Republic of the Philippines

SULTAN KUDARAT STATE UNIVERSITY

Province of Sultan Kudarat
SOCSCI I – BASIC ECONOMICS, TAXATION AND LAND REFORMS
BSF 3

I. Identification. Read each statement carefully and identify what is being referred to.

Scarcity in economics 1. Refers to the scarce resources in demand.

Adam Smith 2. Considered the Father of Economics.
Oikos Nomos 3. The Greek word for economics.
Adam Smith 4. Developed the theory of Political economy.
The Wealth of Nations 5. Considered as the bible of economics.
John Hicks 6. Developed the concept of IS – LM model.
Economics 7. Refers to economics as it is.
Scarcity 8. Science that manages limited resources in demand.
John Maynard Keynes 9. Developed the theory of money, employment and interest.
Normative Economics 10. Refers to economics as it should be.
Financial Economics 11. A science related to economics which deals with money.
Productivity 12. Denotes being productive.
Production 13. Refers to the creation of the Utility.
Macroeconomics 14. Branch economics that studies behavior of the economy as whole.
Opportunity cost 15. The foregone value of what you give up when you make choices.\
Labor 16. Refers to the human effort exerted in the production.
Economic Justice 17. It means justice or fairness.
Socialism 18. Refers to the type of economy wherein production owned by govt.
Microeconomics 19. Branch economics concerned with the individual decision making.
Capital Goods 20. Refers to man-made goods used in production of goods/services

II. Research Analysis – based on your personal observation, make a short discussion of
current status of the Philippine economy:

Guidelines:
 Government system and its performance
 Various social unrest and crimes
 Environmental Status

In this current status of our society under of Marcos presidency, there’s an issue
about him that his administration is not totally strict where other places here in the
Philippines are violently violated the rules and regulations of our country. There is
looseness of authority where people are free to act violence against one another and it can
cause death of the innocent people. There is also a crime that until now the culprit is
remarkably unrest, that is why the government should also focus on this kind of situation to
be able to addressed. There may be a sense of powerlessness associated with the topic of
climate change because it is so significant. By demonstrating that there is hope, we want to
inspire others. One of the nations with the highest disaster risk is the Philippines. As a
result, it's critical to take action to lessen the impact of these catastrophes and stop any
unintended environmental consequences. These catastrophes not only have a significant
negative environmental impact on the ecosystem as a whole, but the relief efforts that are
made in the wake of these occurrences can also have an adverse influence on the
environment.

Deadline – 8:00 am, October 14, 2022

Thank you and God bless always