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Applied Economics (2nd Grading) > Lesson: Part 2 of Application of Supply and Demand > Flashcards

Lesson: Part 2 of Application of Supply and Demand Flashcards

1
Q

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

A

Price of Basic Commodities

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2
Q

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

A

Commodity prices

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3
Q

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

A

Basic prices of commodities

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4
Q

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

A

Demand

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5
Q

Cycle of Law of Supply and Demand:

A

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

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6
Q

Buying Behavior of Filipinos:

A

Preference
Behavior brand loyalty
Advertising
Value of Money

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7
Q

needs

A

Basic Commodities

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8
Q

Basic Commodities:

A

Firewood
Charcoal
Cooking Oil
Salt

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9
Q

wants

A

Prime Commodities

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10
Q

Prime Commodities:

A

Cellphone
Cars
Tablets
Laptop

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11
Q

Importance of Understanding the Price of Basic Commodities:

A

Informed Purchasing Decisions

Budget Effectiveness

Understanding Inflation Impact

Economic Insights

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12
Q

What Factors Affect the Price of Commodities Most?

A

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

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13
Q

Examples of Commodity Prices:

A

Metals
Energy
Agricultural Products

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14
Q

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

A

Metals

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15
Q

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.

A

Energy

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16
Q

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

A

Agricultural Products

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17
Q

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

A

Labor Supply

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18
Q

Importance of Labor Supply:

A

Labor Productivity
Economic Growth
Employers

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19
Q

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

A

Labor Productivity

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20
Q

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

A

Economic Growth

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21
Q

an important part of the production process.

A

Employers

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22
Q

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

A

Population Growth

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23
Q

Importance of Population Growth:

A

Increased talent and human capital
Increased economic growth

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24
Q

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

A

Increased talent and human capital

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25
Q

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

A

Increased economic growth

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26
Q

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

A

Wages

27
Q

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

A

Minimum Wage

28
Q

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

A

Prevailing Wage

29
Q

Importance of Wages:

A

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.

30
Q

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

A

Labor Migration

31
Q

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.

A

Overseas Filipino Worker

32
Q

2 TYPES OF LABOR MIGRATION:

A

Obtaining permanent residency and/or citizenship in a foreign nation.

Migrant workers hold limited duration
or temporary work permits.

33
Q

Importance of labor migration:

A

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.

34
Q

Reasons Why Filipinos Choose to Work Abroad:

A

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

35
Q

Disadvantages of Working Abroad:

A

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

36
Q

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

A

The Philippine Peso

37
Q

where the Philippine coins and banknotes are minted and printed

A

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

38
Q

a generally accepted medium of exchange.

A

Currency

39
Q

the rate which one
currency may be converted into another.

A

Exchange rate

40
Q

simply the
price of one currency in terms of another.

A

Foreign Exchange rate

41
Q

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

A type of currency transaction that involves two countries.

A

FOREIGN EXCHANGE MARKET

42
Q

Functions of Foreign Currency Exchange Markets:

A

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

43
Q

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

A

Forex Trading

44
Q

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

A

Housing Shortage

45
Q

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

A

Real Estate

46
Q

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.

A

Real Estate/Housing Boom

47
Q

Factors that Affect Housing Needs:

A

LOCATION
COST
LIFESTYLE
CLIMATE
TASTE

48
Q

the specific placing of home.

A

LOCATION

49
Q

the crucial factor in housing needs for almost everyone.

A

COST

50
Q

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

A

LIFESTYLE

51
Q

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

A

CLIMATE

52
Q

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

A

TASTE

53
Q

Why does housing shortage occur?

A

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

54
Q

leads to rapid increase in demand for housing

A

RAPID POPULATION GROWTH

55
Q

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

A

MIGRATION

56
Q

leads to the increase in the population.

A

HIGH BIRTH RATES

57
Q

due to unemployment

A

POVERTY

58
Q

land is used for many purposes

A

COMPETING LAND USE

59
Q

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

A

RENT

60
Q

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

A

Economic rent

61
Q

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

A

PRICE

62
Q

How does price affects rent?

A

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.

63
Q
A

Applied Economics (2nd Grading) (11 decks)

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