ACTIVITY #1

________________ own all the economic resources in the economy.

• Resources

• Market

• Household

• Government

The division of things into shares or portions.

• Shortage

• Allocation

• Scarcity

• wants

The _______________________ of the resources, finances, income, and expenditure of a

community, and business enterprise is essential for nation's development.

• Economy

• Market

• Household

• Management

Economics means _______________.

• the study of the wealth and resources of a country or region, especially in terms of the

  production and consumption of goods and services.

• a means by which the exchange of goods and services takes place as a result of buyers and

  sellers being in contact with one another, either directly or through mediating agents or

  institutions

• the study of scarcity and its implications for the use of resources, production of goods and

  services, growth of production and welfare over time, and a great variety of other complex

  issues of vital concern to society.

refers to the basic fact of life that there exists only a finite amount of human and nonhuman

resources which the best technical knowledge is capable of using to produce only limited

maximum amounts of each economic good.

• Shortage

• Wants

• Scarcity

• Needs

A system of inter-related production and consumption activities that ultimately determine the

allocation of resources within a group.

• Input Market

• Economy

• Output Market

• Business Firm

Resources means _________________.

• the process of assigning and managing assets in a manner that supports an organization's

  strategic planning goals.

• the process of shifting overhead costs to cost objects, using a rational basis of allotment.

• C. service or other asset used to produce goods and services that meet human needs and

  wants

a means by which the exchange of goods and services takes place as a result of buyers and

sellers being in contact with one another, either directly or through mediating agents or

institutions

• Management

• Market

• Laissez faire

• The Republic

something that is desired.

• Needs

• Wants

• Resources

• Market