QUIZ NO. 1 in MACROECONOMICS DAY

It is an increase in the total output   of an economy measured by  GNP/GDP. What is   desired by society is a high standard of living   which is translated into the production of more   goods and services.

It is progressive process of   improving human conditions by eliminating or   reducing poverty, unemployment, literacy, etc.

A field of Economics that deals with the behavior and activities of specific economic units  - individuals, households, firms, industries and resource owners.

    The central concept in microeconomics is the market.

A field of Economics that deals with the behavior of the economy as a whole with respect to output, income, the price level, foreign trade, unemployment and other aggregate economic variables.

A method of economic reasoning that dwells mainly on making statements about “what is” or predictions about “what will happen” when a certain action that has implications on the allocation of scarce resources is proposed.

A method of economic reasoning that is concerned with “what should be done”. Looks at the outcome of economic behaviors and asks whether they are good or bad. It involves value-judgments based on norms/beliefs and prescriptions for courses of actions.

•An economic goal of a country where there must be work for those willing and able to work.

It summarizes transactions between the different economic agents such as households, firms, government and the rest of the world

The market value of all final goods and services produced by all nationals in the economy during a given period of time.

A measure of the he market value of all final goods and services produced within the boundaries of the Philippines, whether by Filipinos or foreign supplied resources