Economy is a systematic solution that solve the problem of every households.

It's an exchange between wealthy people that can be used for transactions around
the globe.
Needs foods,clothes,shelter.
Scarcity
Economics is build to solve the scarcity of resources or how to fill the gap of
every household needs.
Production is a process of creation,manufacturing,process you mine you grow
recources the goods to satisfy the peoples needs
Agriculture
Production
Service
Consumption is a process by which utilize the use,harness goods and services to
satify human needs.
EXAMPLES
Eating
Studying
Massaging
Puting Clothes
Vacation
DISTRIBUTION is the process of alocation of goods and services to satisfy the
humans needs and wants.
Entrepreneur - Is the person who organize or the backbone of the process.
LAND - anything in environment is natural it is utilize for production
LABOR - Human services, it is conducted by human beings, to produce goods and
services.
Tools - equipment use to make or produce.
IT IS THE SOURCE OF INCOME/BENEFIT DERIVED FROM THE PRODUCTION PROCESS. (PASSIVE
INCOME)

Household where labor and Land entrepreneurs came from. that makes every production
Firms are corporation or organization of group people that organize the process of
production.

Raw Material Producung Firm (Farmers,Miners,Laborers.)Firm that gets the raw

materials from the environment.
Intermediate Good processing firm/ Good Producing Firms (Producing Products and
then sell it to Households)
Final Production Firm (MARKETS such as SM,PUREGOLD,EVER,JOLLIBEE Any Enterprises.)
Added Interest Due to Process.

Fiscal - it is a policy refers to the policy of government of influence of taxation

and Expedenture that organize the growth of the Country
TAXATION AND EXPENDITURE
Infrastracture
Goods
Security
Education
Government People

Taxes - Income of the Government for its services so that the country has the
stability
Expedenture - It is the usage of Taxes

Monetary Policy - Refers to the policy of the government which tend to the effects
of savings interest rate,interest rate, from banks,loans and savings

Deposit Interest Rate. controlled by Central Bank of the Philippines

Deposit Interest Rate can be higher than the normal Interest Rate
Loan Interest rate, Controlled by Banks.

Limited Goods causes Inflation it causes the value to be higher.

International Currency Dollar - Use to import goods from international countries.

Trade Policy - is a policy of government which tends to importation and exportaion

of Goods.
Importation - is the process of buying from outside of the country.
Exportation(Human Resource) It is the process which your product is being sold out
outside of the country.
Balance - It is a situation which the level of export and import is balance.
Surplas - It is a situation which the level of export is greater than import.
Deficit - A situation in which the levels of import is greater than export.
Feudalism - Landlords, Like kings,Queens Feudal Lords.
Spice Island
Islas De Lazarus
Islas de Molucas