CAÑARES, DAVID RAPHAEL

5TH Year BSCE-A

Econ 14

Capital- capital is one of the four factors of

Sole Proprietorship- also known as the sole trader, individual entrepreneurship or proprietorship, is a
type of enterprise that is owned and run by one person and in which there is no legal distinction
between the owner and the business entity. production. The others are land, labor and organization

Corporation- a company or group of people authorized to act as a single entity (legally a person) and
recognized as such in law.

Entrepreneur - a person who organizes and operates abusiness or businesses, taking on greater than

normal financial risks in order to do so.

Debenture Bonds - refers to debt issued by a company that is not secured by collateral.

Labor - is the amount of physical, mental, and social effort used to produce goods and services in an
economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished
products and services.

Mortgage Bonds - is secured by a mortgage or pool of mortgages that are typically backed by real

estate holdings and real property, such as equipment.

Mass Production - also known as flow production or continuous production, is the production of large
amounts of standardized products, including and especially on assembly lines.

Partnership - is an arrangement where parties, known as business partners, agree to cooperate to

advance their mutual interests. The partners in a partnership may be individuals, businesses,

Interest - based organizations, schools, governments or combinations.

Opportunity Cost - represent the benefits an individual, investor or business misses out on when
choosing one alternative over another.

Land - in economics, the resource that encompasses the natural resources used in production.

Economic System - or economic order, is a system of production, resource allocation and distribution of
goods and services within a society or a given geographic area.
Monopsony - is a market condition in which there is only one buyer, the monopsonist.

Business Cycle - also known as the economic cycle or trade cycle, is the downward and upward
movement of gross domestic product around its long-term growth trend.

Oligopsony -a state of the market in which only a small number of buyers exists for a product.

Prosperity is the state of flourishing, thriving, good fortune or successful social status. Prosperity

often encompasses wealth but also includes other factors which can be independent of wealth to
varying degrees, such as happiness and health.

Oligopoly - is a state of limited competition, in which a market is shared by a small number of producers
or sellers.

Depression - In economics, a depression is a sustained, long-term downturn in economic activity in one

or more economies.

Selling Price - is defined as the price at which a good or service is sold by the seller to the buyer. It is

generally expressed as currency units.

Pure Monopoly - is a market structure where one company is the single source for a product and there
are no close substitutes for the product available.

Market -a means by which the exchange of goods and services takes place as a result of buyers and
sellers being in contact with one another, either directly or through mediating agents or institutions.

Monopolistic Competition - is a type of imperfect competition such that many producers sell products
that are differentiated from one another and hence are not perfect substitutes.

Market Economy - is an economic system in which the decisions

regarding investment, production and distribution are guided by the price signals created by the forces
of supply and demand.

Pure Competition - is a term that describes a market that has a broad range of competitors who are
selling the same products. It is often referred to as perfect competition

Monopoly - is the exclusive possession or control of the supply of or trade in a commodity or service.
CAÑARES, DAVID RAPHAEL
BSCE-A / 5TH-YR
1.) What have you learned about Economics.
Economics majors have also generally studied demand theory and estimation,
production and cost theory, analysis of market structure, antitrust policy,
government regulation of business, cospital budgeting, inflation theory,
unemployment the determination of interest rates, and international economics.
Why do we need economists and the study of how societes use scares resources
to produce valuable commodities and distribute them olmong different people
behind this definition are two key ideas in economics.
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2. What is the importance of economics?

Economics is the important you get to know how societies, gove. moments o
businesses, house holds, and individuals allocate their scarce resources, The
Economics can also provide valuable knowledge for
making decisions in everyday life. Economics is concerned with the optimal
distribution of resources in society.