applied eco

Question 1

insufficiency of
resources to meet the wants of consumers and insufficiency
of resources for producers that hamper enough production
of goods and services.

Answer 1

scarcity

Question 2

s the reason why people must practice economics.

Answer 2

scarcity

Question 3

as a study is the social science that involves the use of
scarce resources to satisfy unlimited wants

Answer 3

economics

Question 4

described
economics as the study of mankind in the ordinary
business of life.

Answer 4

alfred marshall

Question 5

It examines part of the individual and
social action that is most closely connected in the
attainment and use of material requisites of well-being

Answer 5

economics

Question 6

a condition where there are insufficient
resources to satisfy all the needs and wants of a
population. Scarcity may be relative or absolute

Answer 6

scarcity

Question 7

y is when a good is scarce compared to its
demand.

Answer 7

relative scarcity

Question 8

occurs not because the good is scarce per
se and is difficult to obtain but because of the
circumstances that surround the availability of the good.

Answer 8

relative scarcity

Question 9

when supply is
limited.

Answer 9

absolute scarcity

Question 10

A division of Economics that is concerned with the overall
performance of the entire company.

Answer 10

MACROECONOMICS

Question 11

. It studies economic
system rather than the individual economic units that make
up the economy.

Answer 11

macroeconomics

Question 12

is about the nature of economic
growth, the expansion of productive capacity and the
growth of national income.

Answer 12

macroeconomics

Question 13

s concerned with the behavior of individual
entities such as the consumer, the producer, and the resource
owner.

Answer 13

microeconomics

Question 14

It is more concerned on how foods flow from the business
firm to the consumer and how resources move from the
resource owner to the business firm.

Answer 14

microeconomics

Question 15

It is also concerned with
the process of setting prices of goods that is also known as

Answer 15

price theory

Question 16

studies the decision and choices
of the individual units and how these decisions affect the
prices of goods in the market.

Answer 16

microeconomics

Question 17

, there is a need to make
decisions in choosing how to maximize the use of scarce
resources to satisfy many wants as possible.

Answer 17

choice and decision making

Question 18

Refers to the value of the best forgone alternative.

Answer 18

opportunity cost

Question 19

holds true for individuals,
businesses, and even a society. In making a choice, trade-offs
are involved.

Answer 19

concept of opportunity cost

Question 20

, society has to make four
fundamental choices:

Answer 20

1. What to produce;
2. How much to
   produce;
3. How to produce
4. For whom to produce.

Question 21

The study of
society and how people behave
and influence the world around
them.

Answer 21

social science

Question 22

s the means through which society
determines the answers to the basic problems mentioned.

Answer 22

economic system

Question 23

3 economic system:

Answer 23

TRADITIONAL ECONOMIC SYSTEy
COMMAND ECONOMIC SYSTEM
MARKET ECONOMIC SYSTEM

Question 24

Decisions are based on traditions and practices upheld over the years and
passed on from generation to generation. Methods are stagnant and
therefore not progressive. Traditional societies exist in primitive and
backward civilizations.

Answer 24

traditional economic system

Question 25

This is when the authoritative system wherein decision-making is centralized in the government or a planning committee. Decisions are imposed on the people who do not have any say in what goods are to be produced. The economy holds true in dictatorial, socialist, and communist nations.

Answer 25

command economic system

Question 26

This is the most democratic from of economic system

Answer 26

market economic system

Question 27

also known as the factors of production, are the resources used to produce goods and services.

Answer 27

economic resources

Question 28

Soil and natural resources that are found in nature are not man made. Owners of lands receive a payment known as rent.

Answer 28

land

Question 29

Physical and human effort exerted in production. It covers manual workers like construction workers, machine operators and production workers, as well as professionals like nurses, lawyers and doctors. The term also includes jeepney drivers, farmers, and fishermen. The income received by labors is referred to as wage.

Answer 29

labor

Question 30

Man-made resources used in the production of goods and services, which includes machineries and equipment.

Answer 30

capital

Question 31

The owner of capital earns an income

Answer 31

Interest

Question 32

Why do we need to study economics?

Answer 32

ECONOMICS will help the students understand why there is a need for everybody, including the government, to budget and properly allocate the use of whatever resources are available.

Question 33

deals with what is – things that are currently happening such as the current inflation rate, the number of employed labors, and the level of the Gross National Product.

Answer 33

positive economics

Question 34

efers to what should be – that which embodies the ideal such as the ideal rate of population growth or the most effective tax system.

Answer 34

normative ethics

Question 35

n overview of what is happening in the economy that is possibly far from what is ideal.

Answer 35

positive economics

Question 36

the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity.

Answer 36

economics

Question 37

regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organizations.

Answer 37

economics

Question 38

is the application of the economic theories and principles to address practical issues on the economy.

Answer 38

applied economcis

Question 39

an interaction between buyers and sellers of trading or exchang

Answer 39

market

Question 40

the most common type of market because it is where we buy consumers goods.

Answer 40

goods market

Question 41

where the workers offer services and look for jobs, and where employers look for workers to hire

Answer 41

labor market

Question 42

which h includes stock market where securities of corporations are traded.

Answer 42

financial market

Question 43

the willingness of a consumer to buy a commodity at a given price

Answer 43

demand

Question 44

hows the various quantities the consumer is willing to buy at various prices.

Answer 44

demand schedule

Question 45

how the quantity demanded of a good depends on its determinants, the most important of which is the price of the goods itself

Answer 45

demand function

Question 46

Law of demand

Answer 46

Qd = 6-P/2

Question 47

e is a table that shows the quantity demanded at each price

Answer 47

demand schedule

Question 48

s a graph that shows the quantity demanded at each price.

Answer 48

demand curve

Question 49

s a graphical illustration of the demand schedule, with the price measured on the vertical axis (Y)and the quantity demanded on the horizontal axis (X).

Answer 49

demand curve

Question 50

states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

Answer 50

law of demand

Question 51

are tools used to summarize the relationship between quantity demanded and price.

Answer 51

demand curves and demand schedule

Question 52

s felt when the change in the price of a good changes consumer’s real income or purchasing power, which is the capacity to buy with a given income. In other words, purchasing power is the volume of goods and services one can buy with his/her income

Answer 52

income effect

Question 53

felt when a change in the price of a good changes demand due to alternative consumption of substitute goods. For example, lower price encourages consumption away from higher priced

Answer 53

substitution effect

Question 54

which means all other related variables except those that are being studies in the moment and are held constant, there is an inverse relationship between the price of a good and the quantity demanded for that good.

Answer 54

ceteris paribus

Question 55

As price increases, the quantity demanded for that product decreases.

Answer 55

law of demand

Question 56

5 non-price factors

Answer 56

✓ Income ✓ Taste ✓ Expectations ✓ Prices of related goods ✓ Population

Question 57

a change that shifts the demand curve for a product

Answer 57

demand shifter

Question 58

s an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.

Answer 58

demand

Question 59

refers to the quantity of goods that a seller is willing to offer for sale.

Answer 59

supply

Question 60

shows different quantities the seller is willing to sell at various prices.

Answer 60

supply schedule

Question 61

n shows the dependence of supply on the various determinants that affect it.

Answer 61

supply function

Question 62

supply function is given as:

Answer 62

Qs = 100 + 5P

Question 63

the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa

Answer 63

law of supply

Question 64

that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.

Answer 64

law of supply

Question 65

s that a higher price will induce producers to supply a higher quantity to the market.

Answer 65

law of supply

Question 66

s one of the most fundamental concepts in economics. It works with the law of demand to explain how market economies allocate resources and determine the prices of goods and services

Answer 66

law of supply

Question 67

summarizes the effect price changes have on producer behavior

Answer 67

law of supply

Question 68

A schedule or a curve describing all the possible quantities that sellers are willing and able to produce, at all possible prices they might encounter in a particular period of time; supply is represented in a graphical model as the entire supply curve.

Answer 68

supply

Question 69

: the amount of a good or service that sellers are willing to sell at a sell at a specific price; quantity supplied is represented in a graphical model on a supply curve.

Answer 69

quantity supplied

Question 70

: A movement along a supply curve resulting from a change in a good’s price

Answer 70

change in quantity supplied

Question 71

A movement or shift in an entire supply curve resulting from a change in one of the non-price determinants of supply

Answer 71

change in supplied

Question 72

changes in non-price factors that will cause an entire supply curve to shift (increasing or decreasing market supply

Answer 72

determinants of supply

Question 73

(also known as factors affecting supply) are the factors which influence the quantity of a product or service supplied

Answer 73

determinants of supply

Question 74

a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers

Answer 74

supply

Question 75

These changes are reflected on a single supply curve and are changes from one point to another point on the same curve. This is referred to as a movement along the supply curve. T

Answer 75

Shifts in the Supply Curve

Question 76

Changes in production cost and related factors can cause an entire supply curve to shift right or left.

Answer 76

supply curve shift

Question 77

When two or more goods are produced in a joint process and the price of any of the product increases, the supply of all the joint products will be increased and vice versa.

Answer 77

price of joint products

Question 78

Firms which are able to manufacture related products (such as air conditioners and refrigerators) will the shift their production to a product the price of which increases substantially related to other related product(s) thus causing a reduction of supply of the products which were produced before.

Answer 78

price of related products

Question 79

Change in expectations of suppliers about future price of a product or service may affect their current supply.

Answer 79

supplier's expectation

Question 80

Improvement in technology enables more efficient production of goods and services. Thus reducing the production costs and increasing the profit

Answer 80

technology

Question 81

therefore increase in taxes reduce supply whereas decrease in taxes increase supply.

Answer 81

taxes reduce profit

Question 82

, thus increasing the profits. Therefore, increase in subsidies increase supply and decrease in subsidies decrease suppl

Answer 82

Subsidies reduce the burden of production costs on suppliers,

Question 83

Increase in resource prices increases the production costs thus shrinking profits and vice versa

Answer 83

price of resources

Question 84

is generally the commercial aspect related to agriculture or agricultural activities and its products

Answer 84

agribusiness

Question 85

s engaged in the production and operations of a farm, the manufacture and distribution of farm equipment and supplies, and the processing, storage, and distribution of farm commodities

Answer 85

agribusiness sector

Question 86

s quite diverse as it encompasses input production, farm operations and management, equipment and supplies manufacturing, food/non-food processing, trading, and retailing. B

Answer 86

agribusiness sector

Question 87

celebrated in the Philippines on May 1, labor unions and organizations clamor for wage increases.

Answer 87

labor day

Question 88

a situation in which economic forces such as supply, and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

Answer 88

economic equilibrium

Question 89

condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. T

Answer 89

Market equilibrium

Question 90

the percentage of people in the labour force who are unemployed

Answer 90

Unemplyment rate

Question 91

What is the mathematical equation for law of demand?

Answer 91

Qd=f-p/2

Question 92

What is the other term for market economic system?

Answer 92

Free market

Question 93

economic system in which the central government makes all economic decisions

Answer 93

Command economic system

Question 94

Similarities of law demand and supply

Answer 94

both explain how price influences quantity supplied or demanded.

Question 95

The law of supply shows a positive relationship between price and quantity supplied, and the law of demand shows a negative relationship between price and quantity demanded.

Answer 95

Whats the differ between law of supply and demand