Economics Oiknomia Household management

Economics Is the proper allocation and efficient use of available resources for the maximum satisfaction of human
wants.
Psychology The Science of mind.
History The science that records and explain past events.
Sociology The science that deals with the development of society.
Political Science The science of government.
Geography The science that determines the main resources of a region.
Religion This can discourage or encourage economic development because of religious traditions and beliefs.
Macroeconomics It deals with the behavior of the whole economy. Government, Business, Household.
Microeconomic It deals with the economic behavior of individual unit such as Costumer, Firms, etc.
Production The process of producing or creating goods needed by households to satisfy their needs.
Input The factors of production
Output The goods and services that have been created
Distribution The marketing of goods and services to different economic outlets for allocation to individual consumers.
Exchange This is the process of transferring goods and services to a person or persons in result for something.
Consumption This refers to the proper utilization of economic goods. It is spending money for goods and services in
order to yield direct satisfaction.
Public Finance This pertains to the activities of the government.
Logic It is a science that deals with the sound thinking and reasoning.
Mathematics It is a science that deals with number and their operation.
Statistic It is a branch of mathematics dealing with the analysis and interpretation of numerical data.
Mixed Inputs These are inputs that do not change with volume of production.
Variable Inputs These inputs change accordance with the volume of production.
Economic system It means the organization of economic society with reference to the production, exchange
distribution and consumption wealth.
Economic System Is the way the economic units are organized to make decision on economic problems on the society.
Traditional Economy People produce goods and services for their own consumption.
Command Economy Under this system the government takes hold of the economy state.
Market System Business enterprises are owned and controlled by private individuals.

Mixed Economy A mixture of different types of economy.

Consumer goods Goods that are ready for consumption.
Capital Goods Goods that are used in the furtherance of production.
Luxury Goods Goods that give something or add pleasure and comfort but not absolute necessary.
Deflation A decrease in the amount of currency in circulation in a country resulting in a decline prices.
Inflation An increase of currency in circulation or an over issue of credit.
Taxation Is the process by which the sovereign through it law-making body, raises revenues to defray the necessary
expenses of the government.
Bangko Sentral The institution designed to oversee the banking system and regulate the quantity of money in the
economy.
Broad Money Includes savings account and time deposits, plus M1.
Capital Material used in the production of goods and services including money.
Consumption The used of economic resources.
Currency in Circulation Includes coins and bills in circulation, checking accounts
Demand Reflects the consumers desire for a commodity.
Economic Goods A good which is both useful and scare.
Economic Resources Inputs used in the production of goods and services.
Economic A social science concerned with mans problem of using scare resources to satisfy humans wants.
Employment The use of economic resources in production.
Entrepreneur Organizes all other factors of production to be used in the creation of goods and services.
Exchange The process of trading goods or services for money and/or its equivalent.
Fiscal supply That which controls taxes and government expenditures.
Flow A quantity measured over a particular period of time
Goods Anything that yields satisfaction to someone.
Inflation Generally used to mean any sustained or continuing increase prices.
Inflation Rate The percentage change in the price index from preceding period.
Inflows Income that goes inside the economy like investments, government expenditures, export which expand the
flow of goods and services.
Interest Payment for use of capital or money.
Investment Spending on capital equipment, inventories and structures, including new household purchases.

Labor Human efforts expended in production.

Land Natural resources.
Market A place where buyers and sellers interact and engage in exchange.
Monetary policy Refers to the issuance and control of money supply, interest rates on loans and deposits.
Monetary Policy That which affects savings, investment and money supply.
Money Is anything serves as a commonly accepted medium of exchange.
Money Supply The quantity of money available in the economy.
Opportunity Cost Cost of benefits foregone in the alternative used of a resources.
Outflows Incomes that go out of the economy like savings, taxes and imports which constrict the flows of goods and
services.
Production The use of economic resource in the creation of goods and services for the satisfaction of human wants.
Reserves Deposits that banks have received bur have not loaned out.
Stock A quantity measured as of a given point in time.
Supply The amount of a commodity available for sale.
Trade Policy That which affects a countrys exports and imports.
Wages Payment for the use of labor.
Wealth Anything of value owned.