A AOA. See Agreement on agriculture AFMA. See Agriculture and fisheries modernation act AFTA.

See ASEAN free trade agreement APEC. See Asia-Pacific economic cooperation Agreement on agriculture, 297 Agriculture and fisheries modernation Act, 9294 ASEAN free trade agreement, 298-299 Asia-Pacific Economic Cooperation, 299 Agrarian economy, 83-84 Agrarian reform, 320-322 Agriculture Philippines, 79-80; 84-87 importance, 81-83 Allocation, 200 Arroyo-Macapagal, Gloria, 305 B BOP. See Balance of payments Balance of payments categories, 266-269 definition, 266 Banks kinds, 230-231 commercial banks, 231 rural banks, 231 thrift banks, 231 specialized government banks, 231 Barter trade, 28 Bell trade act, 301 Business, 43 C CARL. See Comprehensive agrarian reform law CEPT. See Common effective preferential treatment Chain-weighted measurements, 174-175 Common effective preferential treatment, 299 Comprehensive agrarian reform law, 97-99 Consumerism, 26-28 Construction, 115-116 See also Industrial sectors

Contractualization, 135-136

D Deforestation, 59 Demand, 30-36 Deregulation, 294-295 Distribution, 200 E Economic goods, 26 Economic systems, 45-46 Economics definition, 5-10 development, 312-316 Economics and other sciences, 11-13 Economics as a social science 10-11 Engels, Frederick, 18-20 Estrada, Joseph, 305 Exchange value, 28-29 F Farmers farmworkers, 99-100 Financial system definition, 230 Foreign trade history, 260-263 Forest, 57-59 Philippines, 57 Free goods, 26 Free trade, 262 G GATS. See General agreement on trade in services GATT-WTO. See General agreement on tariffs and trade world trade organization GDP. See Gross domestics product GNP. See Gross national product General agreement on tariffs and trade world trade organization, 89; 297-298 General agreement on trade in services, 298 Globalization

definition, 291-294 history, 285-289 elements, 294-295 Government budget allocation, 211-214 expendintures,209 responsibilities, 195-196 Gross domestics product, 180-181 Gross national product, 175-180 H HYV. See High yielding varieties HVC. See High value crops High yielding varieties, 90; 317 High value crops, 90-92 Households, 43 Human resources, 64-68 I Industrial sectors characteristics, 118-121 structure, 109; 114-117 Industrialized countries, characteristics, 112-113 Industrialization objectives, 323 Industries structure, 263-264 Industry definition, 107-108 Inflation, 241-244; 247-248 J Job scarcity, 130-134 Job insecurity, 135-136 Job sharing, 136 K Keynes, John Maynard, 16-17; 139 L LOC. See Labor-only contracting See Job insecurity Labor

definition, 39 potential labor force, 122 labor force, 122 Labor-only contracting, 135 Laissez-faire, 14-15 Land reform, 97-99 Local industrial production characteristic, 117-121 Low wages, 137 M MAI/MIA. See Multilateral agreement on investment/multilateral investment agreement Manufacturing stages, 109-110 Marx, Karl, 18 Mineral resources, 59-61 Mining, 114 Monetization, 42 Money uses, 228 money supply, 229-230; 240-241 Monopolies, 36-37 Monopsony, 38 Multilateral agreement on investment/multilateral investment agreement, 300 Myrdal, Gunnar, 312 N National income, 170-171 Nationalist industrialization aims, 322 implementation, 323-325 Natural resources control, 68-69 ownership, 68-69 security, 68-69 Needs, 26 Nominal, 173 Non-industrialized countries characteristics, 112-113

P Philippine financial system, 244-248 Price determination, 30 Privatization, 218-219 Production evolution, 40-45 factors, 39-40 Public finance definition, 199 roles, 200-201 instruments, 201-202 R Real, 173 Ricardo, David, 15 S Services Sector, 145-160 informal sector, 155-160 Smith, Adam, 14 Specialization, 42 Stagflation, 139 Supply, 29-38 T Task system, 136 Taxation classification, 202 definition, 202 guidelines, 205-206 purpose, 203-205 structures, 207-208 Taxes types, 206-207 Trade theories, 255-257 U Underemployment, 134-135 types, 126 Underground economy, 154-156 Use value, 28

V Value added concept, 171-172 W Wants, 27 Water resources, 61-64