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PRODUCT DIFFERENTIATION- the real.. differences between……. of the same in dispute

MARGINALS- in economics it means increment or additional

PERFECTLY ELASTIC -A price elasticity of demand that is the horizontal line

ELASTIC DEMAND-A price elasticity of demand that is the flat line or curve

PRICE MAKER-It is the ability to set one’s own price

INCENTIVE- Something that induces people to act

OPPORTUNITY COST-The cost of something is what you give up to get it

MARKET-The group of buyers and seller with the potential to trade

PURE COMPETITION-It is the market in which no buyer or seller have the power to influence the price

PERFECTLY INELASTIC DEMAND-A price elasticity of demand that is the vertical line

SATURATION POINT- It is a point in which the market cardinal distraction will eventually diminish

PERFECTLY ELASTIC-A price elasticity of demand approaching finals infinity

MONOPOLY-Comes from the Greek word ‘monos’ which means ‘one’ and ‘polein’ means to ‘sell’. There

is only one seller of goods or services

CARTEL- It refers to a market situation in which firms agree to cooperate with one another to behave as

if they were a single firm and thus eliminate competitive behavior among them.

ECONOMIC SYSTEM- refers to a set of economic institutions that dominate a given economy with the

main objective of solving the basic economic problems.

CETERIS PARIBUS- a Latin phrase, translated as “other things being equal”, used as a reminder that all

variables other than ones being studied are assumed to be constant.

PRODUCTION POSSIBILITY CURVE- a curve showing mono combination of goods and then they

produced their source of technology entirely available.

VARIABLE-Is the kind of cost which changes in proportion to volume of production..more production

means more cost.

TAXABLE INCOME-is the gross income define above less the deduction enact by law including the

..individual, the allowable personnel and additional exemptions.

TAXATION- is the inherent power of the state to impose and demand contribution upon persons,

properties, or rights for the purpose of generating revenues for public purposes.

VALUE ADDED TAX- It is a tax on consumption levied on the sale of goods and services and on the

imports of goods.

TAX EXEMPTION- is the grant of immunity or freedom from a financial charge, obligation, or burden to

which others are subjected.

TARIFF- it is a tax on imported goods

TAX EVATION-is the practice by the taxpayer through illegal or fraudulent means to defeat the amount

to be paid.

FINAL GOOD- a new good that undergoes to an order processing before it sold to consumer. No more

further processing

INTERMEDIATE GOOD- a good that undergoes further processing before it sold to consumer.

If fried chicken and spaghetti are complimentary goods in the decreased in the price of fried chicken

will result in an increase of demand of spaghetti

RETURN OF INVESTMENT-all except one is the bachelor used of money if you exceed during the caps

stop over value return of investment.

CONSUMPTION- the act of using goods and services to satisfy human wants and needs

PRODUCTION- the act making goods and services

LAW OF SCARCITY- this law state that goods and resources are scarce because there is not enough

resources to produce all goods consumers wants and need

LAW OF SUPPLY- as price increases, quantity supplies also increases; as price decreases, quantity supply

also decreases, under the condition of ceteris paribus.

ELASTICITY- this refers to the responsiveness of one variable that change to another variable.

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A- 1ST STATEMENT- TRUE, 2ND STATEMENT- FALSE

B- 1ST STATEMENT- FALSE, 2ND STATEMENT- TRUE

C- BOTH STATEMENT- TRUE

D- BOTH STATEMENT- FALSE

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1ST Statement - Utility denotes of destruction

2nd Statement –Does if the consumer derives measures to a goods and service there is no sees rapture

involved

ANSWER: A- 1ST STATEMENT- TRUE, 2ND STATEMENT- FALSE

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1ST Statement- There are 3 classification of Monopoly

2nd Statement- These are Natural, Legal and Coercive

ANSWER: C - BOTH STATEMENT- TRUE

1ST Statement -There are 2 types of Oligopoly, Pure and Differentiated

2nd Statement- Pure Oligopoly is done when there is few sellers that produce identical products.

ANSWER: C - BOTH STATEMENT- TRUE

1ST Statement - There are 2 types of Organization in an Oligopoly

2nd Statement- These are Cartel and Collusion

ANSWER: B -1ST STATEMENT- FALSE, 2ND STATEMENT- TRUE

1ST Statement- A Cartel is an informal agreement among Oligopolies in set of monopoly price, allocate

output in shared property.

2nd Statement- One example is Meralco

ANSWER: A- 1ST STATEMENT- TRUE, 2ND STATEMENT- FALSE

Nominal GDP- these are the value of GDP at current prices

GDP- it refers to the market value of all the final goods and services produced domestically in a given

period of time.

Inflation- refers to the rate of increase in the average price of goods and services

Endogenous- these theories explain the causes of business cycle come from factor within the economy.

Labor Force- these sectors includes all persons aged 15 and above who contribute to the production of

goods and services.

Central Bank/ Banko Central- The entity of the institution of the government that regulates money

supply, physical and monetary policies as well as the printing of money and printing of coins.

Tax exemption- is the grant of immunity of freedom from a financial charge or obligation or burden to

which others are subjected.

The following are determinants of the man except- CHANGE IN TECHNOLOGY