Introduction
The focus of economics
Scarcity
downward
Real GDP adjusts for
inflation
Intensive agriculture
At this point, the buyer transacts with the seller
Point of consumption
Opinion-based
Normative economics
inversely
Type of unemployment when you are a first time jobseeker
Frictional
RA # of the Rice Tariffication Law
RA 11203
Three elements of a market
Buyers, sellers, trading facilities
Socialism is a _______ economic system
Four factors of production
Land, labor, capital, entrepreneurship
MPC + MPS =
1
Economic principle why we export bananas and import cars
Comparative advantage
Shopping products
Opportunity cost is the value of the best ________ alternative
foregone
If the price of a substitute decreases, demand for the good
decreases
spent or saved
Lower tariffs for inputs leads to (lower, higher) production costs
Lower
Formula for percent mark-up
Absolute margin/buying price x 100
In capitalism, decisions are determined through
Big price change, small quantity demanded change: elasticity is _______
If C = 50 + 0.80Yd, then MPC is
0.80
Replaced by WTO in 1995 (whole name)
Differentiate grading from standardization
Grading = sorting
Standardization = uniformity