The document discusses several key economic concepts: - Economic growth refers to the increase in a country's production of goods and services over time. It can be measured in real or nominal terms. - Full employment means all available labor resources are being used efficiently. Unemployment that remains is considered frictional. - Price stability is when prices do not change much over time and the economy does not experience inflation or deflation. - The business cycle shows the typical phases of expansion, peak, contraction and trough that economies experience over time due to fluctuations in aggregate demand and supply.

3. An increase in the capacity of an economy to produce
goods and services, compared from one period of time
to another. Economic growth can be measured in
nominal terms, which include inflation, or in real
terms, which are adjusted for inflation. For comparing
one country's economic growth to another, GDP or
GNP per capita should be used as these take into
account population differences between countries.

5. Economic growth is important because it provides
a foundation for the future of society. Economic
growth can contribute to advancements in all
fields, creating beneficial outcomes and solutions
to many economic problems.

7. A situation in which all available labor resources are
being used in the most economically efficient way. Full
employment embodies the highest amount of skilled
and unskilled labor that could be employed within an
economy at any given time. The remaining
unemployment is frictional.

9. A situation in which prices in an economy don't change much over
time. Price stability would mean that an economy would not
experience inflation or deflation. It is not common for an economy
to have price stability.

11. DIAGRAM OF FOUR PHASES OF
BUSINESS CYCLE
The business cycle starts from a
trough (lower point) and passes
through a recovery phase followed
by a period of expansion (upper
turning point) and prosperity. After
the peak point is reached there is a
declining phase of recession
followed by a depression. Again the
business cycle continues similarly
with ups and downs.

13. When there is an expansion of output, income,
employment, prices and profits, there is also a
rise in the standard of living. This period is
termed as Prosperity phase.
The features of prosperity are :

14. 1.High level of output and trade.
2.High level of effective demand.
3.High level of income and employment.
4.Rising interest rates.
5.Inflation.
6.Large expansion of bank credit
7.Overall business optimism.

15. 8.A high level of MEC (Marginal efficiency of capital) and
investment.Due to full employment of resources, the level
of production is Maximum and there is a rise in GNP (Gross
National Product). Due to a high level of economic, it causes
a rise in prices and profits. There is an upswing in the
economic activity and economy reaches its Peak. This is
also called as a Boom Period.

17. The turning point from prosperity to depression is termed as
Recession Phase. During a recession period, the economic activities
slow down. When demand starts falling, the overproduction and
future investment plans are also given up. There is a steady decline
in the output, income, employment, prices and profits. The
businessmen lose confidence and become pessimistic (Negative). It
reduces investment. The banks and the people try to get greater
liquidity, so credit also contracts. Expansion of business stops,
stock market falls. Orders are cancelled and people start losing
their jobs. The increase in unemployment causes a sharp decline in
income and aggregate demand. Generally, recession lasts for a short
period

19. When there is a continuous decrease of output,
income, employment, prices and profits, there is a
fall in the standard of living and depression sets in.
The features of depression are :

20. 1.Fall in volume of output and trade.
2.Fall in income and rise in
unemployment.
3.Decline in consumption and demand.
4.Fall in interest rate.
5.Deflation.
6.Contraction of bank credit.
7.Overall business pessimism.
8.Fall in MEC (Marginal efficiency of
capital) and investment.

22. The turning point from depression to expansion is termed as Recovery or Revival
Phase.
During the period of revival or recovery, there are expansions and rise in economic
activities. When demand starts rising, production increases and this causes an
increase in investment. There is a steady rise in
output, income, employment, prices and profits. The businessmen gain confidence
and become optimistic (Positive). This increases investments. The stimulation of
investment brings about the revival or recovery of the economy. The banks expand
credit, business expansion takes place and stock markets are activated. There is an
increase in employment, production, income and aggregate demand, prices and
profits start rising, and business expands. Revival slowly emerges into
prosperity, and the business cycle is repeated.
Thus we see that, during the expansionary or prosperity phase, there is inflation
and during the contraction or depression phase, there is a deflation.

24. - is a summation of all the organisms of
the same group or species, who live in
the same geographical area, and have the
capability of interbreeding.

26. -is the population 15 years old
and over, in one country

28. - is the actual number of people
available for work. The labor force of a
country includes both, the employed
and the unemployed.

30. -is the ratio between the labor force and the
overall size of their cohort (national
population of the same age range).

32. - occurs when people are without work
and actively seeking work.

34. - measures the percentage of employable
people in a country's workforce who are over
the age of 16 and who have either lost their
jobs or have unsuccessfully sought jobs in the
last month and are still actively seeking work.

38. -is the time period between jobs when
a worker is searching for, or
transitioning from one job to another.
It is sometimes called search
unemployment and can be voluntary
based on the circumstances of the
unemployed individual

40. -is a form of unemployment where, at a given wage, the quantity of
labor supplied exceeds the quantity of labor demanded, because
there is a fundamental mismatch between the number of people who
want to work and the number of jobs that are available. The
unemployed workers may lack the skills needed for the jobs, or they
may not live in the part of the country or world where the jobs are
available
- Structural unemployment is one of the five major categories
of unemployment distinguished by economists. Structural
unemployment is generally considered to be one of the
"permanent" types of unemployment, where improvement if
possible, will only occur in the long run.

42. -An elevated level of unemployment that
is expected to occur at certain parts of the
year. For instance, amusement parks
may experience seasonal unemployment
during the winter months because less
people will visit the parks during this
time.

44. -is a rise in the general level of prices of goods and services in an
economy over a period of time. When the general price level rises,
each unit of currency buys fewer goods and services.
-Consequently, inflation reflects a reduction in the purchasing per unit
of money – a loss of real value in the medium of exchange and unit of
account within the economy. A chief measure of price inflation is the
inflation rate, the annualized percentage change in a general price
index (normally the consumer price index) over time.

46. -is asserted to arise when aggregate demand in an
economy outpaces aggregate supply. It
involves inflation rising as real gross domestic
product rises and unemployment falls, as the
economy moves along the Phillips curve. This is
commonly described as "too much money chasing too
few goods". More accurately, it should be
described as involving "too much money
spent chasing too few goods", since only money that
is spent on goods and services can cause inflation.
This would not be expected to happen, unless the
economy is already at a full employment level

48. - is a type of inflation caused by
substantial increases in the cost of
important goods or services where no
suitable alternative is available

50. Pricing power inflation is more often called as administered
price inflation. This type of inflation occurs when the
businesses decide to increase their prices to increase their
profit margins. Pricing power inflation does not occur at the
time of financial crises and economic depression, or when
there is a down turn in the economy. This type of inflation
is also called as oligopolistic inflation because oligopolies
have the power of to set their own prices.

52. NAME: Grande, Mack Allen
NICKNAME: Mack , Allen
AGE: 16
GENDER: Male
ADDRESS: 82v Dona Juana Street
Erod, Quezon City
BIRTHDAY: May 16 1997
SCHOOL: Technological Institute of the
Philippines
PROGRAM/YEAR: BSA/ 1st year
CONTACT #: 09217752424
EMAIL ADD: macallengrande@yahoo.com
PARENTS NAME: Rudy Grande-
Merlinda Grande-

53. NAME: Gallosa, Janice S.
NICKNAME: Daphne
AGE: 16
GENDER: Female
ADDRESS: Blk 1 lot 41 Pasacola Dulo
Novaliches Quezon City
BIRTHDAY: July 01 1997
SCHOOL: Technological Institute of the
Philippines
PROGRAM/YEAR: BSA/ 1st year
CONTACT #: 09075060516
EMAIL ADD: daphnegallosa@yahoo.com
PARENTS NAME: Winnie Fredo Gallosa
Irene Gallosa

54. NAME: Larga, Annielou E.
NICKNAME: annie
AGE: 17
GENDER: Female
ADDRESS: Blk19 lot1 phs3 sta. Barbara villas I Silangan, San
Mateo, Rizal
BIRTHDAY: August 26 1996
SCHOOL: Technological Institute of the Philippines
PROGRAM/YEAR: BSA/ 1st year
CONTACT #: 09491440330
EMAIL ADD: annielou.larga@yahoo.com.ph
PARENTS NAME: Joven Larga-police
Marilou Larga-businesswoman

55. NAME: Halasan, Camille R.
NICKNAME: Cams
AGE: 16
GENDER: Female
ADDRESS: 6M Gregorio St. Canumay West, Valenzuela City
BIRTHDAY: Febuary 19, 1997
SCHOOL: Technological Institute of the Philippines
PROGRAM/YEAR: BSA/1st year
CONTACT #:09079683578
EMAIL ADD: halasan.camille@yahoo.com
PARENTS NAME: Mercedita Halasan – Housewife
Rolando Halasan – Tricycle Driver

56. NAME: Kitongan, Daphne Jan
NICKNAME: Deej
AGE: 16
GENDER: Female
ADDRESS: #8 Potsdam st. aurora blvd. Cubao Q.C.
BIRTHDAY: January 11,1997
SCHOOL: Technological Instutute of the Philippines
PROGRAM/YEAR: BSA/1st year
CONTACT #: 09354492061
EMAIL ADD: djboom800@yahoo.com
PARENTS NAME: Robert Kitongan – Contractor
Caroline Kitongan – self-employed

57. NAME: Guevarra, Lawrence C.
NICKNAME: Owen
AGE: 17
GENDER: Male
ADDRESS: 87 Villaliuz St. Brgy. Kalayaan Angono Rizal
BIRTHDAY: July 14, 1996
SCHOOL: Technological Institute of the Philippines
PROGRAM/YEAR: BSA/1st year
CONTACT #: 09302626565
EMAIL ADD: lawrenceguevarra127@yahoo.com
PARENTS NAME: Reynaldo Guevarra – Bakery Owner
Nely Guevarra - Housewife