Application of supply and demand

Question 1

Also called primary product or primary good, is a good sold for
production or consumption just as it was found in nature.

Answer 1

Commodities

Question 2

plenty of Substitutes

Answer 2

Elastic

Question 3

fewer Substitutes

Answer 3

Inelastic

Question 4

Employed

Answer 4

having a job working for a company or another person

Question 5

Unemployment

Answer 5

is a term that refers to the number of people who want a
job and do not have one.

Question 6

Underemployment

Answer 6

represents people who are working but are not
working in a job that matches their skills or abilities

Question 7

What is the Buying Behavior of Filipinos?

Answer 7

1. Preference
2. Behavior brand loyalty
3. Advertising
4. Value of Money

Question 8

What is basic commodities?

Answer 8

needs

Question 9

What is prime commodities?

Answer 9

wants

Question 10

It is the amount of labor, measured in person-hours, offered for hire during a given time-period.

Answer 10

labor supply

Question 11

A payment made by an employer to an employee for work done over a specific
period of time.

Answer 11

Wage

Question 12

What is minimum wage?

Answer 12

• is the lowest remuneration
  that employers can legally pay their employees at the price floor below which employees may not sell their labor.

Question 13

defined as the hourly wage, usual benefits, and overtime paid to the majority of workers
within a particular area.

Answer 13

prevailing wage

Question 14

Movement of persons from one state to another, or within their own country of residence for the purpose of employment.

Answer 14

labor migration

Question 15

What is OFW

Answer 15

It refers to Filipino Migrants who work overseas. They are
also referred to as “Bagong Bayani”.

Question 16

WHAT ARE THE 2 TYPES OF LABOR MIGRATION?

Answer 16

1. Obtaining permanent
   residency and/or citizenship in a foreign
   nation.
2. Migrant workers hold limited duration or temporary work permits.

Question 17

What is generally
accepted medium of exchange?

Answer 17

currency

Question 18

It is a form of exchange for the global decentralized trading of
international currencies.

Answer 18

foreign exchange market

Question 19

What is Real Estate/Housing Boom?

Answer 19

a time when the price of houses rises quickly. The main reason for the housing boom was a massive imbalance between supply and demand: too much money chasing too few properties.

Question 20

is payment for the use of land
or buildings belonging to others.

Answer 20

rent