4th Quarter Grade 12 Reviewer

MALTHUSIAN THEORY - this economic theory states that by the state

the continuous growth in our population may
POVERTY - It is a state or condition in which a person or
result to the shortage of supply in the economy
community lacks the financial resources and
due to the scarcity of our natural resources.
essentials for a minimum standard of living.
ENTREPRENEUR - a visionary and passionate person who
INVESTOR - They are known as free thinker, problem
habitually spots opportunities, creates, innovates
solver, with a high level of self-confidence, willing
customer values and gets it acquired by target
to take risks, and has the ability to tolerate
beneficiaries.
uncertainty.
LABOR - This factor of production includes people with all MONETARISM - This modern economic theory state that
their efforts, abilities, and skills. variation in unemployment and the rates of
SCIENCE - it is the intellectual and practical activity inflation are usually caused by changes in the
encompassing the systematic study of the supply of money.
structure and behavior of the physical and POSITIVE ECONOMIC STATEMENT - These are objective
natural world through observation and types of economic statements that can be
experiment tested, amended, or rejected by referring to the
ECONOMICS - It is the study of economic activities of available evidence.
man and how he used the scarce resources for COPYRIGHT - It is an exclusive legal right given to an
his unlimited wants and needs. originator or an assignee to print, publish,
perform, film or record literary, artistic,
APPLIED ECONOMICS - It is the study of economic relation
or musical material.
to real world situation and the application of
economic principles and theories in different FRANCHISE - It is an authorized granted by a government
settings or company to an individual or group enabling
them to carry out special commercial activities.
POLITICAL ECONOMY - It is a social science that studies
production, trade, and their relationship with the SANCTORUM - It is a type of tax that the Indios pay in
law and government. support of the Church and its various activities.
ECONOMETRICS - It is the application of statistical SOCIAL RESPONSIBILITY - It is an ethical framework that
methods to economic data that aims to give suggest that an organization or individual, has an
empirical content to economic relation. obligation to act for the benefit of the
society at large.
THALASSOCRACY - It is a form of government system MICROECONOMICS - It is the study of economic behavior
whose power depends on its naval supremacy or of every individual who makes choices.
commercial senses.
MACROECONOMICS – it is the study of the performance
SELF-CONFIDENT - It is one of the qualities of successful of the economy as a whole
entrepreneurs that gives them self confidence to
make choice alone and bounce back from MARKET STRUCTURE - It refers to the framework that exist in
poorly made decisions. the market system in which the relationship
between the consumer and the
ECONOMIC SOCIETY OF THE FRIENDS OF THE producer is shown.
COUNTRY - It
MONOPOLISTIC COMPETITION - This is a situation in which
is an institution established by the Spanish in the
many firms compete with slightly different goods.
Philippines with the duty to help in the
advancement of the agricultural sector. MONOPOLY - It is a type of market where only one
producer makes a product or provides a service
UTILITARIANISM - This modern economic theory believes
so it has no substitute.
that the purpose of morality is to make life better
by increasing the amount of good things and ECONOMIC THEORY - It is a theory on commercial
decreasing the amount of bad things. activities such as the production and
consumption of goods.
LIBERALISM - According to this modern economic theory,
free competition and self-regulating market are KEYNESIAN THEORY - According to this economic theory
the key for the normal flow monetary and fiscal program are intended to
of the economy. stimulate business activities and increase
employment.
CONSUMERISM - This modern economic theory states that
an increasing consumption of goods is
economically beneficial.
HIERARCHY OF NEEDS THEORY - It is a motivational theory
FEUDALISM - It is an economic and political system that in psychology comprising of a five-level model of
focuses on land ownership. human needs.

CAPITALISM – it is an economic and political system in QUANTITATIVE ANALYSIS – it is a technique that uses
which a country’s trade and industry are mathematical and statistical modeling,
controlled by private owner for profit, rather than measurement, research to understand behavior
 4th Quarter Grade 12 Reviewer

QUOTA - This refers to the limitation on the number of

PROFIT - It is the money that an individual earned from
products that a country can trade with other
work of business received from investment.
countries.
REVENUE - This refers to all funds or income derived by the
HOARDING - It is the practice of obtaining and holding
government whether from tax or any other
resources in quantities greater than needed for
source.
one’s immediate use.
INCOME – it is the money that an individual earned from
COLLUSION - It is a deceitful agreement or secret
work or business received from investment.
cooperation between two or more parties to limit
open competition by deceiving others of their TRADE DEFICIT - This is an economic situation that occurs
legal rights. when the cost of imported products costs more
that the income from products exported.
TARIFFS - This tax is imposed by the government of a
- It involves a sacrifice that must be made to
country or union on imports or exports of goods
obtain a desired product.
and services.
ETHICS - It is the study of whatever is right and good for
UNEMPLOYMENT - It is a term referring to individual who
humans.
are employable and actively seeking job but are
unable to find a job. RETAILING - It is a kind of entrepreneurship that sells goods
produced by companies directly to consumers.
CYCLICAL UNEMPLOYMENT - It is a type of unemployment
where work is based on the business cycle, when WHOLE SELLING - These are set of entrepreneurs who
business or industry is weak. prove to be supporting hand of producers, they
sell in goods produced in production center to
VOLUNTARY UNEMPLOYMENT - It is a type of
middlemen in market.
unemployment where a person really does not
want to work. FALLA - It is a kind of payment a man has to pay on a
daily basis to exempted from the polo y servicio.
SEASONAL UNEMPLOYMENT - It is a type of unemployment
where work is specific to certain time or EFFECTIVE DEMAND - It is a type of demand that isa
occasions such as Christmas and Valentines Day. backed up with the ability of the consumer to
pay or to make a purchase.
STRUCTURAL UNEMPLOYMENT - It is a type of
unemployment where work is lost due to BANK OF THE PHILIPPINE ISLAND - It was recognized as the
changes in technology or the taste of consumers. first bank to be established in the Philippines and
throughout southeast Asia.
FRICTIONAL UNEMPLOYMENT - It is a type of
unemployment where a person is looking for or GROSS DOMESTIC PRODUCT - It is a monetary measure of
waiting for a new job. the market value of all the final goods and
services produced on a specific time period
SCARCITY - It is a situation where in the amount of
within the country.
something available is insufficient to satisfy the
desire for it. FILIPINO FIRST POLICY - This program aims to give priority
to Filipinos in land acquisition, investment, and
SHORTAGE - This economic phenomenon usually occurs
business management, before
when there is more demand than supply
foreigners.
quantity.
PROTECTIONISM – it is a way of limiting imported products
SERVICES - These are non-physical products usually
to support the local industry.
involving performance that is done for the
benefit of someone else. COMPREHENSIVE AGRARIAN REFORM PROGRAM - The
PRODUCTION - It refers to the process of producing or purpose of this program is to expand the scope
creating goods and services needed by the and reach of various agricultural reforms
household to satisfy the needs. especially to farmers.

SUPPLY - It is a concept that describes the total amount of PAYNE ALDRICH ACT - Under this law, American products
a specific goods or services that is available at a can freely enter the Philippines without tariffs and
specific price. quotas while Philippine products entering the US have
quotas.
NEEDS - These purchases are required for your physical
and mental wellness that may vary based on UNDERWOOD SIMMONS ACT - According to this law, all
your situation. products of the country that used 20% raw
materials from abroad will not be allowed in the
WANTS – these are purchases that are not required to American market
survive but you’d like to have in you life
LAND REFORM ACT - This program was responsible for the
CAPITAL GOODS - These factors of production includes
acquisition and distribution of large, tenanted
the tools, equipment, and factories used in the
rice and cornfields to Filipino farmers.
production of goods and services.
HOMESTEAD ACT - This law allowed any Filipino to own up
BREAK EVEN - It is a situation where the producer has to 24 hectares of public land.
achieved no profits.
 4th Quarter Grade 12 Reviewer

ALIBRATED PREEMPTIVE RESPONSE - It is an executive Law of Market.

order
THREE BRANCHES OF A DEMOCRATIC GOVERNMENT
stating that demonstration without permit would
1. Executive Branch – President, Vice President,
be preemptively stopped.
Cabinet Members
GREEN REVOLUTION - It is a program that encourages 2. Legislative Branch – Senate (24), Congress
Filipinos to grow vegetables and fruits in their own (250)
backyard. 3. Judiciary Branch – Supreme Court
BUILD, BUILD, BUILD INFRASTRUCTURE PLAN - The goal
FARMING -it is the main industry that provided
of
employment to the native Filipinos during the
this program is to reduce poverty, encourage
Spanish occupation
economic growth, and reduce congestion in
Metro Manila. ISABELINAS – It is the name given to the money
introduced by the Spaniards to the Filipinos
TORRENS SYSTEM - The purpose of this system is to
during their conquest
distribute to Filipinos the lands named after the
Americans. BARTER TRADE SYSTEM – it is a system of exchange where
participants in a transaction directly exchange
PHILIPPINES 2000 - This program aims on making the
goods and services for other goods and services
Philippines prosperous again before the year
without using a medium of exchange.
2000
THREE KINDS OF ENCOMIENDA
GENERIC DRUG ACT - It is a law that promotes and
1. Private Encomienda – land owned by Spanish
requires the production of an adequate supply of
government officials
drugs recognized by its generic name.
2. Royal encomienda – land owned by the King
MASAGANA 99 - It was an agricultural program which of Spain
aimed to increase rice production among Filipino 3. Ecclesiastical Encomienda – land owned by
farmers the church and the friars
THEODORE ROOSEVELT - He was the president of the MANUEL A. ROXAS
United States who signed the Cooper Bill, also  Bell Trade Act
known as the Philippine Bill of 1902, into a law
 War Damage Act
RAMON MAGSAYSAY - He was the president of the
ELPIDIO R. QUIRINO
Philippines who was recognized as the “Man of
 Agricultural Credit and Cooperative Financing
the Masses”
Administration (ACCFA)
JOHN STUART MILL - His works focuses on the study of  Import Substitution Policy
applying economics to the status of the
economy of the country. RAMON MAGSAYSAY
 Land Reform Act
WILLIAM HOWARD TAFT - He was recognized as the first  National Resettlement and Rehabilitation Administration
American to become Governor-General of the (NARRA)
country.  Agricultural Tenancy Act
DIOSDADO MACAPAGAL - He was the former president
who was recognized because he was able to
change the date of the celebration of our CARLOS P. GARCIA
independence.  Filipino First Policy
 Retail Trade Nationalization Act
ADAM SMITH - This philosopher and economist is known  Austerity Program
today as the “Father of Modern Economics”.
DIOSDADO MACAPAGAL
MIGUEL LOPEZ DE LEGAZPI - He was recognized as the first  Minimum Wage Law
governor general to serve in the Philippines as the  Agricultural Land Reform Code
representative of the king of Spain.
FERDINAND E. MARCOS Sr.
FIDEL V. RAMOS - His administrations main agenda was to  Green Revolution
make our country prosperous again before the  Masagana 99
year 2000.  Export Processing Zone
MANUEL ROXAS - The time of his leadership was called CORAZON C. AQUINO
the period of reconstruction and rehabilitation of  Comprehensive Agrarian Reform Law (CARL)
the country’s economy  Generic Drug Act
WILLIAM MCKINLEY - He is the president of America who FIDEL V. RAMOS
signed up to permanently implement the  Philippines 2000
Homestead Act in the Philippines.
 Built Operate Transfer (BOT)
JEAN BAPTISTE SAY – Famous for his “Say’s Law” or the  Philippine Economic Zone Authority (PEZA)
 4th Quarter Grade 12 Reviewer

JOSEPH EJERCITO ESTRADA

 Comprehensive Agrarian Reform Program
 Farmer’s Trust Fund
GLORIA M. ARROYO
 Agricultural and Fisheries Modernization Act
 Alibrated Preemptive Response
BENIGNO SIMEON AQUINO III
 Responsible Parenthood and Reproductive Health Law
 Enhanced Basic Education Act (K to 12 Program)
RODRIGO R. DUTERTE
 Build, Build, Build Infrastructure Plan
 Pantawid Pamilyang Pilipino Program
CETERIS PARIBUS – all other variables, except those under
immediate considerations are held constant
MARKET – it is a place where buyers and sellers can meet
to facilitate the exchange or transaction of
goods and services
INFLATION – It is a general rise in the price level in an
economy over a period of time
FISCAL POLICY – it is the use of government revenue
collection and expenditure to influence a
country’s economy
INTELLECTUAL PROPERTY RIGHTS – these are the rights
given to person over the creations of their mind

THREE BASIC ECONOMIC QUESTIONS

 What to produce?
 How to produce?
 For whom to produce?