1.) The study of how societies allocate scarce resources to satisfy unlimited wants.

- Economics
2.) The fundamental forces that determine the prices of goods and services in a market.

- Supply and Demand

3.) A place where buyers and sellers come together to exchange goods and services.
- Market
4.) The branch of economics that focuses on individual agents, such as households and firms,
and their decision-making.
- Microeconomics
5.) The branch of economics that studies the economy as a whole, including factors like
inflation, unemployment, and economic growth.

- Macroeconomics
6.) The different amounts of a product that a seller would make available for sale at different
prices.
- Supply
7.) The different amounts of a product that a buyer would purchase at different prices.

- Demand
8.) A list of the amounts of a product that a seller would offer for sale at different prices
- Supply Schedule
9.) A list of the amounts of a product that a buyer would purchase at different prices

- Demand Schedule
10.) As the price of a good or service increases, the quantity supplied increases, and as the price
decreases, the quantity supplied decreases, assuming other factors remain constant.
- Law of Supply

11.) As the price of a good or service increases, the quantity demanded decreases, and as the
price decreases, the quantity demanded increases, assuming other factors remain constant.
- Law of Demand
12.) A measure of the responsiveness of quantity demanded or supplied to a change in price.
- Elasticity
13.) A measure of how much quantity is demanded responds to a change in price.
- Elasticity of Demand
14.) A measure of how much quantity is supplied responds to a change in price.

- Elasticity of Supply
15. A strong response to a price change; occurs when the percentage change in the quantity
demanded or supplied is greater than the percentage change in price.
- Price Elastic

16.) A weak response to a price change; occurs when the percentage change in the quantity
demanded or supplied is less than the percentage change in price.
- Price Inelastic
17.) A line on a graph that illustrates an upward slope because of the direct relationship
between price and quantity.
- Supply Curve
18.) A line on a graph that illustrates a downward slope because of the inverse relationship
between price and quantity.
- Demand Curve

19.) Represented by a movement along a demand or supply curve from one price-quantity
point to another.
- Change in Quantity Demanded and Quantity Supplied
20.) A maximum price that can be charged for a good or service.

- Price Ceiling
21.) A minimum price that can be charged for a good or service.
- Price Floor
22.) When the quantity demanded is greater than the quantity supplied, or when the product’s
price is below the equilibrium price.
- Shortage
23.) When the quantity supplied exceeds the quantity demanded, or when the product’s price
is above the equilibrium price.

- Surplus
24.) The rate at which the general level of prices for goods and services rises, leading to a
decrease in purchasing power.
- Inflation

25.) A market structure where a single seller or producer controls the entire supply of a product
or service.
- Monopoly
26.) A market structure characterized by a small number of large firms that dominate the
market.
- Oligopoly
27.) A market structure with many small firms, identical products, and ease of entry and exit.
- Perfect Competition

28.) The satisfaction or pleasure derived from consuming a good or service.

- Utility
29.) The value of the next best alternative is forgone when a decision is made.
- Opportunity Cost
30.) The additional cost incurred by producing one more unit of a good or service.

- Marginal Cost
31.) The additional revenue generated from selling one more unit of a good or service.
-Marginal Revenue
32.) Actions taken by a central bank to control the money supply and interest rates.

- Monetary Policy
33.) The use of government spending and taxation to influence the economy.
- Fiscal Policy
34.) When a country exports more goods and services than it imports.

- Trade Surplus
35.) When a country imports more goods and services than it exports.
- Trade Deficit
36.) A tax imposed on imported goods and services.
- Tariff
37.) Financial assistance provided by the government to support certain industries.

- Subsidy
38.) The optimal allocation of resources to maximize overall well-being.
- Economic Efficiency
39.) An economic philosophy advocating minimal government intervention in the economy.

- Laissez-Faire
40.) A situation where the market does not allocate resources efficiently.
- Market Failure
41.) The point at which quantity demanded equals quantity supplied in a market.

- Equilibrium
42.) The price at which the quantity demanded equals the quantity supplied.
- Equilibrium Price
43.) The quantity of the good or service bought and sold at equilibrium price.
- Equilibrium Quantity

44.) The difference between what a consumer is willing to pay for a good and what the
consumer actually pays.
- Consumer Surplus
45.) The difference between the price a producer receives and the minimum price they are
willing to accept.
- Producer Surplus
46.) Goods and services that are non-excludable and non-rivalrous.
- Public Goods

47.) The skills, knowledge, and experience possessed by an individual or workforce.

- Human Capital
48.) The ability of an individual, firm, or country to produce a good or service at a lower
opportunity cost than competitors.
- Comparative Advantage
49.) The ability of an individual, firm, or country to produce more of a good or service than
competitors using the same amount of resources

- Absolute Advantage:
50.) The total amount of money in circulation in an economy.
- Money Supply
51.) The legal status of a person or business that cannot repay their debts.

- Bankruptcy
52.) The cost of borrowing money or the return on investment.
- Interest Rate
53.) The process by which the economic well-being and quality of life of a nation or region
improves.
- Economic Development
54.) A market where shares of publicly held companies are bought and sold.
- Stock Market
55.) A debt security that represents a loan made by an investor to a borrower.

- Bond
56.) A period of negative economic growth, often marked by rising unemployment and reduced
consumer spending.
- Economic Downturn

57.) The total amount of money that a government owes.

- Public Debt
58.) A situation where increased government spending leads to a reduction in private spending.
- Crowding Out

59.) A combination of stagnant economic growth and high inflation.

- Stagflation
60.) A graphical representation of the trade-off between inflation and unemployment.
- Phillips Curve
61.) GDP (Gross Domestic Product)
62.) GNP (Gross National Product)
63.) IMF (International Monetary Fund)

64.) CPI (Consumer Price Index)

65.) PPI (Producer Price Index)
66.) HDI (Human Development Index)
67.) NBER (National Bureau of Economic Research)

68.) TANSTAAFL (There Ain't No Such Thing As A Free Lunch) (economic principle)
69.) WTO (World Trade Organization)
70.) GATT (General Agreement on Tariffs and Trade)
71.) GDP=C+I+G+(X−M)

• C is consumption
• I is investment
• G is government spending
• X is exports
• M is imports
72.) Inflation Rate=CPI in Year 2 - CPI in Year 1 / CPI in Year 1 x 100

73.) Labor Force Participation Rate=Working Age Population / Labor Force x 100
74.) Unemployment Rate=Labor Force / Number of Unemployed x 100
75.) Marginal Cost =Change in Quantity / Change in Total Cost
76.) Marginal Revenue =Change in Quantity / Change in Total Revenue
77.) Price Elasticity of Demand
Ed =% change in price / % change in quantity demanded
78.) Income Elasticity of Demand
Ey=% change in quantity demanded / % change in income

79.) Demand Curve

Qd =a−bP

• Qd (quantity demanded)
• P (price of the good or service)
 • a (represents the quantity demanded when the price is zero)
• b (slope of the demand curve)

80.) Supply Curve

Qs =c+dP

• Qs (quantity supplied)
• P (price of the good or service)
• c (represents the quantity supplied when the price is zero)
• d (slope of the supply curve)

81.) Economy = Oikonomia (household management)

"oikos," meaning "house" or "household," and "nomos," meaning "law" or "management.

82.) Economics is the science of Decision Making.

83.) Adam Smith’s "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776)
84.) MAJOR ECONOMIC PROBLEM

• what to produce?
• how to produce?
• for whom to produce?

85.) “There is no such thing as a free lunch” All goods involve a cost of someone.

CURRENT EVENTS
86.) How much did the Department of Budget Management recently release for the year-end
bonuses and cash gifts of government employees?
- P69.4 billion
https://newsinfo.inquirer.net/1860115/dbm-p69-4b-out-for-govt-workers-year-end-bonus-
cash-gift#ixzz8Jy9UcHPJ

87.) President Ferdinand R. Marcos Jr. administered the oath of office as president and chief
executive officer of the Maharlika Investment Corporation (MIC) to whom?

- Rafael Consing Jr.

https://www.pna.gov.ph/articles/1214330
88.) When did President Ferdinand “Bongbong” Marcos Jr.’s SONA happen?
- July 24, 2023

https://philnews.ph/2023/07/24/sona-2023-highlights-of-pbbms-second-state-of-the-nation-
address/

89.) In October 2023, which bank and Reliance Retail came together to launch the co-branded
Reliance Card?
- SBI
https://byjusexamprep.com/upsc-exam/current-affairs-
questions?fbclid=IwAR1_eJG2yImP2FZiYTiU1sjspy3BZoGngTQJ9ijWHRFHpCKBbYK1vPfs55I

90.) In October 2023, which of the following organizations launched its “one nation, one
registration platform” for doctors across the country?
- National Medical Commission
https://byjusexamprep.com/upsc-exam/current-affairs-
questions?fbclid=IwAR1_eJG2yImP2FZiYTiU1sjspy3BZoGngTQJ9ijWHRFHpCKBbYK1vPfs55I

91.) How many states celebrated Formation Day on 1st November 2023?
-7

https://byjusexamprep.com/upsc-exam/current-affairs-
questions?fbclid=IwAR1_eJG2yImP2FZiYTiU1sjspy3BZoGngTQJ9ijWHRFHpCKBbYK1vPfs55I

92.) What is the theme of World Kindness Day 2023, observed annually on November 13?

- Be Kind Wherever Possible

https://byjusexamprep.com/upsc-exam/current-affairs-
questions?fbclid=IwAR1_eJG2yImP2FZiYTiU1sjspy3BZoGngTQJ9ijWHRFHpCKBbYK1vPfs55I

93.) In November 2023 the Association of Asia-Pacific Airlines (AAPA) has set a target for its
members to adopt 5% sustainable aviation fuel (SAF) usage by which of the following years?
- 2030
https://byjusexamprep.com/upsc-exam/current-affairs-
questions?fbclid=IwAR1_eJG2yImP2FZiYTiU1sjspy3BZoGngTQJ9ijWHRFHpCKBbYK1vPfs55I

94.) The Philippine Archipelago compromises how many islands?

-7,641 islands
https://www.ianfulgar.com/reference/how-many-islands-are-in-the-
philippines/#:~:text=The%20National%20Mapping%20and%20Resource,the%20number%20for
%20many%20years

95.) Where do you find the first Philippines hospital focusing on cancer care?

- Taguig
https://newsinfo.inquirer.net/1865445/first-ph-hospital-focusing-on-cancer-care-opens-in-
taguig

96.) The Office of the Vice President spent P125 million confidential funds in how many days?

- 11 days

https://www.philstar.com/headlines/2023/09/26/2299068/ovp-spent-p125-million-
confidential-funds-11-days

97.) How many members of the Senate are there in the Philippines?
- 24
https://legacy.senate.gov.ph/senators/composition.asp#:~:text=The%20Senate%20shall%20be
%20composed,to%20the%20House%20of%20Representatives.

98.) Who is the Senate President of the Philippines?

-Senator Juan Miguel "Migz" F. Zubiri

https://legacy.senate.gov.ph/senators/sen19th.asp

99.) Who is the chairman of the party list Partido Federal ng Pilipinas?

- Ferdinand Romualdez Marcos Jr.

https://pco.gov.ph/presidential-speech/speech-by-president-ferdinand-r-marcos-jr-at-the-
oathtaking-of-the-new-members-of-the-partido-federal-ng-pilipinas/

100.) What region has a high unemployment rate in the Philippines?

- National Capital Region (NCR)
https://www.statista.com/statistics/1306390/philippines-rate-of-unemployment-by-
region/#:~:text=The%20National%20Capital%20Region%20(NCR,in%202022%20at%207.2%20p
ercent.

101.) Unemployment rate in August 2023

- 4.4%
https://neda.gov.ph/neda-reiterates-govt-focus-on-high-quality-job-creation-as-
unemployment-rate-further-
declines/#:~:text=The%20Philippine%20Statistics%20Authority%20reported,about%20468%2C
000%20fewer%20unemployed%20individuals

102.) Who is the National Economic and Development Authority (NEDA)

-Ferdinand Romualdez Marcos Jr.
https://neda.gov.ph/neda-board/

103.) According to the 1987 Constitution, what kind of state is the Philippines?
- Democratic and Republican
https://www.proprofs.com/quiz-school/story.php?title=pinoy-trivia-quize

104.) What is the meaning of the acronym NAMFREL?

- National Citizens' Movement for Free Elections
https://www.proprofs.com/quiz-school/story.php?title=pinoy-trivia-quize

105.) What is the maximum number of representatives in the House of Representatives?

-250
https://www.proprofs.com/quiz-school/story.php?title=pinoy-trivia-quize