The study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants.

the limited availability of a commodity, which may be demand in the market or by the commons. Also includes an individual’s lack of resources to buy commodities.

A division of economics that is concerned with the overall performance of the entire economy.

Concerned with the behavior of individual entities such as the consumer, the producer, and the resources owner. It is more concerned on how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm.

A persistent problem in the Philippines because of increase in population.

Not only an economic problem but also a social problem of a country. Increase in population, increase in the cost of living, unemployment, inequality in the distribution of income

Refers to the gap in income that exists between the rich and the poor.

the means through with society determines the answers to the basic economic problems mentioned.

this is the most democratic forms of economic system. Based on the workings of demand and supply, decisions are made on what goods and services to produce.

refers to the process of producing or creating goods needed by the households to satisfy their needs. The factors of production are called inputs and the goods and services that have been created are called outputs of production.

refers to the marketing of goods and services to different economic outlets for allocation to individual consumers. In monetary terms, this is the allocation of income among persons or household.

The process of transferring goods and services to a person or persons in return for something. At present, the medium of exchange used in the market is money. This means, we can exchange our money with goods and services.

Refers to the proper utilization of economic goods.

Pertains to the activities of the government regarding taxation, borrowings, and expenditures. It deals with the efficient use and fair distribution of public resources in order to achieve the maximum social benefits.

The most common type of market because it is where we buy consumers goods.

Includes the stock market securities of corporations are traded.

is where the workers offer services and look for jobs, and where employers look for workers to hire

The desire for a particular good backed up by sufficient purchasing power, the ability or the willingness to buy a particular commodity at a given point of time.

The quantity of a commodity that is in the market and available for purchase at particular price. Or the amount of goods and services available for sale at given prices in a given period of time and place.

Defined as the people who are willing and able to work. Consists of the employed and the unemployed 15 years old and over.

they are classified as those who work for private households, private establishment, government or government owned or controlled corporations, and those who work with pay in own family-operated farm or business.

workers without any paid employee - an individual who works for himself/herself instead of working for an employer.

A monetary remuneration computed on hourly, daily, weekly, or piece work basis paid by an employer to an employee in exchange for work done

It refers to the movement of people within one country, i.e rural-to-urban migration

It refers to the movement of people from one country to another.

the rivalry among various sellers in the market. It exists in all types of markets, in a competitive market producers reduce their production costs to gain more profits. Competition motivates producers to improve the quality of goods and services and selling it all the lowest possible prices

Refers to the competitive environment in which buyers and sellers operate. In the Philippines and other related economic systems, buyers and sellers exchange goods and services in many competitive markets. Markets exist wherever buyers and sellers come together to buy and sell their goods and services.

A very large number of firms. Identical products are offered for sale like rice, corn vegetables, meat, among others. Buyers and sellers are able to enter leave the market.

Markets dominated by a few (more than two) large firms. Firms offered identical or differentiated products. There’s a mutual interdependence among sellers with regards to price.

Characterized by many firms selling similar but not identical products like clothing, shoes, laundry, soap, books, among others. Firms have limited control over product prices. Firms give more emphasis on advertising and sales promotion

There is only one firm that provides services and dominates the market like water and electricity.