Basic Economic Concepts
Goods necessary for survival, such as food and shelter.
Needs
The place where people deposit and borrow money
Bank
The plan you make to manage your money each week or month.
Budget
A popular Filipino fast-food company known globally.
Jollibee
This refers to the amount of money needed to start and operate a business.
Capital
The study of how people and societies use their limited resources.
Economics
Credit Card
When stores lower their prices to attract more buyers.
Sale
The amount of goods and services a country produces in one year.
GDP (Gross Domestic Product)
This business model allows individuals to operate a branch of a larger company under strict guidelines, like McDonald’s or Jollibee.
Franchising
When the price of a product goes down, people tend to buy more of it.
Law of Demand
This economic concept means the general prices of goods are increasing.
Inflation
The money students usually receive weekly from their parents.
Allowance
These workers send billions of pesos back home to support the PH economy.
OFW
Businesses often use these—like discounts or bonuses—to encourage customers or workers to take a certain action.
Incentives
This happens when resources are limited but human wants are unlimited.
Scarcity
This is the service where a bank keeps your money and pays you interest over time.
Savings Account
This happens when you buy something even if it wasn’t planned, usually because of emotions or sales.
Impulse Buying
This sector of the economy includes farming, fishing, and forestry.
Agriculture
This strategy focuses on promoting a product through advertising, social media, and public relations.
Marketing
The next best thing you give up when making a choice.
Opportunity Cost
This is the fee you pay when borrowing money from a bank.
Interest
Buying cheaper or alternative brands during inflation is an example of this consumer behavior.
Cost-cutting
This happens when people who want to work cannot find a job.
Unemployment
This entrepreneurial skill involves thinking of creative, new, or improved ideas for products and services.
Innovation