EKONOMIKS

• What is the primary focus of economics as described in the study material?

  Resources and wants/needs
• What does the term "Agham ng lipunan" refer to in the context of economics?

  It refers to the scientific study of social behavior and decision-making.
• What is the meaning of "Oikonomia" in economics?


  It refers to the management of household or community resources.
• Who are the philosophers mentioned in the study material that contributed to political economy?

  Aristotle and St. Thomas of Aquinas
• What is the role of political economy as described in the study material?

  To make decisions for citizens.
• What are the two main branches of economics mentioned in the study material?


  Maykroekonomics and Makroekonomics
• What does Maykroekonomics focus on?

  Small units within the economy.
• What does Makroekonomics study?

  The overall actions and performance of the economy.
• What are the four divisions of economic activities mentioned in the study material?

  Produksyon, Pagkonsumo, Pagpapalitan, Pamamahagi
• What are the steps of the scientific method as outlined in the study material?

  1. Observe and identify the problem
  2. Formulate a hypothesis
  3. Conduct an experiment
  4. Draw a conclusion
  5. Make recommendations
• How does the study material connect economics to other fields?

  It connects economics to mathematics, history, political science, sociology, psychology, demography, philosophy, and geography.
• What is the purpose of gathering data in the scientific method?

  To conclude and provide information for future researchers.