Araling Panlipunan · First Term Reviewer

Economics, Allocation, Production, Consumption & Market Dynamics

First-term economics topics: micro/macroeconomics, Maslow's hierarchy, sustainable development goals, allocation systems, product types, production factors, business structures, consumer rights, and supply/demand equilibrium.

Question 1 of 40 3%

Economic Branches Which branch of economics focuses on individual consumers, firms, and specific markets to explain how choices and prices are made?

Fathers of Economics Which Scottish economist wrote "The Wealth of Nations" (1776) and introduced the concept of the "invisible hand"?

Fathers of Economics Who is recognized as the Father of Macroeconomics for advocating government intervention to help stabilize an economy during downturns?

Human Needs & Maslow According to Maslow's Hierarchy of Needs, which foundational level of basic survival needs must be satisfied before higher motivations apply?

Human Needs & Maslow What sits at the peak of Maslow's Hierarchy of Needs, representing the realization of one's full potential and personal growth?

Sustainable Development What is the Filipino term for Sustainable Development—meeting present needs without compromising the ability of future generations to meet theirs?

Sustainable Development Goals How many Sustainable Development Goals (SDGs) were established in the UN's 2030 Agenda adopted in September 2015?

Philippine Development Plan What is the key framework of the 2023–2028 Philippine Development Plan (PDP) under the Marcos administration called?

Allocation & Economic Systems What is the economic mechanism used to assign, distribute, and manage scarce resources to address competing economic wants?

Fundamental Economic Questions Which of the following is NOT one of the three fundamental economic questions every society must answer?

Types of Products Roads, bridges, and public parks that serve an entire community and benefit all people are classified as:

Economic Theories Which economic theory measured national wealth by precious metals (gold/silver) and prioritized exports over imports?

Economic Theories Which group of thinkers highlighted the primary importance of nature, agriculture, and free trade (laissez-faire) in development?

Economic Theories In Feudalism (Piyudalismo), economic and political power was strictly derived from the ownership and control of:

Classical Economics Classical economics advocates minimal government intervention because free markets naturally self-regulate through the:

Concept of Consumption What is the term for using goods and services to directly satisfy human needs and wants?

Economic Indicators What economic measure represents the total value of all goods and services produced within a country during a given period?

Needs vs. Wants Which of the following is categorized as a basic Need (Pangangailangan) essential for human survival?

Determinants of Consumption What happens to a consumer's Purchasing Power (Kakayahang Bumili) when high inflation occurs in an economy?

Determinants of Consumption Which consumption factor refers to the level of trust consumers feel regarding economic conditions and personal financial stability?

Smart Consumer Traits Evaluating whether the quality, quantity, and utility of a product justify its price is known as focusing on:

Consumer Protection Laws Which Republic Act enacted in 1992 serves as the Consumer Act of the Philippines?

Consumer Protection Laws Which Philippine law regulates prices of basic necessities and protects consumers against price gouging during emergencies?

Consumer Rights Which consumer right entitles individuals to receive compensation, replacement, or repair for defective products or poor service?

Government Agencies Which government agency is the primary protector of consumer rights and fair trade standards in the Philippines?

Factors of Production What is the payment or economic return received for the factor of production known as Land?

Factors of Production What is the economic reward earned by an Entrepreneur for combining resources and taking business risks?

Entrepreneurship Theory Which economist described the entrepreneur as an innovator introducing new ideas and methods through "creative destruction"?

Business Organizations Which business form is owned by one individual who exercises complete control but bears unlimited personal liability?

Business Organizations Under the Revised Corporation Code (RA 11232), what structure allows a single entrepreneur to form a corporation with limited liability?

Business Organizations Who oversees and manages major policy decisions of a Corporation on behalf of its shareholders?

Cooperatives What core principle governs voting and decision-making rights within a cooperative organization?

Government Agencies Which government agency regulates and supervises the establishment of cooperatives in the Philippines under RA 6938?

Law of Demand According to the Law of Demand, what is the relationship between price and quantity demanded?

Law of Supply According to the Law of Supply, what happens to the quantity supplied when the market price of a product increases?

Curves & Slopes What is the slope direction of a standard Demand Curve on a graph?

Market Imbalance What market state occurs when Quantity Supplied exceeds Quantity Demanded ($Q_s > Q_d$) at a set price?

Market Imbalance What market state occurs when Quantity Demanded exceeds Quantity Supplied ($Q_d > Q_s$), putting upward pressure on prices?

Government Price Controls A Price Ceiling is a maximum price limit set below equilibrium. What market side effect can occur if set too low?

Government Price Controls A Price Floor (such as minimum wage laws) is a minimum price limit set above equilibrium. What market side effect can it cause?

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