APPLIED-ECO-Ist-Quarter-Reviewer.docx

**APPLIED ECONOMICS** **1st QUARTER EXAMINATION** 1. **Market** - place wherein different products are being brought and sold. 2. **Economic Science -** Economic Science refers to the study of human behavior in relation to the allocation of limited resources with alternative uses, a...

**APPLIED ECONOMICS** **1st QUARTER EXAMINATION** 1. **Market** - place wherein different products are being brought and sold. 2. **Economic Science -** Economic Science refers to the study of human behavior in relation to the allocation of limited resources with alternative uses, and the trade-offs involved in decision-making and actions in the economic domain. 3. **Macroeconomics** - The branch of economics studying the overall economy on a large scale. 4. **Retail** - It is the sale of goods to ultimate consumers, usually in small quantities. 5. **Adam Smith** - He is the Father of Economics. 6. **Microeconomics** - The study of individuals, households and firms\' behavior in decision making and allocation of resources. 7. **Compensation** - is the money received by an employee from an employer as a salary or wages. 8. **Economics** - study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society. 9. **Opportunity Cost** - The benefit you give up because you choose to take one action in favor of another. 10. **Commodity** - is defined as a tangible good that can be bought and sold or exchanged for products of similar value. 11. **Resources** - are the inputs used to produce goods and services.  12. **Henry Sy** - is the owner of SM Group of Companies and the richest man in the Philippines. 13. **Economic System** - is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. 14. **Command Economy** - the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services. 15. **Unemployed**- Refers to a person actively searches for employment but is unable to find work. 16. **Economic Freedom** -- when a consumer is free to choose his foods, style of his house, kinds of appliances, education and recreation, etc. 17. **Economic growth** - is an increase in the production of economic goods and services in one period of time compared with a previous period. 18. **Supply** - The number of products that a producer or seller is willing and capable to provide to buyers. It is the amount of a products offered for sale at all possible prices in the market. 19. **Equilibrium** is the state in which market supply and demand balance each other, and as a result prices become stable. 20. **Demand** An economic concept that relates to a consumer\'s desire to purchase goods and services and willingness to pay a specific price for them. 21. **Law of Supply and Demand** - states that the quantity of a good supplied rises as the market price rises, and falls as the price falls. 22. **Demand Curve** - It is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. 23. **Taxes** - is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national). Is imposed by the government, can cause less supply of goods on the market. 24. **Economic Security** - the ability of individuals, households or communities to cover their essential needs sustainably and with dignity. 25. **Economic stability** - means that people have the resources essential to a healthy life. 26. **Complementary goods** are two or more goods typically consumed or used together, such that a change in the price or availability of one good affects demand. 27. **Price elasticity** is the ratio between change in demand and change in price. The higher the elasticity, the more the price influences demand. 28. **Pricing Structure** - Defines your pricing setup for products or services, including your core price points plus discounts, offers, and strategy. 29. **Income** - A unit of value that is used to measure the production of goods and services in an economy. 30. Types of **Pricing Strategy -** Competitive pricing, Price Skimming, Cost-plus Pricing, Dynamic Pricing 31. **Economic Efficiency** - refers to the effective utilization of productive resources, such as agricultural land, manufacturing capacity, raw materials, or labor. 32. **Price** - Is the quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. Refers to the amount of certain good produced the market can offer. 33. **Basic goods** - goods that are highly needed to serve the life of many people and to be a supporting factor in public welfare, such as rice, and sugar. 34. **Labor** - represents the human capital such as workers and employees. 35. **Ceterus Paribus** - a Latin phrase, meaning \"other things equal\"; some other English translations of the phrase are \"all other things being equal\", \"other things held constant\". 36. **Retail** - it is the sale of goods to ultimate consumers, usually in small quantities. 37. **Agribusiness** it refers to commerce in farming and farming-related activities.  38. **Capital goods** are tangible assets such as buildings, machinery, and equipment used to produce consumer goods or services. 39. **Luxury goods -**  is not necessary for living but is deemed as highly desirable within a culture or society.  40. **Substitute Goods** - is a product or service that a consumer sees as the same or similar to another product. 41. **Aggregate Supply** - refers to the supply of products that [companies](https://www.investopedia.com/terms/c/company.asp) produce and plan to sell at a certain price in a given period. 42. **International trade** is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. 43. **Traditional Economy** is - older economic systems in economics. 44. **Monopoly** is a market structure with a single seller or producer that assumes a dominant position in an industry or a sector. 45. **Perfect competition** is a model of the market based on the assumption that a large number of firms produce identical goods consumed by a large number of buyers. 46. **Oligopoly** It consists of a small number of large companies that sell differentiated or identical products. Is when a few companies exert significant control over a given market. 47. **Applied economics** is the use of the insights gained from economic theory and research to make better decisions and solve real-world problems. 48. **Total cost** - is all the costs incurred in producing something or engaging in an activity. 49. **Fixed assets** are physical or tangible assets a company owns and uses in its business operations to provide services and goods to its customers and help drive income. 50. **Stocks** are a type of security that gives stockholders a share of ownership in a company. 51. **Rent** - It is the amount of money that you pay regularly to use a house, flat, or piece of land. 52. **Shares** - are units of stocks issued by a corporation that represent ownership. 53. **Economic Rent** - is an excess payment made to or for a factor of production over and above the amount expected by its owner. 54. **Scarcity** defines how individuals satisfy unlimited wants and needs with limited resources. It means that the demand for a good or service is greater than the availability of the good or service. 55. **Taxation** is the practice of collecting taxes (money) from citizens based on their earnings and property. 56. **Law of supply and demand** is the theory that prices are determined by the relationship between supply and demand. 57. **Social science** is the study of people: as individuals, communities and societies; their behaviours and interactions with each other and with their built, technological and natural environments. 58. **Market structure** - refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. 59. **Exchange Rate** - determines how much your currency is worth in another country. 60. **Labor Migration** - Movement of persons from one state to another, or within their own country of residence, for the purpose of employment. 61. **Overseas Filipino Worker** (**OFW**) is a term often used to refer to [Filipino](https://en.wikipedia.org/wiki/Filipinos) [migrant workers](https://en.wikipedia.org/wiki/Migrant_workers), people with [Filipino citizenship](https://en.wikipedia.org/wiki/Philippine_nationality_law) who reside in another country for a limited period of employment. 62. **Shortage** - is a condition where the quantity of a product or service demanded is greater than the quantity supplied at the market price. A state or situation in which something needed cannot be obtained in sufficient amounts. 63. **Surplus** is the amount of an asset or resource that exceeds the portion that is utilized. 64. **Currency** is a standardization of money in any form, in use or circulation as a medium of exchange. 65. **Price Stability** - It is the condition in which the domestic currency retains its purchasing power by maintaining low and stable inflation. 66. **Labor supply** refers to the amount of time and effort individuals are willing to allocate to work activities in exchange for wages or other forms of compensation. 67. **Gross Domestic product** - It measures the value of total final output of goods and services produced by that economy in a certain period of time. 68. **Full Employment** - It is an economic situation in which all available labor resources are being used in the most efficient way possible. 69. **Stock Market** - it is where investors buy and sell shares of companies. 70. **Deflation** means is a decrease in the general price level of goods and services. 71. **Investment** - is an asset or item that is purchased with the hope that it will generate income or appreciate in value at some point in the future. 72. **Interest rate** - It is used to calculate the interest payments that are made over the life of a loan. 73. **Depreciation** - is the gradual decrease in the economic [value](https://en.wikipedia.org/wiki/Value_theory) of the [capital stock](https://en.wikipedia.org/wiki/Capital_stock) of a firm. 74. **Secondary product -** is a product that comes out of a production process in addition to the main product. 75. **Labor Migration** - Crossing national borders to work is one of the key motivations behind international migration, whether driven by economic inequalities, seeking employment, or both. 76. **Importation** - The process of acquiring goods that was produced by other foreign country. 77. **Consumers -** a person who purchases goods and services for personal use. 78. **Perfect** **Competition** It occurs when there is a large number of small companies competing against each other. 79. **Exports** are goods and services that are produced in one country and sold to buyers in another. 80. **Imports** are the products shipped into our country from other places. 81. **BSP** is the central bank and monetary authority of the Republic of the Philippines. It was established on 3 July 1993. 82. **Factors of Production** - land, labor, capital and entrepreneurship. 83. **Capital** - It can be physical assets such as production facilities, warehouses and equipment and technology. 84. **Labor Supply** - It refers to the pool of human beings either in employment or in unemployment. 85. **Economic Problem** - It arises because people have unlimited desires but the means to satisfy that desire is limited. 86. **Types of Economic Problem** -- territorial dispute, recession, unemployment, inflation, poverty, etc. 87. **Disadvantages of Overpopulation** -- Loss of Ecosystems, Shortage of Supply, Deforestation, etc. 88. **Macroeconomic Issues** - Gross Domestic Product (GDP), unemployment, and inflation. 89. **Microeconomic Problems -** externalities, environmental issues, inequality, and monopoly. 90. **Needs** - are those items in your budget that are necessary for your health and well-being. 91. **Money** - A liquid asset used to facilitate transactions of value and a medium of exchange between individuals and entities. 92. **Purchasing Power** - refers to the amount of goods and services available for purchase with a certain currency unit. 93. **Contract Rent** - Refers to that rent which is agreed upon between the landowner and the user of the land. 94. **Estate Tax** - A federal or state levy on inherited assets whose value exceeds a certain amount. 95. **Withholding Tax** - It is the amount from an employee's wage deducted by the employer and directly paid to the government for the employee's partial income tax. 96. **Investment Risk** - the probability or likelihood of occurrence of losses relative to the expected return on any particular investment.