ECONOMICS
What term refers to a situation where the quantity of goods demanded equals the quantity supplied?
Equilibrium
The most realistic market structure for small businesses.
What natural event can decrease supply in agriculture?
Typhoon (or bad weather / natural disaster)
By ___________, consumers can make more Informed decisions and optimize their spending, ensuring they get the best value for their money.
Comparing prices
____________ are current problems or trends affecting the economy. These events directly impact how consumers, businesses, and the government behave.
Contemporary Issues
Who is known as the "Father of Economics"?
Adam Smith
These are goods that are necessary for survival and everyday living. Without these goods, people would find it difficult to function.
ESSENTIAL COMMMODITIES
The point where demand and supply meet, and there is no surplus or shortage.
Market Equilibrium
Products might be more expensive because of transportation costs and limited supply.
Refers to the value of money – specifically, how much goods or services one unit of currency can buy.
Purchasing power
The use of economic theories, principles, and models to address real-world problems and make decisions in practical situations.
Applied Economics
This is the ideal market structure in theory, though rare in the real world.
Perfect Competition
What law states that as price increases, quantity supplied increases?
This means their availability and price fluctuate depending on the time of the year.
Seasonability
When the value of the Philippine Peso (₱) changes compared to other currencies like the US Dollar ($).
Fluctuations in Exchange Rates
What to produce?
How to produce?
For whom to produce?
These commodities are often price-sensitive to changes in the economy and consumer income levels
LUXURY COMMODITIES
What factor affects supply but not demand?
Number of sellers
More competition = Lower prices
??? = higher prices
Monopology or oligopoly
A rise in the overall price level of goods and services.
Inflation
that resources like money, time, raw materials, and labor are limited, while human wants and needs are unlimited.
Scarcity
What are called the basic goods or services that are consumed on a daily basis by individuals or business.
Commodities
What law states that as price increases, quantity demanded decreases
Law of Demand
These are the maximum price limits that can be charged for goods.
Price ceilings
When people lose jobs or fail to find work.
Unemployment