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| 7156399278 | Economic Goods | things that have been value or price like food, clothing, and shelter | 0 | |
| 7156403217 | Microeconomics | centered in studying the small unit of the economy | 1 | |
| 7156402863 | Macroeconomics | study of the behavior of the entire economy | 2 | |
| 7156383105 | Adam Smith | Father of Modern Economics Laissez Faire(Let alone Policy) | 3 | |
| 7156383254 | David Ricardo | Known for his brilliant ides about the effects of natural resources Law of Diminishing Marginal Returns Law of Comparative Advance | 4 | |
| 7156391061 | Thomas Robert Malthus | Malthusian Theory Written a book "An Essay on the Principle of Population | 5 | |
| 7156392226 | John Maynard Keynes | Law of Supply and Demand Neoclassicists Father of Macroeconomics Wrote a book "General Theory of Employment, Interest, and Money" Father of Modern Theory of Employment | 6 | |
| 7156398304 | Karl Marx | Father of Communism Wrote "Das Capital" | 7 | |
| 7156406308 | Oikos | House | 8 | |
| 7156405801 | Nomos | household management | 9 | |
| 7156411675 | Sociology | science that studies the composition of society relationships, and social institution | 10 | |
| 7156412827 | Political Science | study of government structure, functions, responsibilities, and law is vital because all of these affect and influence our lives and the economy as a whole | 11 | |
| 7156414651 | History | recorded struggle of and progress made by man from the past to the present | 12 | |
| 7156415350 | Ethics | about the morals of an individual and doing what is right in life | 13 | |
| 7156415994 | Psychology | scientific study of the mind and how it influences human behavior | 14 | |
| 7156416669 | Geography | about the study of physical features of a country as well as its products and population which affects the economic activities of man | 15 | |
| 7156418182 | Chemistry | focused in the study of composition of chemicals for the creation of variety of goods | 16 | |
| 7156419171 | Physics | study of matter and energy | 17 | |
| 7156419626 | Biology | study of living things like human, animals, and plants | 18 | |
| 7156420303 | Mathematics | science of number and their operations | 19 | |
| 7156420353 | Statistics | science of learning from data | 20 | |
| 7156733264 | Scientific Method | analyzing the said issues or problems of the economy | 21 | |
| 7156733265 | First step | identify the issue or problem to be analyzed | 22 | |
| 7156733266 | Second step | make assumption/hypothesis | 23 | |
| 7156733267 | Individual choic | decesion made by the people acting separately from one another | 24 | |
| 7156733268 | Social choice | decision made by the governmment to satisfy the needs | 25 | |
| 7156733269 | Opportunity cost | refers to the value of alternative given up to obtain another item | 26 | |
| 7156733270 | Benifit | what you gain from choices | 27 | |
| 7156733271 | Trade-off | sacrificing one product for another product | 28 | |
| 7156733272 | Scarcity | condition where the resources are limited to satisfy the unlimited needs and wants of people | 29 | |
| 7156733273 | Shortage | lack of supply | 30 | |
| 7156733274 | Hoarding | being done to demand for a higher price | 31 | |
| 7156733275 | Cartel | group of businessmen who manipulates and controls the distribution, consumption, and pricing of a certain product, so as to demand for a higher price | 32 | |
| 7156733276 | Distribution Problems | process of distributing the goods and services to the different sectors of the economy | 33 | |
| 7156733277 | Allocation | refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources to diverse uses in order to answer the problem of scarcity | 34 | |
| 7156733278 | Expansion | many processes that can distribute these resources | 35 | |
| 7156733279 | Three important steps to make the resources expand | 1. effective, orderly, and wise use 2. investment 3. use of modern technology | 36 | |
| 7156733280 | Investment | refers to the addition of capital stock | 37 | |
| 7156733281 | Needs | things that are required in order to live | 38 | |
| 7156733282 | Wants | things that you do not have to have to survive, but would like to have | 39 | |
| 7156733283 | Abraham Harold Maslow | sociologist, underscores that each individual has different needs | 40 | |
| 7156733284 | Education | needs of men differ according to educational attainment | 41 | |
| 7156733285 | Income | giving emphasis to our primary needs vvary based on the income of the individual | 42 | |
| 7156733286 | Age | as a person grows older his/her needs and wants change | 43 | |
| 7156733287 | Taste and Preference | teenagers have different need and wants compared to adult | 44 | |
| 7156733288 | Profession | a car is not neede of a janitor, clerk, or laborer but to a businessman, executive, or manager, it may be need | 45 | |
| 7156733289 | Feudalism | economic and political system that dealt w/ extensive land ownership | 46 | |
| 7156733290 | Mercantilism | gold and silver to become powerful | 47 | |
| 7156733291 | Capitalism | industrial revolution paved thee way for the recognition of rights of the private sector in developing the industries | 48 | |
| 7156733292 | Characteristics of Capitalism | 1. Ownership of Resources and Wealth 2. Decision-making 3. Pricing | 49 | |
| 7156748720 | Communism | Karl Marx is know socialist who believes in the equality of people in society (he wrote "Manifesto") | 50 | |
| 7156748721 | Socialism | described as combination of capitalism and communism | 51 | |
| 7156748722 | Fascism | controlled by the state under a dicatator | 52 | |
| 7156748723 | Consumer products | goods and services used by consumers for their personal, and household needa such as food; clothing, shelter, devices, cosmetics, drugs and others | 53 | |
| 7156748724 | Consumer services | rendered by different business firms to repair and improve the consumer products are considered | 54 | |
| 7159281004 | Alert | cheating is rampant among traders in the marketplace | 55 | |
| 7159281769 | Budget Conscious | wise consumer is not an impulsive buyer | 56 | |
| 7159282168 | Reasonable | consumer always takes into consideration the price and quantity of the product | 57 | |
| 7159285051 | Not affected by advertisement | endorsement of a product by a celebrity has no effect to a wise consumer | 58 |
