Short Quiz 2 (GE 319)

Name: Philip Joey R. Ampit

Course & Year: BSEE 3-1

Give the answer to the following questions:

1. This is a social institution which focuses in production, consumption,

distribution, and selling of good and services. _Economy.

2-4.) Give the 3 types of economic systems

 Traditional economic system
 Command economic system
 Market economic system

5. What is the role of the primary sector?

Any sector concerned in the extraction and production of raw
materials, such as farming, logging, hunting, fishing, and mining, falls
under the primary sector of the economy.

6. What about the secondary sector?

The secondary sector of the economy is one of the three economic
sectors in the three-sector theory that describes the role of
manufacturing in macroeconomics. It includes businesses that make a
finished, usable product or work in construction.
7. The tertiary sector?
The third of the three economic sectors in the three-sector theory is
the tertiary sector, also known as the service sector. Instead of
producing finished goods, the service industry produces services.
Attention, counsel, access, experience, and affective labor are
examples of services, sometimes known as "intangible goods".

8. Bretton Woods system was established based on five (5) key elements.
Enumerate these and the purpose of its elements.

13.- 19. Cite the different financial institutions and economic organizations
that possibly make countries closer when it comes to trade (with a short
notation what this organization’s role in international trade).

 World Trade Organization (WTO). Creating a foundation for trade

policies, examining different countries' trading practices, providing
technical assistance to developing and underdeveloped countries.
Creating a forum for resolving trade disputes between countries,
lowering trade barriers, and collaborating with international
institutions such as the IMF and World Bank to formulate global
economic policy.
 International Monetary Fund (IMF). Getting rid of trade obstacles
that are a hindrance to developing countries. Promoting international
trade as a means of accelerating economic development International
trade principles and policies are being developed. Multinational trade
 agreements are being negotiated. Providing technical support to
developing countries, particularly those with a low level of
development.
 United Nations Conference on Trade and Development (UNCTAD).
Getting rid of trade barriers that stifle growth in poor countries.
Promoting international trade as a means of accelerating economic
development International trade principles and policies are being
developed. Multinational trade agreements are being negotiated.
Providing technical support to developing countries, particularly those
with a low level of development.
 Regional Economic Integration. Economic institutions such as the
World Trade Organization (WTO), the International Monetary Fund
(IMF), and the United Nations Conference on Trade and Development
(UNCTAD) attempt to promote global economic cooperation. Regional
economic integration, which is an agreement between countries to
work together, makes a similar effort. Expand commerce in a way that
benefits both parties. Regional economic integration entails the
removal of trade obstacles and the coordination of countries' trade
policies.

20. When a country can produce a product or service at a lower opportunity

costs than another country, it is said to have __comparative advantage__
over that other country in producing that particular good or service.