Economics Reviewer by |meDz|
Does not tackle all lessons, only the important ones.

Economics 101
Origin	From greek word "oikonomiya" meaning "household management"
Economic steps:	1] Production 2] Distribution 3] Consumption *Innovation - to improve a product in order to increase its utility.
Factors affecting utility of a product	1] Form The general appearance of a product. Panget = 0 buyers 2] Place The place where the product is sold. Jackets in the desert = 0 buyers 3] Time The time/season it was sold. Christmas trees in summer = 0 buyers 4] Possession Who's able to use it. You can't sell "ADO" to those who can speak French na
Factors of Production	1] Land The land it was produced on, and all the resources on the land. 2] Labor The laborers, ung mga tagagawa ng produkto mo. 3] Capital The money/funds that you possess 4] Entrepreneurship The amount of investment in your product.
Characteristics of an Economic Good	1] Tangible It's real, visible, holdable, etc. Can be perceived with all 5 senses. 2] Useful If it's a product, it's definitely got a purpose. 3] Scarce Di siya unlimited. Unlike a service you can perform over and over, pag consumed la na. 4] Transferable Can transfer ownership through buying, selling, etc.

Consumerism
Consumer rights:	1] Safety Our safety must always come first. Products should never contain hazards to health. If they can potentially endanger our lives, warnings must be given. 2] Choose We should be allowed to choose what product best suits our needs and preferences. We should not be forced to buy any product for any reason. 3] Basic Needs As consumers, our basic needs of food, water and air must be given somehow. Also, our secondary needs in order to live a humane, decent life must be upheld and given importance. 4] Information We should be correctly informed about a certain product. False advertising as well as those products which do not live up to promises made by producers, is punishable by law. 5] Presented We, as consumers, have the right to be asked of our preference regarding a product. It should also follow what the majority of people wants. 6] Complain Consumers can complain if the product is found to be below satisfactory. Our expectations, if not meant, give us a reason to issue complaints. 7] Consumer Education Consumers have a right to be educated in these so that they are not taken advantage of by the producers. AP IV - Economics is consumer education.
Laws which uphold our rights:	Law States that: Rights protected: 1546 Products must live up to promises made by producers in advertising as strategies to sell. Information 1547 Products must contain a guarantee or proof that they were bought in good working condition. Safety 2187 Producers are held liable for any disease or degeneration of the human body caused by the intake of their consumable products. Safety 187 Selling and display of a fake carat of gold or silver is punishable by law Informed 188 Imitation of packaging and labeling of another product is prohibited. Information 3740 It is prohibited to display or sell non-existent items. Information 623 Containers cannot be used for items not under its original intended purpose. Safety 4729 Sale of regulated drugs is prohibited to consumers without a doctor's prescription. Safety

Economic Systems:
Feudalism:	Oldest economic system, more of a military system. The landlord will provide protection for his peasants in exchange for services in his manor. They needed protection during that time period which was the dark ages. Everything belongs to the landlord. Measure of wealth is land. Gave rise to Caciquism which was a type of Feudalism minus the war.
Mercantilism:	Emerged from the east. Measure of wealth is gold and silver, in order to trade. Favored exports as against imports so that gold comes into the country instead of out. Gave rise to colonialism. Rich countries plundered poor countries.
Capitalism:	Economic system run by the private sector. Equal opportunity for everyone to get rich. There is private ownership. You get to choose what to do with what you own. Splits society into rich and poor. Rich get richer and poor get poorer. There is exploitation of poor. There is competition amongst the producers. Gave rise to Socialism, because of the social classes.
Socialism:	Run by the government. Products are produced by the government using labor from the people. Then they sell the products to the people. Everybody gets what he deserves, or exakto lang sa kaniyang pangangailangan. Ultimately results in Communism where everything is perfect and equal but socialist countries tend to get poorer. No country achieved Communism.