1.

Market - A market is a place where two parties can gather to facilitate the exchange of
goods and services.
2. Goods market - The goods and services market is where households purchase
consumable items and businesses sell their wares.
3. Consumers goods - goods bought and used by consumers, rather than by
manufacturers for producing other goods.
4. Labor market - The labor market, also known as the job market, refers to the supply
and demand for labor in which employees provide the supply and employers the
demand.
5. Stock market - The stock market refers to the collection of markets and exchanges
where regular activities of buying, selling, and issuance of shares of publicly-held
companies take place.
6. Demand - Demand is an economic principle referring to a consumer's desire to
purchase goods and services and willingness to pay a price for a specific good or service.
7. Demand schedule - demand schedule is a table that shows the quantity demanded of a
good or service at different price levels
8. Demand function - Demand function is an algebraic expression that shows the
functional relationship between the demand for a commodity and its various
determinants affecting it.
9. Demand curve - The demand curve is a downward sloping economic graph that shows
the relationship between quantity of product demanded by a market and the price the
market is willing to pay.
10. Population - A population can be defined by any number of characteristics within a
group that statisticians use to draw conclusions about the subjects in a study.
11. Movement - Movement is defined as changing locations or positions, a group of people
with a shared aim or a development or change that occurs.
12. Shift of the curve - A shift in the demand curve is when a determinant of demand
other than price changes.
13. Supply - Supply can relate to the amount available at a specific price or the amount
available across a range of prices if displayed on a graph.
14. Supply schedule - A supply schedule is a schedule showing the quantity of a good or
service that sellers will offer at various prices during a specific period of time.
15. Cost of production - Cost of production refers to the total sum of money needed for
the production of a particular quantity of output.
16. Technology - Technology refers to methods, systems, and devices which are the result
of scientific knowledge being used for practical purposes. Technology is changing fast.
17. Market equilibrium - Market equilibrium is a market state where the supply in the
market is equal to the demand in the market.
18. Equilibrium - State of stable conditions in which all significant factors remain more or
less constant over a period, and there is little or no inherent tendency for change.
19. Equilibrium price - The equilibrium price is the market price where the quantity of
goods supplied is equal to the quantity of goods demanded.
20. Equilibrium quantity - Equilibrium quantity is simultaneously equal to both
the quantity demanded and quantity supplied.
21. Rent - rent something to someone, you let them have it and use it in exchange for a sum
of money which they pay you regularly.
22. Price ceiling - A price ceiling is a government- or group-imposed price control, or limit,
on how high a price is charged for a product, commodity, or service.
23. Elasticity - Elastic is a term used in economics to describe a change in the behavior of
buyers and sellers in response to a change in price for a good or service.
24. Elastic demand/supply - An elastic demand or elastic supply is one in which
the elasticity is greater than one, indicating a high responsiveness to changes in price.
25. Inelastic demand/supply - An inelastic demand or inelastic supply is one in
which elasticity is less than one, indicating low responsiveness to price changes.
26. Unitary elastic demand/supply - The proportion of change in demand is equal to
proportion of change in price.
27. Price elasticity of demand - Price elasticity of demand is an economic measure of the
change in the quantity demanded or purchased of a product in relation to
its price change.
28. Arc elasticity - arc elasticity is the elasticity of one variable with respect to another
between two given points.
29. Income elasticity of demand - income elasticity of demand measures the
responsiveness of the quantity demanded for a good or service to a change in income.
30. Normal goods - A normal good is a good that experiences an increase in its demand
due to a rise in consumers' income.
31. Inferior goods - inferior good is a good whose demand decreases when consumer income
rises (or demand increases when consumer income decreases), unlike normal goods, for
which the opposite is observed.
32. Monopoly - Monopoly, real-estate board game for two to eight players, in which the
player's goal is to remain financially solvent while forcing opponents into bankruptcy by
buying and developing pieces of property.
33. Monopolistic competition - 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.
34. Non-price competition - Non-price competition is a marketing strategy "in which one
firm tries to distinguish its product or service from competing products on the basis of
attributes like design and workmanship
35. Economies of scale - a proportionate saving in costs gained by an increased level of
production.
36. Oligopoly - a state of limited competition, in which a market is shared by a small number
of producers or sellers.
37. Non-price variables - Non price competition is an anomaly in a free market systems
based on price-quantity relationship.
38. Income effect - income effect is the change in demand for a good or service caused by a
change in a consumer's purchasing power resulting from a change in real income.
39. Real income - Real income refers to the wages of an individual or entity after accounting
for inflation. It differs from nominal income which has no adjustments.
40. Substitution effect - substitution effect is the decrease in sales for a product that can be
attributed to consumers switching to cheaper alternatives when its price rises.
41. Ceteris paribus assumption - Ceteris paribus or caeteris paribus is a Latin phrase
meaning "other things equal"; English translations of the phrase include "all other things
being equal" or "other things held constant" or "all else unchanged".
42. Substitute goods - substitute goods or substitutes are goods that a consumer perceives as
similar or comparable, so that having more of one good causes the consumer to desire
less of the other good.
43. Complements - complements can be a noun, an adjective, a single word, or a group of
words that act like a noun or adjective.
44. Income - Income is the revenue a business earns from selling its goods and services or
the money an individual receives in compensation for his or her labor, services, or
investments.
45. Taste - tastes refer to the products and services that consumers consciously choose over
others
46. Expectation - a strong belief that something will happen or be the case in the future.
47. Cross price elasticity of demand - cross-price elasticity of demand, this measurement is
calculated by taking the percentage change in the quantity demanded.
48. Market structure - Market structure is best defined as the organisational and other
characteristics of a market.
49. Perfect competition - perfect competition is a theoretical market structure in which the
following criteria are met: All firms sell an identical product.
50. Imperfect competition - Imperfect competition is a competitive market situation where
there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed
to the perfect competitive market scenario.
51. Labor force or Labor supply - all the members of a particular organization or population
who are able to work, viewed collectively.
52. Wage - a fixed regular payment, typically paid on a daily or weekly basis, made by an
employer to an employee, especially to a manual or unskilled worker.
53. Minimum wage - the lowest wage permitted by law or by a special agreement
54. Labor migration - Labor migrants often work in the informal sector and are usually
exposed to abuses resulting from xenophobia and racism.
55. Foreign exchange rate - A foreign exchange rate is the price of the domestic currency
stated in terms of another currency.
56. Real estate boom - is a type of economic bubble that occurs periodically in local or
global real estate markets, and typically follow a land boom.
57. Business process outsourcing (BPO) - is a method of subcontracting various business-
related operations to third-party vendors.
58. Savings - The portion of disposable income not spent on consumption of consumer
goods but accumulated or invested directly in capital equipment.
59. Investment - Investment is total amount of money spent by a shareholder in buying
shares of a company.
60. Gross Domestic Product - the total value of goods produced and services provided in a
country during one year.
61. Gross Domestic Production - Gross Domestic Product (GDP) is the total monetary or
market value of all the finished goods and services produced within a country's borders
in a specific time period.
62. Full-time workers - Full-time employment is employment in which a person works a
minimum number of hours defined as such by their employer.
63. Part-time workers - part-time contract is a form of employment that carries fewer hours
per week than a full-time job.
64. Overseas Filipino Worker - Overseas Filipino Worker (OFW) is a term often used to refer
to Filipino migrant workers, people with Filipino citizenship who reside in another
country for a limited period of employment.
65. Productive capacity - Production Capacity is the volume of products or services that can
be produced by an enterprise using current resources.
66. Resources - a stock or supply of money, materials, staff, and other assets that can be
drawn on by a person or organization in order to function effectively.
67. Economic rent - the extra amount earned by a resource (e.g., land, capital, or labor) by
virtue of its present use.
68. Savings - an economy of or reduction in money, time, or another resource.
69. Investment - the action or process of investing money for profit or material result.
70. Public Goods - a commodity or service that is provided without profit to all members of a
society, either by the government or a private individual or organization.
71. Taxes - a compulsory contribution to state revenue, levied by the government on
workers' income and business profits, or added to the cost of some goods, services, and
transactions.