Untitled Quiz

Ikalawang Markahang Pagsusulit - Araling Panlipunan 9

• Demand: The amount of a good or service that consumers are willing and able to purchase at various prices during a specific period.
• Demand Curve: A graph showing the relationship between price and quantity demanded.
• Supply Curve: A graph showing the relationship between price and quantity supplied.
• Substitute Goods: Products that can be used in place of each other.
• Ceteris Paribus: A Latin phrase meaning "other things being equal", it assumes that all other factors besides price remain constant when analyzing demand.
• Demand Schedule: A table showing the relationship between price and quantity demanded.
• Supply Schedule: A table showing the relationship between price and quantity supplied.
• Batas ng Demand: The relationship between price and quantity demanded is negative; higher prices lead to lower quantity demanded and vice-versa, assuming other factors remain constant.
• Dependent Variable (Demand Function): Quantity Demanded, quantity is dependent on the price.
• Relationship between Price and Quantity Demanded (negative): Generally, as the price of a good increases, the quantity demanded decreases, and vice versa.
• Qd (Quantity Demanded): The amount of a good consumers are willing and able to buy at a particular price.
• P (Price): The amount charged for a good or service.
• Demand Function (Formula example): Qd = 500 – 5P
• Supply: The amount of a good or service that producers are willing and able to offer for sale at various prices during a specific period.
• Factors Affecting Supply (Excluding Price): Number of producers, Costs of production, Technology, and Weather/Climate conditions.
• Supply and interaction with Demand: The interaction of supply and demand determines market equilibrium price.
• Market Equilibrium: The point where supply and demand curves intersect, showing the price and quantity where the market clears. (Qd = Qs)
• Price Floor (in relation to supply): A price set above the equilibrium price to protect producers.
• Price Ceiling (in relation to Demand): A price set below the equilibrium price to control costs for consumers.
• Factors affecting supply (excluding price): Number of producers, costs of production, technology, weather conditions.
• Effect of Price Increase on Supply: A likely decrease in the quantity supplied.
• Effect of Price Decrease on Supply: A likely decrease in the quantity supplied.
• Effect/Response of Producer to Price Changes: They may adjust production or seek alternative resources to maintain profit margins, depending on demand and market conditions.
• Market Place (Trading): Where buyers and sellers exchange goods and services, this includes physical and online markets.
• Ekwilibriyo: The state of balance in a market where supply meets demand.
• Disekwilibriyo: The state of imbalance in a market where supply does not meet demand.
• Technological Advancement and Production/Supply: Technological advancement generally increases supply due to increased efficiency in production.
• Producer Response to Demand Changes/Economic Conditions: Producers adapt by adjusting production, prices, or by introducing new products.
• Government Intervention in Markets (price ceilings/floors): Used to control prices and protect consumers or producers. - FDA: Food and Drug Administration.
• DOLE: Department of Labor and Employment, responsible for employment-related policies and issues.
• NEDA: National Economic and Development Authority.
• DENR: Department of Environment and Natural Resources; environmental protection and conservation concerns.
• DOT: Department of Transportation.
• DPWH: Department of Public Works and Highways.
• DTI: Department of Trade and Industry.
• Monopoly: A market with a single seller.
• Oligopoly: A market with a small number of sellers.
• Market Structure and Competition: The type of market and level of competition influence the prices and availability of products.