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  • Grade 12 Applied Economics 1-5

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    Jaaze Andres
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    Macroeconomics discusses broad economic factors like output, income, employment, inflation and trade balance rather than micro-level details. Land is considered an economic resource because although naturally occurring, it has a price in the market. Economics comes from the Greek words "oikos" meaning house and "nomos" meaning law or custom, referring to managing household resources. Scarcity of resources means there are not enough resources to satisfy all wants, while economic activities of individuals include buying and selling goods and services.

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    Macroeconomics discusses broad economic factors like output, income, employment, inflation and trade balance rather than micro-level details. Land is considered an economic resource because although naturally occurring, it has a price in the market. Economics comes from the Greek words "oikos" meaning house and "nomos" meaning law or custom, referring to managing household resources. Scarcity of resources means there are not enough resources to satisfy all wants, while economic activities of individuals include buying and selling goods and services.

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    78 views1 page

    Grade 12 Applied Economics 1-5

    Uploaded by

    Jaaze Andres
    Macroeconomics discusses broad economic factors like output, income, employment, inflation and trade balance rather than micro-level details. Land is considered an economic resource because although naturally occurring, it has a price in the market. Economics comes from the Greek words "oikos" meaning house and "nomos" meaning law or custom, referring to managing household resources. Scarcity of resources means there are not enough resources to satisfy all wants, while economic activities of individuals include buying and selling goods and services.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    True or False

    1. Macroeconomics discusses the following: Price of rice, expenditures of PLDT, number of


    workers in a certain firm
    2. Land is considered an economic resource because it has a price attached to it.
    3. Economics is derived from the Latin word “oikanomia”.
    4. Scarcity of resources means excess resources.
    5. One of the economic activities of an individual is buying goods and services.

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