APPLIED ECONOMICS

• perfect competition is a market structure where there are many buyers and sellers,

  slightly different products
• oligopoly is a market structure characterized by few large firms that dominate the industry.
• monopolistic competition is a market structure with many firms selling similar but not identical goods or services.
• monopoly is a market structure where one firm dominates an entire industry.
• monopolistic competition is a market structure with many small businesses selling similar but not identical goods or services.
• Differentiated products are types of products that are found in an oligopoly market
• perfect competition is the type of market structure with an easy entry and exit to the market
• Monopolistic competition firms have no pricing power, while oligopoly firms have significant pricing power.
• inflation affects Filipino entrepreneurs, as it raises the cost of production inputs and reduces profit margins.
• unemployment impacts Filipino entrepreneurs as It reduces consumer spending, affecting sales and revenue.
• the government regulation affects Filipino entrepreneurs as it increases administrative burdens and compliance costs.
• fluctuating exchange rates impacts Filipino entrepreneurs in engaging in international trade as it It makes exports more competitive but imports more expensive.
• financing is essential for Filipino entrepreneurs for it allows them to expand their businesses and invest in new opportunities.
• the primary focus of economics as a social science is studying human behaviours in social settings
• economics as an applied science is applying economic principles to real-world problems
• the scope of microeconomics is to analyze the behaviour of individual households and firms
• Microeconomics is a branch of economics that focuses on the study of individual markets and industries
• the main objective of normative economics is to make value judgments about what ought to be
• macroeconomics differ from microeconomics because macroeconomics examines aggregate economic phenomena, while microeconomics analyses individual economic agents.
• economics is considered a social science rather than a natural science because economics studies human behaviour within social contexts.
• You are an economic advisor to a government facing high unemployment rates. The branch of economics you should primarily utilize to formulate policies addressing this issue is macroeconomics
• economics as a social science focuses on studying human behaviour within social contexts
• the three basic economic problems that every society must address are: scarcity, distribution, and opportunity cost
• applied economics aim to solve economic problems by using economic principles to analyse real-world issues and propose solutions
• opportunity cost of a decision is the cost of the next best alternative that is foregone
• market demand refers to the quantity of a good or service that consumers are willing and able to buy at a given price
• market equilibrium is when quantity demanded equals quantity supplied
• What happens to equilibrium price and quantity when there is an increase in demand? Price increases, quantity decreases
• the law of supply state that there is a direct relationship between price and quantity supplied