Agricultural Credit is a type of credit used for the
specific purpose of meeting the needs of agriculture as buying fertilizers, tractors, seedlings, pesticides, and other farm inputs.
Allocation refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources to diverse uses in order to answer the problem of scarcity. Average Revenue- total revenue divided by output or quantity produced
B
Bank is an institution for lending, borrowing, or managing money. Barter is the exchange of goods for other goods. Biology is the science that studies living things like humans, animals, and plants. Brain Drain happens when professionals go to other countries to work or even to settle permanently. Budget Deficit is the amount by which spending exceeds revenues in a given period.
C
Capacity is the ability to pay regardless of the willingness of the borrower to discharge his credit. Capital goods are the manufactured goods used to produce other goods to enhance the production and develop the economy. Capitals are produced goods used to produce other goods. Cartel a group of businessmen who manipulate and control the distribution, consumption, and pricing of a certain product. Central Bank is the banks of banks. It is a central institution designed to bring about unified control of the financial system of the country. Character is the sum total personality traits which would distinguish an individual from another. Check is a draft or order upon a bank for payment if certain sum of money to a specific person named therein on his order or bearer payable on the date indicated. Chemistry is the science that studies the composition of chemicals for the creation of variety of goods, which are needed in the economy. Collateral anything of value like property, jewel, appliances, and others that you promise to give if you cannot pay back the money that is borrowed. Collusion- an agreement between two or more parties, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law Commercial Banks are those that accept all kinds of deposits including savings deposit, time deposits and give out loans for business housing and automobile. Common Reaction- same opinion between two or more parties Complementary goods- good with a negative cross elasticity of demand, in contrast to a substitute good
Consumer refers to a person who purchase and uses the consumer products and services to satisfy his needs. Credit may be defined as a means by which something of value is obtained with a promise to pay for it at a specified time in the future. Creditors Individuals who give loans experience losses if there is inflation. D Deflation- prolonged decline in the general price level of the commodities. Demand- number of goods and services that consumers are willing and able to buy at alternative prices at a given period of time. Demand Curve- graphical representation of the inverse relationship of price and quantity demanded which the consumer is willing to buy Demand Function- mathematical expression of the relationship of two variables Demand Pull kind of inflation that is caused by increase in demand of items which occurs over a period of time. Demand Schedule- table showing the units of the product which the consumer is willing and able to buy at different prices
Demography is the science that deals with age, size, distribution, and number of births and deaths of human population.
Depreciation decline in value of items which occurs over a period of time. Deregulation releasing certain industries from government control and regulations. Devaluation refers to the decrease in the value of peso compared to a foreign currency like the US Dollars. Direct Tax is considered as a hard form of tax for it is imposed to persons who are expected to pay the tax. Drawee is another party who is directed to pay the sum specified in a check, draft, or bill of exchange.
E Economics the science that deals with the allocation of limited resources to satisfy the needs of the individual. Economist a person who study Economics. Elastic Demand- the response of quantity demanded in every percent change in price in which the value is more than one Elasticity- degree of responsiveness of the changes in the demand for a product relative to changes in price Equilibrium- market condition where quantity supplied equals to quantity demanded Equilibrium Price- price level that both buyers and sellers agree to have a transaction in the market Equilibrium Quantity- refers to the quantity of products that buyers and sellers have agreed to transact at a specified price
Exercise Tax is imposed on all products produced and sold in the country. Exports goods sold to other countries.
F
Fertility the capability of a woman to bear a child. Financial Sector its main functions are to implement the momentary policies and to give necessary support to the different financial institutions of the country. Fiscal Policy is the government taxation and spending policy.
Fiscal Year is a 12-month financial period that does not duplicate the dates of the calendar year. Fixed Capital can be used repeatedly for a long period of time. Floor Price- lowest price in buying the products of the farmers
Foreign Exchange Market it deals with buying and selling of foreign currency Fossil remains of plant and animals. Franchise the right to use the franchisers name and sell its products.
G
Goods materials that can be bought to satisfy human wants and needs. Gross Domestic Products the total of all final goods and services produced within a country in a given year. Gross National Product the total market value of all final goods and services produce with factors of production owned by citizens of a given country.
H History is the recorded struggle of man from the past to present. Hoarding refers to keeping the supply of goods by the businessmen to wait for the price increase. Hydroelectric energy energy that comes from our water resources.
I Imports goods bought from other countries Income Tax is levied on all citizens and companies that have an income. Indirect Tax is imposed on the value of the products and services, which are shouldered by the end users. Inelastic Demand- response of quantity demanded in every percent change in price in which the value is less than one Inferior Goods- goods for which the demand does not increase even when income increases Inflation increase in the price level of the commodities Injunction court order preventing any activity. Inventory is the normal quantity of goods stored by the business firms for future use. Investment is the injection into the circular flow of an amount equal to the household savings.
K Kinked Demand Curve- economic theory regarding oligopoly and monopolistic competition
L
Labor Union organizations of workers to improve the working conditions and wages of its members. Law of Demand- explains how the people react every time prices change in terms of the quantities of the product that they purchase Law of Supply- states that when the price of the product is high, producers are willing to sell more but if the price is low, producers tend to decrease the supply assuming all other things remain constant
M Macroeconomics the study of the behavior of the entire economy. Marginal Cost additional cost in producing one more product
Marginal Product additional output per additional input
Marginal Revenue- additional revenue per unit which the producer sold Market a place where buyers and sellers meet
Market Demand- the combination of all the demands of the consumers in the market Market Supply- sum total of products that all producers or sellers sell in the market Mathematics is the science that studies numbers and their operation. Microeconomics the study in discussing the small unit of the economy. Mineral is a substance naturally present in the earth, which can be extracted from the surface of the soil. Monetary Unit basic currency of the country Money is anything used as a medium of exchange, which is accepted by everybody. Monopolistic Competition- combination of monopoly and perfect competition Monopoly- market structure with only one seller and producer who controls the biggest portion of supply in the market Monopsony- market structure where there is only one buyer in the market
N Needs are the things which are necessary to survive. Normal goods- goods for which the demand increases as income increases
O Oligopoly- market structure where the number of producers is few Optimum Level- ideal or best level of production wherein a businessman can gain profit and acquire a minimum loss in the business
P Pawnshop is one of the business ventures that serve as middleman to all individuals who need financial help. Payee is a person or a firm to whom a promissory note or check is payable. Perfect Competition- market state wherein businessmen have the absolute power to compete among themselves Physiological needs are classified as primary needs like food, clothing, and shelter in order to live. Price Ceiling- refers to the highest price or maximum price declared by the government for a particular product Price Control- implemented if a state of calamity is declared
Privatization the selling of government corporations to private sectors. Productivity is the efficient use of resources to produce goods and services. Professional Tax is levied on Specific occupations that are lawfully pursued like doctors, lawyer, and accountants. Progressive Tax imposes on higher percentage rate of taxation on persons with high income than those with low income. Promissory Note is a credit instrument, which guarantees the existence of debt contracted by the borrower from the creditor. Property Tax is imposed on persons with real properties whether acquired, inherited, or donated based on their market value. Proportional Tax imposes the same percentage rate of taxation on everyone regardless of his or her income. Public goods goods provided by the government. Public Sector is composed of the national and local agencies of the government that directly control the economy.
Q
Quota limit on the quality of goods allowed to enter the country
R
Real GNP GNP at constant prices Recession phase of business cycle during which real GNP declines
Regulatory Tax is imposed in buying and using products to control their price.
Resources refers to things which are used to produce goods and services that satisfy the needs of man. Rural Bank aims to help farmers to have a capital.
S
Savings are income not spent for consumption while investment is spending on capital goods to produce more goods and services. Scarcity the condition where the resources are limited to satisfy the unlimited needs and wants of people. Sociology is the science that studies the composition of society, social relationships, and social institution. Stockholders individuals who have invested in a corporation Strike work stoppage of workers to force the demands. Subsidy- assistance provided by the government to small entrepreneurs and farmers Substitute Goods- goods that a person can buy in place of other goods Supply- refers to the quantity of goods and services which the supplier is willing and able to trade at alternative prices at a given time Supply Curve- graphical representation of the direct relationship of price and quantity of products which the supplier is willing and able to sell Supply Schedule- table showing the different units of the product that can be sold at different prices Surplus- excess supply of a product
T Tariff tax on imports Technology the use of scientific knowledge in producing goods and services. Theory is the abstract of realities that helps the researchers to organize their thoughts and ideas. Thrift Bank is also known as a saving bank. It encourages people to save portion of their income in banks. Treasury Bills a bond as an evidence of government debt U Underemployment is the situation when the working hours of workers are less than eight hours. Underground Economy economic activities or business or an individual who does not pay taxes Unemployed are those people who do not have a job and still looking for a job. Unitary Demand- response of consumer to price change in which the value of quantity demanded and the change in price is equal to one percent Unitary Supply- if the increase in price is 1 % increase in supply is also 1 %
V Value Added Tax is place on the value of the product at each stage of production.
W Wants are things which people consume as a part of their caprices or beyond their necessities. White Collar Job category of workers employed in offices and professional position.