Basic Terminologies and Economic Problems
It refers to the consumers desire and ability to purchase a good or service.
DEMAND
Goods that give comfort and satisfaction.
LUXURY GOODS
It is the relocation or process of leaving one country to reside in another.
EMIGRATION
This is most common with physical goods, where the design, look, features of the product are enjoyed and/or appreciated by the consumer.
FORM UTILITY
It is the decision processes and acts of people involved in buying and using products.
BUYING BEHAVIOR
It refers to all options that we give up when we make a choice.
TRADE OFF
It refers to all natural resources or any raw materials coming from the ground that is used to produce supply.
LAND
It is usually associated with employee compensation based on the number of hours/days worked multiplied by hourly/daily rate of pay.
WAGE
It refers to adding value to consumer by having the product available when the consumer needs it.
TIME UTILITY
It is the way it fits in to his/her beauty, hygiene, health, and convenience.
PREFERENCES
It is a term referring to individuals who are employable and actively seeking a job but are unable to find a job.
UNEMPLOYMENT
It does not only mean money as this can be in the form of man-made tools or objects that may be used to produce supplies.
CAPITAL
It states that when price increase, the quantity supplied also increases. When price falls , the quantity supplied falls.
LAW OF SUPPLY
It is added satisfaction a consumer gets from having one more unit of a good or service.
MARGINAL UTILITY
What level of brand loyalty is referring to the desire of recommending the brands to others?
CONATIVE LEVEL
It is the condition in which our needs and wants are greater than our limited resources.
SCARCITY
Goods which are useful and scarce; with value attached to them and a value must be paid for their use.
ECONOMIC GOODS
It is a speculator buying large amount of a product with the intention of benefiting from future price rises.
HOARDING
It states that the marginal utility from each additional unit declines as consumption increases.
LAW OF DIMINISHING MARGINAL UTILITY
What are the three primary objectives of advertisement?
To inform
To persuade
To remind
You are a newly registered-nurse. You wanted to immediately find a job to save enough money for your sick father's hospitalization. There is no other available job in the area except for an immediate hiring for customer service representative. You got the job and you're now a contact center agent. What economic problem is present and is affecting you here?
UNDEREMPLOYMENT
KC has an innovative idea on how to improve the quality of their product. As the employer, she decided to conduct meeting for planning and organizing production. After which, the implementation is being observed.
ENTREPRENEURSHIP
Julius, a loyal customer, always buy necessities such as foods and vitamins for his family in the market. Most of the time, he bought a bunch of goods but when the price of each good increases he can only buy a smaller number of goods unlike before.
LAW OF DEMAND
Rico and Lita decided to spend time together in Baguio. There are numerous beautiful spots to visit, and the presentation of culture is evident. One thing more, they loved the palatable foods in the place especially the dessert called strawberry ice cream. In a month of staycation, they bought strawberry ice cream most of the time.
MARGINAL UTILITY
NEDA stands for________
NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY