1.

This is the study

of the allocation of
resources among
alternative uses to
attain desired ends.
2. What is study of economics as
a whole, It is also concerned
with issues and problems
concerning the overall economy
of a nation or the world.
3. This is a situation wherein the
amount of something available is
insufficient to satisfy the desire for it.
4. This are the labor, capital, land
and natural resources and
entrepreneurship that are used to
produce goods and services.
5. This is a type of economics which is
most common use of economics that for
the family. At this level, anyone who
knows the economic principles will be
able to improve the running of the
household.
6. This is a type of economics when a person or
group of persons begins to work, they come
under the system of business economics in their
workplace. In this type, you deal with the rent,
salary, profits and others.
7. A Division of Economics that deals
in General, economy as a whole
It also studies with the economic
behavior of the whole economy or its
aggregate such as government,
business, unemployment, inflation
and the like.
Refers to management of income,
expenditures, wealth or resources of
a nation.
8. A Division of Economics that
deals with the economic
behavior of the individual units
such as consumers, firms, the
owners of factors of
productions
9. This is A selection among
alternative goods, services or
actions.
10. What is the use of
inputs to produce
outputs?
II. True or False: Carefully read each sentence and
determine if the sentence is true or if the sentence is
false.
1. Economics comes from the Greek word oikonomia which means
household chores.
2. Economics is considered a field of social science.
3. Economics is relevant because it is part of everybody’s life.
4. There are three (3) divisions of Economics, the microeconomics,
the macroeconomics and the home economics.
5. As a science, Economics is related to other sciences.
6. ECONOMICS is a social science that deals with how people organize themselves in order
to allocate scarce resources in order to produce goods and services that will satisfy the
unlimited and multiplying wants and needs of man.

7. Public Finance is the use of a good or service. Consumption is the ultimate end of
economic activity. WHEN THERE IS NO CONSUMPTION, THERE WILL BE NO NEED FOR
PRODUCTION AND DISTRIBUTION.

8. Consumption is concerned with government expenditures and revenues. Economics

studies how the government raises money through taxation and borrowing.

9. National Economics – Economic factors of problems affecting the whole nation. Deals
with the management of income, expenditures, wealth or resources of a nation.

10. Business Economics – when a person or group of persons begins to work, they come
under the system of business economics in their workplace. In this type, you deal with the
rent, salary, profits and others.
III ENUMERATION
1-2 Division of Economics
3-6 Types of Economics.
7-10 Concerns of Economics