1.

The proper allocation and efficient use of available resources for the
maximum satisfaction of human wants.
2. Root cause of poverty.
3. Classification of economics.
4. Determines the main sources of income of the people, like fishing or farming.
5. Systematic body of knowledge.
6. Methods in gathering data, analyzing data, and making conclusions.
7. Data are obtained through observations and conclusions.
8. Relies on practical experience.
9. These are generalizations.
10.Other things being equal or constant.
11.An economic principle which is put in action.
12.Naturally formed by the political, social, cultural and economic background of
individuals.
13.First step in achieving an efficient use of said resources.
14.Deals with economic behaviour of individual units such as the consumers,
firms and the owners of the factor of production.
15.Deals with the economic behaviour of the whole economy or it aggregates
such as government, business and household.
16.It is composed of individual units.
17.This book became the bible of economics for more than a century (1776).
18.Father of economics.
19.It contains detailed regulations for economic practices.
20.Had good knowledge about commerce and money.
21.Had clear ideas about interest and mortgages.
22.Stressed the virtues of industry, temperance and economy.
23.This means household management.
24.Recommended division of labor in order to improve production.
25.Explained the functions of money.
26.They believed that agriculture was the only honourable industry,
27.Crusaded for distributive justice and compensatory justice.
28.Suggested intermediate technology for the less developed countries.
29.A set of economic institutions that dominates a given economy.
30.A set of rules of conduct, established ways of thinking, or ways of doing
things.
31.The factors of production and distribution are owned and managed by private
individuals and corporations.
32.No government intervention in economic affairs.
33.The opposite of capitalism. Owned and managed by the state.
34.Combination of capitalism and communism.
35.Father of modern socialism called the socialism the lower stage of post-
capitalism and communism as the higher stage of post-capitalism.
36.Early form of capitalism.
37.Capitalist exploited their workers.
38.Provides the economic plan for the whole economy.
39.This refers to goods and services that individual members of society have
received.
40.This refers to the absence of inflation and unemployment.
41.Productivity.
A. METHODS OF ECONOMICS.
B. DIVISIONS OF ECONOMICS.
C. 3 BASIC PROBLEMS.
D. NON ECONOMIC FACTORS. (4)
E. LIMITATIONS OF ECONOMICS.
F. ECONOMIC SYSTEM MODELS (3)
G. CHARACTERISTICS OF CAPITALISM (4)
H. CHARACTERISTICS OF COMMUNISM (5)
I. HOW TO JUDGE AN ECONOMIC SYSTEM (7)
J. POSSIBLE REASONS FOR ECONOMIC SUCCESS (4)
K. OBJECTIVES OF SOCIAL JUSTICE (6)