Reviewer Prelims (2014 2nd year 2nd semester)

Topics: Sociology, Rhetoric, Economics Pages: 14 (1448 words) Published: April 7, 2014
ECONOMICS
Limitations to Economic Models
Models: > an abstract generalization of how relevant facts actually relate to one another. > simplified pictures of reality
1. Liberal Use of Assumptions
2. Ceteris Paribus – Everything else remains constant
3. Short Run – Long Run
> Short Run is a time range within which output can be adjusted only by changing the amounts of variable inputs remain unchanged. > Long run is a time period that is long enough to permit changes in all inputs both fixed & variable. ** Fixed – constant/doesn’t change

** Variable – varies
4. The Use of Graph
> Visual representations of the relationship between 2 variables. ** Cartesian Plane – Rene Descartes
Y axis – Independent|Cause
X axis – Dependent|Effect

Approaches
1. Positive
based on facts
use to describe an occurrence of an event
objective
answ. the question, What is? Or What will be?
2. Normative
based on opinion
subjective / judgmental
predictive
answ. the question,
What ought to be? Or What should be?

2 Branches of Economics
MACRO
- broad
- birds eye view
- aggregate demand and supply
- contributions made by different sectors in
the economy

MICRO
small / individual -
particular / specific -
demand and supply -
detailed -
close-up view –

Implications of Scarcity
1. The need to make choice
a. Opportunity
b. Benefit or Punishment
c. Value Judgment
Opinion
2. Rationing Device
3. Competition
Four Economic Resources
Capital – physical or human capital
Land – natural resources (surface | beneath)
Labor – blue collar or white collar
– is an effort
– human skills
Entrepreneur – 4 functions: > Initiative
> Business Policy
> Innovator
> Risk Taker

1. Availability of Resources
Products > Goods – tangible
> Services – intangible
Two Parties – producer
– demanders (customers)

2. Level of Production
Two Approaches – Mkt. Aggregation (macro)
- Mkt. Segmentation (micro)

3. Manner, Methods and Techniques
Procedure of Productions
3 Methods
a. Capital – Intensive
(capital > labor)
b. Labor – Intensive
(labor > capital)
c. Intermediate – Production
(capital = labor)

4. Target Clients / Customer
2 Methods
a. Direct (modern)
Networking and Direct Selling
b. Indirect (traditional)
Manufacturer  Advertiser  Wholesaler  Retailers  Consumer

5. Price – reasonable
Profitable  Producers  Profit
 Cost
Affordable  Consumers  Cost

Basic Economic Activities
1. Production
Inputs  Procedures  Outputs
Classification of Products
1. Basic
2. Luxury
3. Public
4. Free
5. Economic Needs
2. Distribution – Reach
Two Methods of Distribution
a. Non-conventional – cheapest but slowest
b. Conventional – expensive but fast
3. Exchange
Barter Sytem
Medium of Exhange
Legal Tender – Philippine peso
Non-legal tender – Foreign currency

COMMUNICATIONS

Communication > Commun (oe)
> Communis – common
> Communicare – to share

Communication Effectiveness
Words – 7%
Non-Verbal – 93% : Vocal – 38% | Visual – 55%

Vocal > rate: phasing of voice
> voice quality
> voice pitch

Visual > oculesics (sight)
> haptics (touch)
> kinetics (body movement)
> accecories
> chronemics
> olfactics (hearing)
> proxemics (special)

** Public Domain
** General Knowledge
**Jargons – the technical terminology
or characteristics idiom of a special
activity or group.

Communication Barrier

1. Poor word choice
2. Differing connotations
3. Inappropriate inferences (conclusions)
4....
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