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It studies the conditions in an industry at a particular time, including the behavior of and
relations between competitors, suppliers, and customers.
- Industrial Analysis
It refers to the combined utility derived from consuming certain units of a good.
- Total Utility
Production refers to the use of goods and services to satisfy human wants.
- False
An entity organized by people with similar needs to provide themselves with goods or
services or to jointly use available resources to improve their income.
- Cooperative
The Law of Diminishing Marginal Utility states that as additional units of a good are
consumed, the additional utility derived from each additional unit tends to diminish,
while keeping consumption of other goods constant.
- True
Target market refers to the group of customers the business aims to cater to.
- True
This sector processes raw materials from agriculture, fishery and forestry into
intermediate products which are further processed into final products.
- Industrial Sector
It is a tool that lists the strengths, weaknesses, opportunities, and threats that face the
business.
- SWOT Analysis
The product created as a result of the combination of inputs in the production process.
- Output
Consumer Theory describes how consumers make decisions about what to buy given
their income and prices of goods and services.
- True
An equation showing the maximum output of a commodity that a firm can produce per
period of time with each set of inputs.
- Production Function
Production is the transformation of inputs into outputs of goods & services.
- True
A form of business organization in which two or more persons combine their resources
in a business with a view to making profit.
- Partnership
These are semi-processed goods which are not ready for final use by the consumer,
which have undergone some processing but need to go through additional processing
before they can be actually used by the consumer. These are supplied to final good
firms for conversion into goods in their finished stage.
- Intermediate Goods
The resources used in the production of goods & services. It refers to the use of
economic resources to create goods and services that will be used to satisfy human
wants.
- Inputs
Goods that are ready for direct consumption and are then sold to customers for their
use.
- Final Goods
The basic facilities, services and installations needed for the functioning of a community
or society.
- Infrastructure
It refers to the average contribution per unit of input and is equal to TP/i.
- Average Product
It is a legal entity that is separate from its owners, the shareholders. No shareholder is
personally liable for the debts, obligations or acts of the corporation.
- Corporation
Retailers are wholesalers or brokers who buy in big quantities from manufacturers, add
a mark-up to their purchase price and sell to distributors.
- False
It refers to the additional utility derived from consuming an additional unit of the good.
- Marginal Utility
This includes a look at the population size, the geography of the place where business
will be located, land distribution, climate, and today’s global warming situation, whether
or not the area is prone to flood or earthquake.
- Physical Environment
The basic consuming unit, makes use of goods and services which are available in the
economy.
- Household
This involves a look at economic factors such as income of the people, specifically the
target market, economic conditions such as inflation, recession, prosperity, demand,
and supply in the market.
- Economic Forces
The value of a particular monetary unit in terms of the goods and services that it can
buy.
- (Money)
The Law of Diminishing Marginal Returns states that additional output starts to diminish
at a certain point as additional units of a variable input are combined with one or more
fixed inputs.
- True
It is the basic producing unit, delivers the goods and services to the household for its
consumption.
- (Trade and Transport)
These are unprocessed goods like raw materials, logs, and wheat, they are materials
extracted from their sources and do not undergo any process of production.
- Raw Materials
A Business with total assets worth from P15,000,001 to P60,000,000. Large scale
business is one with total assets in excess of P60,000,000.
- Medium Business
A Business with total assets worth from P1,500,001 to P15,000,000.
- Small Business
The additional output produced by an additional unit of the input and is equal to TP/ i.
- Marginal Product
Those that cannot be readily changed during the time period under consideration except
at a very great expense.
- Fixed Input