Economics Quiz on Market Structures and Revenue

A market structure where many firms sell identical products, no firm has market power to influence price, entry and exit are easy, and firms have freedom to change production. Think of a street market with numerous vendors selling the same vegetables.

The payment a firm receives from selling its goods or services. It's calculated by multiplying the price per unit by the quantity sold.

The additional revenue gained from selling one more unit. It's calculated by finding the difference in total revenue between two production levels.

The additional cost incurred from producing one more unit. It's calculated by finding the difference in total cost between two production levels.

The revenue generated by selling a good or service divided by the quantity sold. It's another way to look at the average price per unit sold.

The change in total revenue resulting from selling one more unit of a product.

The change in total cost resulting from producing one more unit of a product.

The total revenue divided by the number of units sold.

The sum of all revenues earned from selling a product.

The total cost of producing a specific quantity of a product.

A single company controls the entire market for a unique product, like a patented medicine. They can set prices as there are no competitors.

Only a few companies dominate the market for similar products, like airlines or car manufacturers. They influence prices, but competition exists.

Many sellers offer goods that are slightly different, like restaurants or clothing stores. Each seller can set their own prices, but competition is high.

The government steps in to control prices during emergencies, like buying essential goods at a fixed price during a natural disaster.

A government-imposed maximum price that can be charged for a good or service.

A situation where the demand for a good or service exceeds the available supply.

A government-imposed minimum price that can be paid for a good or service.

A situation where the supply of a good or service exceeds the demand.

Government programs designed to support producers by guaranteeing a minimum price for their goods.

A model that illustrates how money, goods, and services flow between households and businesses in an economy.

The individuals or groups that consume goods and services in an economy.

The entities that produce and sell goods and services in an economy.

The process of creating goods and services, utilizing resources like labor and capital.

French economist François Quesnay's model explaining the interconnectedness of economic sectors in a simplified framework.

The act of using goods or services. This is when consumers buy and enjoy products.

The prices that are set in the market for products. This is determined by supply and demand.

The salaries paid to workers for their labor in the production process.

The movement of money between different parts of the economy as payment for goods, services, or labor.

The initial materials used in a production process. These are transformed into a finished product.

The steps involved in changing raw materials into a finished product. This can include processing, manufacturing, or assembly.

The final stage where the finished product is prepared for sale or distribution. This may involve packaging, labeling, and storage.

The process of delivering or selling the finished product to consumers. This may involve distribution channels, sales teams, or online platforms.

The financial aspect of the process, likely representing payments or costs associated with different stages like raw materials, labor, or distribution.

A process for managing tokens, potentially related to investments and services, based on the diagram's elements and the Filipino words.

The stages or steps of the process are represented by boxes, with arrows connecting them to show the flow of the process.

The specific steps within the process are shown with yellow-colored boxes in the diagram. These could mark particular actions or operations.

The process described in the diagram seems to cover aspects like token distribution (Tunaw), transfer of ownership (Panmanahan), allocation in specific sectors (Pananagos na sektor), and token withdrawal (Panukol na Depay ni).

The service or production side of the process is indicated by the phrase 'Procuros on servis,' suggesting a set of procedures related to servicing the system.