This is the authoritative system wherein decision-making is centralized in the government or a planning committee.

This is the most democratic form of economic system.

It is the use or allocation of scarce resources to meet man’s unlimited needs and wants.

It is the insufficient or inadequacy of economic resources and as a result, we have to decide and choose.

It describes and explains various economic phenomena or the “what is” scenario.

It is a division of economic that is concerned with the overall performance of the entire economy.

It is concerned with the behavior of individual entities such as the customer, the producer, and the resource owner.

It focuses on the value of economic fairness, or what the economy “should be”. In other words, it is based on value judgments.

It is man-made resources used in the production of goods and services.

It refers to a soil and natural resource that are found in nature and are not man-made.

It refers to a physical and human effort exerted in production.

It refers to the willingness of a consumer to buy commodity at a given price.

It refers to the quantity of goods that a seller is willing to offer for sale.

It pronounces deprivation in well-being.

It refers to disparities and discrepancies in areas such as income, wealth, education, health, nutrition, space, politics, and social identity.

It refers to a harmful effect of human activities on the environment.

It is a period of temporary economic decline during which industrial and trade activities are reduced, marked by a fall in GDP in two consecutive quarters.

It happens when a lot of people are jobless/cannot find work or are losing jobs.

It is the consistent increase in the average price level of goods and services.

It occurs when a country’s import exceeds its exports during a given time period.

He is the “Father of Economics”.

It is the well-known work of Adam Smith which published in 1776.

He is a philosopher who believes that economic struggle would eventually intensify and would lead to the fall of capitalism.

He strongly believed that the only solution is government intervention through government spending by creating massive public works program to employ the idle workforce.

It is a table a table showing the quantities of a product that would be purchased at various prices at a given time and place.

It refers to the number of goods that producers are willing and able to sell at different prices.

These are the cost that remain unchanged at all levels of transaction.

These are the cost that are directly related to the levels of production or sales.

These are the cost that change with the level of activity, but not in direct proportion.

It refers to the fixing of price by the government.

A maximum price at which a good can be sold.

A legal minimum price at which a product can be sold.

This is the usual objectives of any businesses.

It is a place where buyers and sellers can meet to facilitate the exchange of transaction.

It describes what an organization excels at and what separates it from the competition.

It refers to factors that have the potential to harm an organization.

This element refers to the unevenness in the just distribution of information among the actors in the market.

This refers to the number of sellers and buyers in the market.

This factor refers to the ability of a business firm to create a market niche through several means of varying its products and services.

Classify the following elements as belonging to Market demand or Market supply: income of consumers

Classify the following elements as belonging to Market demand or Market supply: cost of production

Classify the following elements as belonging to Market demand or Market supply: number of buyers

Classify the following elements as belonging to Market demand or Market supply: technology

Classify the following elements as belonging to Market demand or Market supply: prices of compliment goods

Classify the following elements as belonging to Market demand or Market supply: number of sellers

Classify the following elements as belonging to Market demand or Market supply: government policies

Classify the following elements as belonging to Market demand or Market supply: tastes and preferences of consumers

Classify the following elements as belonging to Market demand or Market supply: weather condition

Classify the following elements as belonging to Market demand or Market supply: prices of related goods

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Rivalry among Existing Competitors

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Buy in Bulk

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Reduction in Logistics

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Bargaining Power of Buyers

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Threats of Substitute Products

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Efficient Production

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Reduction of Promotion Costs

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Threat of New Entrants

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Cheaper Capital

Classify the following elements as belonging to Economies of Scale or Porter Five Forces: Bargaining Power of Suppliers