ECONOMICS 9 (Quarter 2)

Exam Flashcard

What is Microeconomics?

Microeconomics comes from the Latin word micro meaning small, and economics. It studies the behavior of small units such as consumers and businesses.

What are the three important concepts that relate businesses and consumers?

• Produkto at Serbisyo (Goods and Services)

• Halaga (Value)

• Dami (Quantity)

What are Goods and Services?

Goods and services are things people use to meet their needs and wants.

What are Goods?

Goods are products produced through production processes, found in markets, and expressed in physical objects that meet people’s needs and wants (e.g., rice, water).

What are Services?

Services are actions or work done for others. They are not physical objects and focus on serving people (e.g., teaching, cleaning).

What is Value (Halaga)?

Value is the benefit or usefulness consumers get from products and services produced by businesses.

How is value measured?

The value of a product or service is measured by its price.

What is Quantity (Dami)?

Quantity refers to the number or amount of goods and services that can be counted or measured using numbers.

Why is quantity important?

It helps determine how many goods or services a business sells and how many consumers can

What does Ceteris Paribus mean?

Ceteris paribus is a Latin term meaning “all other things being the same.” It means only one factor changes while others remain constant.

Give an example of Ceteris Paribus.

If the price of coffee decreases from ₱100 to ₱80, more consumers will buy it, assuming all other factors stay the same (ceteris paribus).