Application of supply and demand Flashcards
Also called primary product or primary good, is a good sold for
production or consumption just as it was found in nature.
Commodities
plenty of Substitutes
Elastic
fewer Substitutes
Inelastic
Employed
having a job working for a company or another person
Unemployment
is a term that refers to the number of people who want a
job and do not have one.
Underemployment
represents people who are working but are not
working in a job that matches their skills or abilities
What is the Buying Behavior of Filipinos?
- Preference
- Behavior brand loyalty
- Advertising
- Value of Money
What is basic commodities?
needs
What is prime commodities?
wants
It is the amount of labor, measured in person-hours, offered for hire during a given time-period.
labor supply
A payment made by an employer to an employee for work done over a specific
period of time.
Wage
What is minimum wage?
- is the lowest remuneration
that employers can legally pay their employees at the price floor below which employees may not sell their labor.
defined as the hourly wage, usual benefits, and overtime paid to the majority of workers
within a particular area.
prevailing wage
Movement of persons from one state to another, or within their own country of residence for the purpose of employment.
labor migration
What is OFW
It refers to Filipino Migrants who work overseas. They are
also referred to as “Bagong Bayani”.
