Unang Mahabang Pagsusulit - Araling Panlipunan 9

Vocabulary flashcards covering key economics concepts from the notes.

Sole Proprietorship

A business owned and operated by a single individual who has unlimited liability for the business's debts and obligations.

Partnership

A business organization owned by two or more persons who share profits, losses, and management responsibilities.

Corporation

A legal entity separate from its owners that can own property and incur liabilities; it issues shares and provides limited liability to shareholders.

Cooperative

An organization owned and democratically controlled by its members to meet common economic needs, with profits shared among members.

Stock (Shares)

A unit of ownership in a corporation; stockholders have claims to profits and assets.

Total Utility

The overall satisfaction a consumer obtains from consuming a given quantity of goods or services.

Marginal Utility

The additional satisfaction gained from consuming one more unit of a good.

Diminishing Marginal Utility

The principle that the added satisfaction from each extra unit decreases as consumption increases.

Economics

The study of how individuals and society allocate scarce resources to satisfy unlimited wants.

Scarcity

The condition of limited resources relative to unlimited wants, requiring choices and trade-offs.

Allocation

The process of distributing limited resources among competing uses.

Opportunity Cost

The value of the next-best alternative forgone when a choice is made.

Right to Information (Consumer Right)

The consumer’s right to receive accurate information about products, ingredients, and labeling.

Consumption

The use of goods and services by households to satisfy needs and wants.

Market Economy

An economic system guided by private decision-making and market forces of supply and demand.

Traditional Economy

An economic system based on customs and traditional roles, often with limited technology and centralized decision-making.

Entrepreneurship (Enterprise)

The human initiative that organizes, manages, and bears the risks of production to create goods and services.

Households as Source of Factors of Production

The family units that own and supply the factors of production (land, labor, capital, entrepreneurship) to the economy.

Land (Factor of Production)

Natural resources used in production; land is typically fixed in supply and has unique characteristics.

Labor (Paggawa)

Human effort used in the production process.

Capital

Man-made resources used in production, such as tools, machines, and buildings.

Production Process

The series of steps that transform inputs into outputs (goods/services).

Machinery/Automation

Tools and machines that increase production speed and efficiency.

Income

Money received by households that affects the quantity of goods and services they can buy.

Expectations

Beliefs about future income, prices, or availability that influence current spending.

Price Changes

Variations in the price of goods or services that affect demand and consumption.

Occasion

Special events that influence consumer spending and consumption patterns.

Budgeting and Substitutes

Planning spending within a budget and choosing alternatives or substitutes.

Environmental Awareness

Understanding and acting to reduce environmental impact and conserve resources.

Consumer Rights and Responsibilities

Rights to safety, information, choice, and redress, and duties to act responsibly.