Lesson: Part 2 of Application of Supply and Demand

Question 1

It refers to the value at which it is bought, sold, or traded in
the market.

Answer 1

Price of Basic Commodities

Question 2

influenced by consumer demand, which includes tangible items like oil, rice, fruits, vegetables, and meat.

Answer 2

Commodity prices

Question 3

influenced by supply and demand, with supply increasing if price increases and demand decreasing if it increases.

Answer 3

Basic prices of commodities

Question 4

the consumer’s desire, while supply is the product they need.

Answer 4

Demand

Question 5

Cycle of Law of Supply and Demand:

Answer 5

Supply -> Decrease Price Commodities -> Demand -> Increase Price Commodities

Question 6

Buying Behavior of Filipinos:

Answer 6

Preference
Behavior brand loyalty
Advertising
Value of Money

Question 7

needs

Answer 7

Basic Commodities

Question 8

Basic Commodities:

Answer 8

Firewood
Charcoal
Cooking Oil
Salt

Question 9

wants

Answer 9

Prime Commodities

Question 10

Prime Commodities:

Answer 10

Cellphone
Cars
Tablets
Laptop

Question 11

Importance of Understanding the Price of Basic Commodities:

Answer 11

Informed Purchasing Decisions

Budget Effectiveness

Understanding Inflation Impact

Economic Insights

Question 12

What Factors Affect the Price of Commodities Most?

Answer 12

Weather conditions
Geopolitical events
Technological advancements
Government policies
Changes in consumer behavior.
Changes in government regulations or trade agreements.

Question 13

Examples of Commodity Prices:

Answer 13

Metals
Energy
Agricultural Products

Question 14

influenced by various factors
such as mining supply, industrial demand, and investor sentiment.

Answer 14

Metals

Question 15

These prices are influenced by factors like geopolitical events, production levels, weather conditions, and global energy demand. They play a crucial role in determining fuel costs for industries and consumers.

Answer 15

Energy

Question 16

The prices of these commodities are determined by factors such as weather conditions, global supply and demand, government policies, and seasonal patterns.

Answer 16

Agricultural Products

Question 17

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

Answer 17

Labor Supply

Question 18

Importance of Labor Supply:

Answer 18

Labor Productivity
Economic Growth
Employers

Question 19

Productive workers significantly contribute to the economy, resulting in increased output and income levels.

Answer 19

Labor Productivity

Question 20

An increase in the labor force, either through population
growth or increased labor force participation, can lead to higher
production and economic output.

Answer 20

Economic Growth

Question 21

an important part of the production process.

Answer 21

Employers

Question 22

the increase in the number of people in a population or dispersed group.

Answer 22

Population Growth

Question 23

Importance of Population Growth:

Answer 23

Increased talent and human capital
Increased economic growth

Question 24

a higher population guarantees increased human capital, leading to growth in innovation and technological
development.

Answer 24

Increased talent and human capital

Question 25

Rapid population growth leads to more production of goods due to the available labor, increasing tax revenue.

Answer 25

Increased economic growth

Question 26

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

Answer 26

Wages

Question 27

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

Answer 27

Minimum Wage

Question 28

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

Answer 28

Prevailing Wage

Question 29

Importance of Wages:

Answer 29

Taxes- Wages are also a source of tax revenue for governments. The more workers earn, the higher their taxable income and tax rate. Income- Wages from work pay for essentials, such as rent, a mortgage, food and utility bills. Retention- To employers, wages are an important tool for retaining workers.

Question 30

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

Answer 30

Labor Migration

Question 31

It refers to Filipino Migrants who work overseas. They are also referred to as “Bagong Bayani”. These people leave their families in order to seek better career opportunities in order to support them even though it's hard for them to leave their own family.

Answer 31

Overseas Filipino Worker

Question 32

2 TYPES OF LABOR MIGRATION:

Answer 32

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

Question 33

Importance of labor migration:

Answer 33

This allows people to choose on their own to have better opportunities and jobs. These migrant workers also contribute to the country they work. These people helps their country through their remittances and foreign exchange earnings.

Question 34

Reasons Why Filipinos Choose to Work Abroad:

Answer 34

Higher Salary Unemployment Need for services around the world Philippines’ high standards Personal Growth and Development

Question 35

Disadvantages of Working Abroad:

Answer 35

Being Away from family Culture shock Uncertainty Lack of Opportunities when you return

Question 36

the official currency of the Philippines and is denoted by the symbol ₱

Answer 36

The Philippine Peso

Question 37

where the Philippine coins and banknotes are minted and printed

Answer 37

In the Security Plant Complex of the Banco Sentral ng Pilipinas (Central Bank of the Philippines), Quezon City

Question 38

a generally accepted medium of exchange.

Answer 38

Currency

Question 39

the rate which one currency may be converted into another.

Answer 39

Exchange rate

Question 40

simply the price of one currency in terms of another.

Answer 40

Foreign Exchange rate

Question 41

It is a form of exchange for the global decentralized trading of international currencies. A type of currency transaction that involves two countries.

Answer 41

FOREIGN EXCHANGE MARKET

Question 42

Functions of Foreign Currency Exchange Markets:

Answer 42

convert the currency of one country into another currency It serves to facilitate international financial transactions The value of a country’s currency can influence international trade , consumers purchasing power and inflation. International companies that work in multiple countries aresubject to gains and losses based on exchange rate fluctuations. Forex Trading

Question 43

international market where the buying and selling of money is done freely and 24 hours a day.

Answer 43

Forex Trading

Question 44

It is when there is insufficient housing to accommodate a population in a certain area. When the supply of houses cannot meet the demand.

Answer 44

Housing Shortage

Question 45

is a property compromised by land and the buildings on it. Also, the business of real estate is the profession of buying, selling or renting land, building or housing

Answer 45

Real Estate

Question 46

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.

Answer 46

Real Estate/Housing Boom

Question 47

Factors that Affect Housing Needs:

Answer 47

LOCATION COST LIFESTYLE CLIMATE TASTE

Question 48

the specific placing of home.

Answer 48

LOCATION

Question 49

the crucial factor in housing needs for almost everyone.

Answer 49

COST

Question 50

when selecting a home, one needs to consider the ___ of all the family members.

Answer 50

LIFESTYLE

Question 51

can vary from warm to cold and from dry to humid.

Answer 51

CLIMATE

Question 52

This is the sense of what is fitting, harmonious or beautiful.

Answer 52

TASTE

Question 53

Why does housing shortage occur?

Answer 53

RAPID POPULATION GROWTH MIGRATION HIGH BIRTH RATES POVERTY MINIMUM WAGE OF FILIPINOS COMPETING LAND USE

Question 54

leads to rapid increase in demand for housing

Answer 54

RAPID POPULATION GROWTH

Question 55

movement of people from one place to another stay for at least a year

Answer 55

MIGRATION

Question 56

leads to the increase in the population.

Answer 56

HIGH BIRTH RATES

Question 57

due to unemployment

Answer 57

POVERTY

Question 58

land is used for many purposes

Answer 58

COMPETING LAND USE

Question 59

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

Answer 59

RENT

Question 60

exists due to market imperfections. Without market imperfections, there would be no need for payment of rent.

Answer 60

Economic rent

Question 61

signifies the monetary value you offer in exchange for desired goods or services.

Answer 61

PRICE

Question 62

How does price affects rent?

Answer 62

Price affects Rent in a way that, if the market price/cost of a certain property is high, people who would want to rent are lower. In the other hand, if market price/cost is low, the amount of rent Increases.