4 government

• Suffrage – the right to vote
• Election precinct – the lowest-level of government division
• Disenfranchised – revocation of right to vote
• Election – the process which voters choose their officials
• Regular election – every second Monday of may
• Plebiscite – citizens vote for or against change of constitution
• Referendum – the power of the citizen to approve or reject the law through an election
• Initiative – citizens directly propose or enact law
• Recall – public officers may be removed from office due to loss of confidence
• Elastic demand: non-essential good
• Inelastic demand: essential good
• Depreciation – bumaba ang value
• Appreciation – tumaas ang value
• Normal good – demand increases when income of people increases
• Inferior good – income increases, demand decreases (ukay-ukay)
• Inflation – tumaas ang presyo
• Deflation – bumaba ang presyo
• Hyperinflation – rapid increase of prices
• GDP – Gross Domestic Product (Gawa Dito sa Pinas)
• GNP – Gross National Product (Gawa Ng Pinoy)
• GNI - Gross National Income (total: except foreigners in the country)
• everything is equal – Ceteris Paribus
• Rio de Janeiro Convention – convention about education for sustainable development (ESD)
• Exempted to tax:

  Retired government employees receiving pension
• RA 994 – Expanded Senior Citizens Act (ESCA) 20% discount