful tool for illustrating the choices available to society and its constraints

Economic Goals

, the philosopher, enunciated the Quantity Theory of Money and Prices.

, who favored protective tariffs

also called command economy or classless economy - opposite of capitalism

mixed economic system

an economic system associated more with the political system of a strong one-man or junta dictatorship, such as Nazi Germany in the 1930s and early 1940s

a market economy tends toward an equilibrium with full employment and tends to be stable if monetary conditions are stable; changes in the quality of money are the major cause of changes in aggregate demand

- "Father of Modern Economics"

wrote the "Principles of Economy & Taxation Labor Theory of Value: It states that labor creates value

- English economist, a demographer - Malthusian theory/ Malthusianism

Value depends on both costs of production (supply) and utility (demands); - development of microeconomics;

Introduced the general economic system; analysis of general equilibrium was achieved; market equilibrium can take place only at a price where the quantities supplied and demanded are equal

he emphasized that price and output are determined by supply and demand

Father of macroeconomics; published his General Theory of Employment, Interest, and Money in the 1930s, which changed the focus of economics to macroeconomics national income, employment, general price levels, and fiscal policy.

the present state of the development of economics is a hybrid of neoclassical economics and Keynesian economics

he attempted an ambitious effort in examining the laws of motion of the capitalist production by embracing historical, sociological, and economic aspects together;

collaborator of Karl Marx in the foundation of Communism; co-authored the Communist Manifesto with Marx