economics

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APPLIED ECONOMICS

• ANALYZING MARKET DEMAND, MARKET SUPPLY and MARKET
  EQUILIBRIUM

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MARKET STRUCTURE

• Describes the state of a market with regards to
  competition or the actual settings in the market.

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COMPETETION

• Is rivalry among many sellers in a particular
  market.

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MARKET

• This is a type of market form in which there are
  more firms that sell the same products or render
  services and no one has enough market power  to
  be able to set prices on the product or service
  without losing business as the conditions for
  perfect competition are strict, there are only a
  few markets that are considered to be perfectly
  competitive thus this market form only exist
  tocompare with other market forms.

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PERFECT COMPETITION

• Has Impersonal competition among sellers who
  compete to sell their goods and services among
  purchasers who use their purchasing power to
  acquire the availability of products.

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A. MONOPOLISTIC COMPETITION

•   A market structure which has large number of fir
  ms who offer differentiated products. It  is
  easy to enter / exit in the market.

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B. OLIGOPOLY

• It is an a form of market structure in which
  there are only few firms producing products that
  range from slightly differentiated to highly
  differentiated. Each firm is huge enough to
  influence the industry.

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C. MONOPOLY

• Is a precise form of market structure. A
  monopoly occur when only one person or enterprise
  is the only supplier of a particular good.

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PURCHASING POWER

• Is the equivalent rate of a currency expressed
  in terms of the value of goods or services that a
  unit of money can buy.

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MIGRATION

• Labor migration is a term used
  which refers to people with Filipino citizenship
  who reside in another country for a restricted
  period of employment.

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UNEMPLOYMENT

• Is a condition of not being currently employed.
  Those not employed will encounter a reduction in
  their living standards, as their income decreases.

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OIL PRICE INCREASES
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PEACE ORDER

• Peace and order is a vital element in maintaining
  economic development, social order and political
  firmness.

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APPLIED ECONOMICS

• MARKET DEMAND

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DEMAND

• Is an economic principle can be defined as the
  quantity of a product that a consumer desires to
  purchase goods and services at a specific price
  and time, when other factors besides price are
  held constant.

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DEMAND

• Implies three things
• desires to possess a thing (needs and wants)
• the ability to pay for it or means of purchasing
  it.
• willingness to utilize it.

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Robertson

• Other things being equal, the lower the price
  at which a thing is offered, the more a man will
  be prepared to buy it.

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Marshall

• The greater the amount to be sold, the smaller
  must be the price at which it is not offered in
  order that it may find purchasers or in other
  words, the amount demanded increases with a fall
  in price and diminishes with a rise in price.

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Ferguson

• Law of Demand, the quantity demanded varies
  inversely with price.

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THE demand schedule
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THE supply schedule
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THE equilibrium schedule
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APPLIED ECONOMICS

• ELASTICITY OF DEMAND