 A social science that deals with efficient  In ______, the ______ adopted the twin goals

management of limited resources to guide its work: ______ and ______.

 Three basic economic question:  What are the factors considered in building the
 Two branches of economics economy:
 Also known as the economics of individual  An investment that is sponsored with foreign
activities and entities, discusses the various money and operated domestically is called
laws in ______, ______, ______ and ______, ______. It is expected that the use of the
and the ______. foreign money would mean more opportunities
 In ______, there are substitution and income to produce where the money capitalized, but, of
effects, thus applying the concepts of substitute course, a certain interest in that money is
goods and complementary products, in foreseen as well. The ______and the ______
addition, the ______ and ______. were established to ensure that there is
 In ______, some of the concepts include economic prosperity around the world by
______ and ______, ______, ______, ______ financing public goods and services with funds
and ______, like ______ and ______ accumulated from more advanced economies
 Economic of the entire nation like the ______
 What are the three basic question?  A healthy population would also mean ______,
 The ______ is limited by the amount of just like education, hence, are capable to
resources available in the ______, the basic produce more goods and services because
measure of nation’s income, that is the ______. they can ______ as compared to an unhealthy
population. Other things remain fixed, healthier
_____________________________________ individuals are more ______. Policies that lead
to economic growth would consider having
 Refers to the percentage change in a nation’s
healthy workers to promote greater productivity
per capita GDP
 There are two schools of thought regarding
 The money value of all goods and services
______. On one hand, a relatively large
produced over a long period of time.
population means ______, but on the other
 We associate ______ with the ______ in a
hand, it also means ______. It is to be noted,
country for a relevant time horizon.
however, that there countries with a few
 Many economist would suggest that ______ is
population and slow population growth rate but
the key indicator of a country’s power and
are considered developed like ______, having
accomplishment.
an annual growth rate of ______, and
 ______ boost the ______. Singapore, ______ 2020 study of the World
 The total money value of all goods and Bank
services produced by one country  A competitive economy that ______
 Means advancement of the ______, like for experiences economic growth after benefiting
example ______, ______, ______, ______. from more products to be used as input to
 Growth directly boosts ______; all other thing production. ______ give way to developing
remain constant. countries' opportunity to interact with other
 A higher GDP means ______ countries and trade freely, thus creating more
 According to the definition of ______, ______ prospects to improve production.
is the level of consumption that people enjoy,  In order to produce more, we have to ______
on the average and is measure by the ______. to enable us to have the capacity to yield mare
 ______ is the amount of money it takes to buy goods and services. However, to be noted that
goods and services that a typical family capital investment would mean ______. There
consumes. is a need for a country to promote both
 A rising cost of living is called domestic and foreign investments in order to
 ______ ideally a reduction in unemployment decisions and policies, especially in terms of
will reduce ______, and hence the ______, market trading, there is an opportunity to
which will ultimately allow for increased public improve production processes and distribute
savings products in the country A ______ is considered
 ______ attributes differential investments in to have efficient ______, ______, and ______
human capital to inequalities in income such as systems, working together for the country's
those found to exist between women and men economic development.
or minorities and whites. This theory  In production, we consider the factors such as:
emphasizes human capital as a ______. (L)-
______ benefits human capital that is as (K)-
important as physical capital In fact, the largest (H)-
chunk of the annual budget is dedicated to the (N)-
______ . More quality educated people (T)-
produced in a country would mean an and if we are to summarize the output of
opportunity to generate more and better ideas production (Y), we say, Y =
to produce goods and services. However, in  The production function shows that all other
developing economies, highly educated things remain ______; output increases as
individuals may opt to serve in other countries ______, ______, ______, and ______
with a higher standard of living, hence, brain increase.
drain-the emigration of most highly educated  means the amount of goods and services
workers to rich countries. In a recent produced from each unit of labor.
happening, we made it a policy to limit the  it is obvious to see that the key factor in
permission for registered nurses to work defining the standard of living is ______.
abroad for a given period of time  GDP may be seen in two ways:
 The products of ______ are a new ideas,  These are assets utilized to produce goods and
goods, and services that people consume. services The more ______ we use, the more
______ allocate part of their yearly budget to ______ we have.
research to continue improving the ways things  Although intangible than capital resources,
are done in a more efficient or totally distinctive ______ come from ______, ______, and
way. To protect the idea, a ______ is awarded ______ , it is undeniable that it greatly affects
to an innovator for a certain number of years production of goods and services.
to encourage more researchers to discover  is developed in a person with education,
beneficial things. Essentially, ______ is training years of experience, more
process of creating a business out of this knowledgeable, skilled, and able, which
knowledge produces more than those who do not have
 As the stock of capital increases, the extra  Refers to bounty of land and water used in
output produced from an additional unit of production.
capital decreases. ______ is considerably
 refers to the output of innovation and never-
affected minimally when the workers with a
ending thrust to discover new things and new
large quantity of capital they use in the
processes that would make production more
production process are given extra units of
efficient and faster using less input
capital. In the long run, a ______ leads to a
 it is related to ______ because humans create
greater level of productivity and income but not
these advances in technology, like in ______,
greater growth in these variables
______, and ______.
 ______ ensure the exercise of rights over
 ______ was proposed by economist ______ in
one's property and these guarantee more
______, which explains that production is
production of goods and services. In addition,
composed of a set of tasks, and each task
when there is less uncertainty in government
 must be carried out proficiently for each one of  while ______ acted a lot of deregulations and
the tasks to have value. privatizations of public corporations and tax
 The name "______ " was derived from the reforms thus, redeeming the country's status in
devastating destruction of the Challenger the ______ and the ______
space shuttle in ______, resulting from a  Although there was an annual growth rate of
______ or ______. ______, because of ______, the country's
 The theory tells us that a ______ in the export began to plunge. Despite this, the
production process may cause a surmountable country did not go into recession and was even
quality failure of the final output. strengthened by ______ in ______.
 The ______ is given more value than its  According to a report by the ______, another
______ factor that is considered in the country's
 The O-Ring production function is economic development is how the government
 O-Ring theory explains the relationship Ideals with the ______ and ______, like the
between ______ and ______ ______ (______), the ______ (______),
 factors determining the causes of failures ______ (______), and of course, the ______.
 one of the most popular models that is used to  In ______, a peace agreement was signed by
understand long-term growth is the ______ the MNLF and joined by the MILF in the peace
 The model was developed by ______ an process of ______.
American economist and a Nobel Prize winner  One of the most noteworthy programs of the
in Economic Sciences¹¹ and in ______, current administration of ______ is the
wherein ______, ______, ______, ______, and "______" program, which aims to significantly
______ are factored in analyzing growth. ______ and ______ in the country.
 Out of the factors of production, the Solow  Approximately ______ of the country's GDP
Model focuses on ______ and ______, where went to exportation after the revival of the Asia
______is exogenously included. Pacific region. ______ continued to be the top
 In the equation, y = AF (K, 4), effect of A to y is export followed by ______, ______, and
called ______. ______
 According to the ______ of the ______ of the  The Philippines joined the ______ in ______
USA, the Philippines ranks ______ out of an and is currently a member of the ______,
estimated 211 countries or states with a per ______, ______, ______ and ______, the next
capita GDP (on a purchasing power parity biggest grouping of states worldwide after the
basis) of ______ annually in 2017. United Nations.
 What are the top 3 countries?  The ______ released the ______ adopted by
 While the bottom 3? all member countries of the UN.
 Inflation of the country is at ______(1995-  SDG 8- "______ "
2004). As per writing of the book, the inflation  Sustain ______ in accordance with national
of the country increased from ______ in July circumstances and in particular, at least
2021 to ______ in August 2021. ______ in the least developed countries
 known as the quantitative measure of the price  Achieve ______, ______, through a focus on
rate increase of goods and services over a ______ and ______.
period of time.  Promote ______ that support productive
 ______, ______, and ______ and remittances activities decent job creation, entrepreneurship,
of ______ fully open outside investment and creativity and innovation, and encourage the
development of business process outsourcing formalization and growth of micro, small, and
center. medium sized enterprises, including access to
 ______, ______, and ______ were eminent financial services.
during the time of former ______.
 Improve progressively, through ______, global  ______ created a great deal of inequality
resource efficiency in consumption and between countries and was believed to even
production and endeavor to decouple intensify the gap between the rich and the poor.
economic growth from environmental  The ______ helped the rich countries that are
degradation, in accordance with the ______, more educated and trained.
with developed countries taking the lead.  There are some people who mainly attribute
 By ______, achieve full and productive poverty to ______ and ______.
employment and decent work for all women  According to the study made by the ______
and men, including for young people and published in ______ in the ______, it is evident
persons with disabilities and equal pay for work that there is a ______ in the urbanized areas,
of equal value where labor-intensive work is high demand, but
 By ______, substantially reduce the proportion the government is not able to sufficiently supply
of youth not in employment, education, or their basic needs such as ______, ______, and
training. ______.
 Take immediate and effective measures to  Are considered catastrophic to economic
______, ______ and ______, and secure the resources, leaving the people to go back to
______, including ______, and by 2025, end zero in terms of capitalization.
child labor in all of its forms.  There is the ______ in business, ______ are
 ______ and ______ for all workers, including becoming more and more favorable to the rich
migrant workers, in particular, women and population, the ______are receiving a hefty
those in precarious employment. deal of salary and income as compare to the
 By 2030 ______ to promote sustainable ______ and ______, not to mention the _____
tourism that creates jobs and promotes local and the worsening gap in ______ and ______.
culture and products  ______ is relative to the ______ of one
 Strengthen the capacity of domestic financial country.
institutions to encourage and expand access to  A ______ is set to determine who are below
______, ______, and ______ for all this line and may be considered ______ or
______
 Is characterized by those disadvantaged in
basic living conditions, such as ______,
______, ______, ______, ______, and even to
 Two main assets that the poor derive their ______.
income from:  In the light of ______, we may see ______ as
 There is a presumption that ______ reduces an avenue of ______ and ______.
______ in the long run  A lot of developed countries lead the way in
 Incidence as those levels of income and spreading awareness of the condition of a lot of
expenditure that falls below a level known as countries that are suffering form ______ and
the ______. even ______
 Nominal value of which is adjusted to hold a  Some labels on the packaging products that
fixed value of its purchasing power. are considered from ethical sources are
 Sometimes called inequality, is the comparison ______, ______, ______, ______, and ______
of the incomes and expenditures of the poor  Another example is ______ initiatives such as
with reference to the rich or some other groups. Transfair in ______, ______, ______,______,
 Those who are considered poorest normally ______, and ______
work in the ______; they are highly ______,  They also monitor ______ in the UK and the
somehow labeled as ______, and mostly Max Havelaar in ______, ______, ______,
considered ______. ______, ______, ______
 In ______ data by the ______, young workers  Worst poverty incidence among families in
are twice possible to live in ______ as 2018 with ______, followed by ______ with
compared to ______ ______, and ______ with ______.
 There are around ______ of the population  Poverty incidence among population in ______
who did not receive any form of ______. is ______, ______ is ______, and ______ is
 Due to ______, the poverty eradication aim ______.
was off-track, manifesting the first ______ in  Continuous experiencing the least poverty
______; more that ______ million are pushed incidence.
into ______ this year.  As the poverty rate and poverty line change
 Economic downturns on ______ countries in over time, so are the people moving up and
______ form natura calamities affecting around down the ladder of the people due to ______,
______ in direct losses. ______, ______
 The first Sustainable Development Goal  Was developed by American economist
adopted by all members states of UN aims to ______ in ______ in his undergraduate essay
“______” and doctoral paper in ______.
 The most common measure of poverty,  Is a curve showing the relationship between
______, relative to ______ the ______ and the ______.
 Is set by the government as the threshold to  ______ is graphed with the line of quality- 45
which absolute value of income and expenses degree line
is compared to consider a family to be in  The graph underneath is the ______
poverty.  In a curve line, the _____ called the ______, a
 The ______ is constantly adjusted to hold the scalar metric of inequality that was introduced
real purchasing power given ______. by ______, an Italian statistician and
 In the Phils., further classification of the part demographer who further enhanced the
below the poverty line suffering form extreme ______.
hunger is called ______  While the governments and NGOs are working
 Filipinos whose ______ and ______ fall below hand-in-hand in solving this issue programs in
food threshold are also set by _____ place are deemed ______ at ______ at its very
 Two types of inequality core.
 Is the uneven distribution of accumulated  A lot of poverty reduction programs are likely
assets after deducting the liabilities ______, as ______ may no be available.
 Is income distributed in an uneven manner.  In 2019 report of PSA, in addition to the
 Most countries such as ______, ______, threshold and incidence, other measures such
______, and ______ use ______ that are as ______, ______, and ______ are used as
considered to be more in line with the metrics to measure poverty in the country.
economic theory that is more relative to  Plays an important role in reducing poverty in
______ the country through ______ to improve the
 Some countries such as ______, ______, and welfare of the people.
the ______ use the ______, per individual, per  This eventually benefits the country in the long
household, and consider gender and age run as it is believed that the poor are more
distribution. vulnerable to experiencing ______, ______,
 What is the formula of poverty incidence? ______, ______, and ______ as compared to
 According to PSA, poverty incidence (among those who have sufficient financial resources.
families) in the country is decreased from  6 poverty reduction policies of the Government
______to ______ from _____ data, and  In the Philippines, it is called ______ that
poverty incidence (among families) from resembles the same policy in some Latin
______to ______ form the same data year. America and Africa . It is aimed to help the
 poorest of the poor improve ______, ______,  Is considered by economists as a major
and ______ of children aged ______ by giving measurement of a nation’s income, at a given
monetary support and social development time and a given place of region.
programs to break the ______  Is the peso value of all final goods and services
 Another way is to directly provide goods and that are produced in one country in a year.
services as social safety nets through  Finished goods do not include ______, for
specialized welfare programs such as ______, example ______, ______, ______, and ______
______, ______, and those who are ______, that are ______.
and free ______  It is important note that we include in the GDP
 These commonly happen when a natural only ______ .
disaster occurs, or those who are displaced in  However, it can be comprised in the
their workplaces. computation of the ______ by determining the
 Is an act of Congress or Senate that imposes difference between the two.
minimum payment on f wage to workers in a  Goods that are already included in the GDP of
specific location, duration of work, and nature previous periods are ______, like a ______ or
of the industry to ensure that a reasonable ______.
amount of income is provided to a specific  GDP computation excludes financial
group of employees. transaction like ______ as there is really
 It is intended not to collect any form of tax from nothing produced here; it is just a ______
individuals who earn a specific amount or less  ______ and ______ are not included in the
in one year, reflected on ______. determination of GDP.
 The UN Social Development Goals include  Two methods of calculating the GDP
these priority actions to be takes as addressed  It summarized the total expenses to buy final
in the ______ in ______, prioritizing poverty as goods and services by households, firms, and
top global challenge that we are facing the government.
_____________________________________  What is the formula of expenditure approach?
GDP=
 May be the easiest and most accessible C=
measure of economic well-being of a nation I=
that can be associated with the ______ of its G=
people. (X-M)=
 As a social indicator may be attributed to the  Is the peso value that households are spending
country’s ______, ______, and even ______ for final goods and services in a year
and ______.  Includes both national and LGU spending to
 ______, the father of economics, in ______, acquire goods and services that are used for
published a paper titled, “ ______” or more public facilities
simply, “______” that tackled the foundation of  Are just the difference between that final goods
a lot of economic concepts such as ______, and services derived form importation form
______, ______, ______, and ______ and exportations.
______.  What is the ideal situation?
 The market is composed of ______ and  The summarize of the compensation of
______ who maybe the ______, ______, or employees, net interest, rental income,
______ and the interaction of the two creates corporate profits, and income of other firms
______ and ______ that may be used to
 The formula in income approach?
measure the goods and services that flow
 Is the sum of all wages, rent, interest and
within the economy or the ______.
profits
 Is the tax imposed on consumers for sale of  This is sum of an individual’s or citizen’s
goods and services earnings from salary, wages, and investment
 Is the cost allocated to capital assets over an during a period of time less current individual
estimated useful life. taxes
 Is the income that citizens make while abroad  This is the sum for all the finished goods and
less the income generated by foreigners in the services produced by the citizens of a country
country. overseas and domestically
 Three ways to summarize the use of GPD:  This is part of the national budget of a country
 Percentage change increase/decrease in GDP that is composed of all revenue sources to be
formula: used in national expenditures
 It means a better quality of life and a ______  This is sum of an individual’s or citizen’s
 Current prices are used to multiply the volume earnings from salary, wages, and investment
of production given in a period of time during a period of time
 We use the base price  The ______ is known for its application of a
 Is a metric used by economist to understand unique metric for the nations wealth and well-
the changes in prices of products that are being- the ______
produced in one country.  Domain of GNH
 Only relies on the basket of goods and services  In ______, the United Nations asked it to
when it comes to the gross effect of inflation develop guiding principles for happiness in the
 Is a measure of the average change in the world
price paid overtime by urban househols for a  There are ______, and out of these ar earounf
market basket of goods and services ______to ______ indicators for each one, for a
 What is the formula of GDP Deflator: total of ______ indicators to measure the GNH.
 Inflation rate in year 2 formula:  GNH Score /chart as per Indicator:
 It exist when there is a sustained increase in  Unhappy
the price level.  Narrowly Happy
 Is the average level of prices  Extensively Happy
 Inflation rate is computed as follows:  Deeply Happy
 Equals the sum of employed plus unemployed  The ______ is relative and the factors are
workers ______, like in the ______and ______, which
 Unemployment rate formula: is based ______ and ______
 Productivity function:  Alternative metric that is founded on the index
 GDP of a country divided by its population of sustainable economic welfare and growth.
 If we compare the GDP per capita between two  Is the gross revenue
or more countries, we have to express GDP in  Net revenue when all negative impacts of
its ______, which is in ______ environmental and social externalities are
 Is a metric used to measure the overall considered
production of goods and services in a country  Both ______ and ______ are measured in
translated to the value per person terms of ______
 It can be comparable to other countries and  Includes non-material aspects such as ______,
realistically understand the standard living of ______, ______, and ______
their respective citizens  Some economists argue that ______ uses
 Other measurement of a nations income/wealth ______ , as the value given by the respondents
 This is the sum for all the finished goods and of the survey for GPI can be ______ and may
services produced by the citizens of a country not ______
overseas and domestically less depreciation _____________________________________
 Is the increase in prices in the economy,  Consistent to downward recession
thereby decreasing the purchasing power of  As the three consecutive quarter of falling real
money on our hands GDP
 It may be categorized into:  The condition when the production of goods
 The ______ conducts a ______ to understand and services slos down or is put to a halt ot
the goods and services that each household in simply stagnates while the prices are rising.
the country purchases or consumes, and the  It is a combination of ______ and ______
type of channels in the country wherein these  Is an adjustment applied to the income
are available received by the employees to sustain the
 Basket of goods and services standard of living due to inevitable rising prices
 Is a statistic used to measure the total goods or inflation
and services purchased and consumed by a  Measures the material characteristics of the
household compared to a base year. economy and the amount of goods and
 According to ______, ______ is a measure of services that are produced and are available to
the average change in the prices paid overtime ______, ______, and ______.
hby urban households for a market basket of  Level of material well-being enjoyed by an
goods and services individual or group
 Uses of CPI  Is a metric used that is based on the concept of
 The first step in computing the CPI is to ______
______. This will depend on the ______ as  Currency exchange of equalizing prices of
well as the ______. The Phils. Uses the producs in various countries in the long run
______ and the ______ for the geographic  Is an idea of identical basket of goods and
locations services in different countries
 Next, ______ and ______ at various periods of  High ______ and ______, ______, and ______
time. indicate that the standard of living in that area
 Formula for CPI: are also ______
 Formula for Inflation Rate in Year X:  Other measurement of the standard of living
 Usually begin with the vicious cycle of higher can be ______, ______, ______, ______,
prices and the expectations of higher prices ______, and ______ called ______
greatly affect the buying behavior of the  Is the analysis of the income percentages in
people. relation to the percentage of population,
 Is any situation in which an action tends to normally spread in percentile ranking
bring about by the initial action and  Was introduced by and American economist,
exacerbated the initial problem. ______ in ______
 It is the average number of times a currency is  A few years later, in ______, and Italian
spent on purchasing goods and services statistician developed a metric used to
 When velocity of money happens and the measure income inequality with the use of
monthly inflation rate increases over ______ or Lorenz Curve, which is known as
around ______ per year, it is called ______  A zero Gini Index would mean that the income
 The USA experienced the ______ in the is
______, which started in ______. There was a  While an index of 1 would mean that an income
sustained decrease in the ______. There were is
more ______ but fewer ______, a lot of  SDG 10:
______ but no ______. 
 After the ______, the USA did not want to
recall that painful experience and somehow
changed the term to ______