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 man’s 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 country’s exports and imports.

Wages – Payment for the use of labor.

Wealth – Anything of value owned.