WEEKLY HOME LEARNING PLAN

Year Level : 11
Track : GAS and ABM
Learning Area : Applied Economics
Mode of Delivery : Modular Printed Modality
General Instruction : Read and understand the concepts discussed on Module 1 in a self-paced manner.
Requirement : Small Notebook (Applied Economics Notebook Notebook )

Most Essential Learning Output to be

Day & Time Learner's Tasks / Responsibility
Competency Submitted on Friday

BREAK TIME
9:30 AM - 10:00 AM
(Preparation of modules, learning activity sheets, notebooks, etc.)
Answer the What I Know and What's In, ( Output 1 ). Write your answer on
Task 1 :
10:00 AM - 12:00 your notebook.
NN Answer What's More, Assessment One, (output 2). Write your answer on Output:
Task 2 : *output 5 in task 5
your notebook.
Answer the WHAT I HAVE LEARNED , Write your answer on your notebook *output 6 in task 6
Task 3 :
Economics as social (output 3) For your Output
12:00 NN - 1:00 PM science and applied LUNCH BREAK submission, please
science in terms of Answer the WHAT I CAN DO Activity 1&2 , Write your answer on your follow your teacher's
Task 4 :
nature and scope. notebook (output 4) instruction. You will be
Answer assessment and worksheet activity 1 & 2 For Submission. (output provided with a link
Task 5 :
1:00 - 3:00 PM 5) for you to submit your
output.
Task 6 : Answer the Learning Activity Sheet - Activity 3 ( Output 6 )

3:00-5:00 PM Family bonding

APPLIED ECONOMICS
Quarter 1*Module 1
Economics as a Social Science and Applied Science in
Terms of Nature and Scope
= What I know
Activity No. 1 Direction: Let us check your knowledge to our topic. Kindly arrange
the following words. These are the terms you commonly encounter when you make
decisions of going to the market. Examples of these items are given on the right column.

1. MACROECONOMICS
2. MIRECOOCNOMSCI individuals and industries
3. TENAGILBDSOOG basic goods/commodities
4. SARCITYC shortage in supply
5. UXDOOSLUGYR expensive jewels and gems
6. CDAOTOASAGIP baking machines

Assessment
Direction: Kindly choose the letter of the correct answer. Encircle your answer.

1. The physical effort of the manpower to produce the protective devices of the
frontliners describes which factor of production?

a) Land c) Labor
b) Capital d) Entrepreneur
2. The great ideas, concepts and drive of the production managers to produce
something new describe which factor of production?

a) Land c) Labor
b) Capital d) Entrepreneur

3. The computers of the production manager in an office are what kind of goods or
products?
a) Consumer goods
b) Either consumer goods or capital goods
c) Capital goods
d) Economic goods

4. Which best describes economics as a social science and an applied science?

a) The study of things we need to survive
b) The study of how people make choices when they are faced
with an unlimited supply of resources
c) The study of human behavior
d) The study of how buyers make choices when there is limited supply of resources

5. Which of the following are examples of human needs?

a) Water and a place to live like houses
b) Iced caramel macchiato cappuccino
c) Flat screen televisions
d) Laptops and computers
 MODULE 1 NATURE AND SCOPE OF ECONOMICS

Let’s say, in conducting your research, you may consider studying the economic
situation of the families in Manila. For example, the GAS and ABM students may focus on the
annual income of families, buying behaviour in the market, on specific items commonly
purchased these families and many more. The HUMSS might take an overall view on the entire
economic system: what causes the families to limit their spending capabilities, what
environmental factors stresses them from purchasing their needs and wants; or what makes
them satisfied in their buying behaviour. Both approaches are useful, and both examine the
same, but the viewpoints are different. In a similar way, both microeconomics and
macroeconomics study the same economy, but each has a different viewpoints.
Whether you are looking at the buying behaviour of the people in the market or
economics, the micro and the macro insights should blend with each other. In studying the
buying behaviour of the people, the micro insights about particular behaviour and spending
habits of the people help them understand the overall economic situation on individual matters,
while the macro insights about the overall economic situation on the entire economy which help
to explain the internal and external environments, as a whole.

What’s In

Like in your studies, we can make an assumption of our real situation.

Today, the whole world, including the Philippines, suffers from economic
problem due to the existence of worldwide COVID 19 Pandemic. Manila, in particular,
is one of the most cities in the Philippines being affected by the said Pandemic. We
want to understand why such case happens and how it affects the lives of everyone in
the economy. An ordinary citizen could hardly understand what is happening in the
society if he does not have backgrounds in economics. Economics, as a social and
applied science will explain and help you understand what is really happening in the
economy.

Activity 1:
Direction: Let’s analyze the market environments of the society. Please
encircle your answer.

1. As a citizen of Manila, determine which is NOT TRUE of the economic activities

that have been observed in your locality:
a) Everyone has experienced buying limited supply of commodities
b) Everyone has inadequate supply of hygienic materials and protective devices
c) Some citizens have suffered from changes in the pandemic protocols of the
government
d) The people in Manila have freely enjoyed traveling from one place to other.

2. Which of the following has NOT observed in the community during the ECQ in
the same locality?

a) Everyone enjoyed shopping in the market

b) Unemployment in the community was sharply experienced
c) Prices of commodities suddenly increased
d) The people in Manila were reluctant of the pandemic protocols.
 What’s New

THE NATURE AND SCOPE OF ECONOMICS

According to Molina, J. A. & Nadal, G. J I (2020), e conomics is a SOCIAL SCIENCE
concerned with the explanation and prediction of observed phenomena in the society.
Economics studies the way in the societies solve the fundamental problems of reconciling
the unlimited desires of individuals with scarcity of resources, susceptible to numerous
alternative uses. Economics is also an APPLIED SCIENCE because it uses the scientific
method in its explanations, which consists of observing reality and presenting questions and
problems to arrive at the formulation of theories and models. As an applied science, it follows
a systematic procedure to solve issues and problems of the society.

What Is It

THE FIELDS OF ECONOMICS

Microeconomics and macroeconomics has perspectives on the economy.
*Microeconomics: focuses on the behavior of individual economic units
and the functioning of markets. Its perspective focuses on parts of the economy:
individuals, firms, and industries.
*Macroeconomics: studies the functioning of economics as an
aggregate (production, employment). Its perspective looks at the economy as a whole,
focusing on goals like production, the standard of living, unemployment and inflation.
Macroeconomics has two types of policies for pursuing these goals: monetary policy
and fiscal policy.

Microeconomics
•Studies of markets of Macroeconomics
good and services •Studies the economy as a whole
•Focuses of the •Focuses on aggregate indicators
behaviour of individual in the market (such as production, employment,
etc.)
• Explains how and why these
units make economic

Figure 1. Micro vs Macro Economics

The Economic Agents/Stakeholders:

1. Consumers
• Consume goods and services /offer production factors
• Maximize utility = satisfaction
Law of diminishing utility – decreasing satisfaction when there are more things
2. Producers
• Produce goods / demand productive factors
• Maximize profit
3. The public sectors
• Attempt to maximize the well-being of society

*The agents interact among themselves in a specific territorial, social, natural

and/or cultural framework that determines their relationships → Market
 BASIC TERMS TO UNDERSTAND ECONOMICS
It is essential that you familiarize yourself with the study of economics. This
will facilitate your understanding of economic analysis. Specifically you meet GOODS –
which yields to your satisfaction. It is anything used to satisfy your wants and needs.
INTANGIBLE GOODS – when they are
TANGIBLE GOODS –material
in the form of services. Those
goods or commodities.
rendered by doctors, engineers,
Ex. Bags, books, clothes. doctors and other professionals
Goods may also be classified according to use.
CONSUMERS GOODS – goods for the CAPITAL GOODS or INDUSTRIAL GOOD
ultimate consumption of the consumers. used in the
Ex.: toothpaste, bath soap, etc. production of
other goods and
services.
Ex.: buildings,
machinery,
https://int.search.myway.com/search/AJimage.jhtml equipment. https://int.search.myway.com/search/AJimage.j
ESSENTIAL GOODS- used to satisfy LUXURY
the basic needs of man GOODS –
E goods man
may do
without, but
may give
comfort and
example: foods and satisfaction. Ex., perfume, cakes; chocolates
medicine. https://int.search.myway.com/search/AJimage.jhtm expensive cars.
https://int.search.myway.com/search/AJimage.jhtm https://int.search.myway.com/search/AJimage.jhtml
ECONOMIC GOODS –goods which are useful
and scarce; with value attached to them
and a price has to be paid for their use. If a good
so abundant and it can satisfy
everyone’s needs without anybody paying for it,
then, that good is free. The air is free, but
the air from an aircon is an economic good.
https://int.search.myway.com/search/AJimage.jhtml
Figure 2: Kinds of Goods

ECONOMIC RESOURCES OR FACTORS

In the article of Nowaczyk , J (2020) on Identifying the Factors of Production,
he defined economic resources as the factors of production for goods and services.
The factors of production are inputs combinations in the production of goods and
services to make an economic profit for the firms. These factors of production are land,
labor, capital, and entrepreneurship. Resources are limited in nature, but human wants
and needs are unlimited, thus, an efficient allocation of these resources or factors of
production is a big challenge for every economy. Economics also helps the
entrepreneurs and the economy to allocate resources in the production of supplies to
meet the demands of the consumers.

Land as a Factor of Production Labor as a Factor of Production

Land - natural Labor is the work done by people- education, skills, and
resources motivation and productivity. Productivity measures how
available to much each hour of worker time produces in output.
create supply Workforce receives wage for his labor.
such as raw
materials that
comes from
the ground. It
can be a non-
renewable
resource;
commodities
such as oil and gold; and renewable
resource, such as timber. Oil is a natural
resource, but petroleum gas is a capital
good. Farmland is a natural resource, but a
shopping center is a capital good. Istockphoto.com
https://study.com/academy/lesson/four-factors-of-production-land-
labor-capital-entrepreneurship.html
Capital as a Factor of Production Entrepreneurship as a Factor of Production

Capital Entrepreneurship develops an idea into a business. An

or capital entrepreneur combines the other three factors of
goods production to add to supply. The most successful
are entrepreneurs are innovative and risk-takers. The income
capital – entrepreneurs earn is profits.
the
money
that

companies used to buy resources; man-

made objects like machinery, equipment,
and chemicals that are used in production.
For example, capital goods include industrial
and commercial buildings. A commercial
https://int.search.myway.com/search/AJimage.jhtml
aircraft is example of a capital good.
https://www.market-inspector.co.uk/blog/2017/01/10-basic-
office-

Figure 3: resources of production and Characteristics

Characteristics of Resources:

1. Scarcity: insufficient resources to supply all the desires and needs of individuals.
In the production of goods and services; there are issues that economics may encounter:
these include: for Land – inadequate land and natural resources; polluted areas;
overcrowded spaces; for Labor – unskilled workforce; mismatch of jobs; for capital - low
quality of equipment/machines; insufficient fund/capital; and for entrepreneurship –
Inadequate training of entrepreneurs; limited opportunity; scarcity of great ideas but many
competitors in the market.

2. Multiple use: Resources can have more than one possible use. For example, a plot of
land can be used to plant coffee or to build a factory.
3. Partially replaceable: one resource can replace another in the production of a good or
service (e.g., replace manual labor with technology).

Scarce resources and unlimited desires → Scarcity

Scarcity and alternative uses → Choice
Choice → Opportunity cost

What’s More

CLASSIFICATION OF GOODS
Activity no. 1
Direction: Please perform independently. Pick all the goods and classify
them accordingly. Your mother went to the market to shop goods for the family. She
purchased the following goods. Canned goods; bread; sacks of rice; meat; vegetables;
toothpaste; bath soaps; perfumes; wrist watch; aircon to ventilate her store and coffee
maker for her store.

Consumer good Luxury goods

Industrial goods Economic goods

Essential Goods
ASSESSMENT (Picture Analysis)

Direction: Still, please do this independently.

The picture shows the different factors in the production of goods. This will help you
become creative in your analysis on the application of resources you need in the
production of goods that are most needed in the society. Please determine the
resources.

3
2

Image by Brianna Gilmartin © The Balance 2019

https://www.thebalance.com/factors-of-production-the-4-types-and-who-owns-them-4045262

See! Economics is a very interesting field to study. Your teacher is very much
willing to teach you more about it.

What I Have Learned

Microeconomics and macroeconomics are two different perspectives on

the economy. The microeconomic perspective 1) studies the behavior of individual
economic units; 2) studies the functioning of markets 3) focuses on parts of the
economy: individuals, firms, and industries. The macroeconomic perspective 1) looks at
the economy as a whole and 2) focusing on goals like productions; standard of living,
unemployment, and inflation. Macroeconomics has two types of policies for pursuing
these goals: monetary policy and fiscal policy.

In the production of goods and services; there are factors that economics may
encounter: these include: land – inadequate land and natural resources; polluted areas;
overcrowded spaces; labor – unskilled workforce; mismatch of jobs; capital - low
quality of equipment/machines; insufficient fund/capital; and entrepreneurship –
inadequate training of entrepreneurs; limited opportunity; scarcity of great ideas but
several competitors in the market.

• Economics has two fields: micro and macroeconomics.

study of markets of good and services and focuses on the
behaviour of individual on products and services in the market
while deals with the study of the economy as a
whole and focuses on aggregate indicators such as ;
; .
• The Classification of goods:
; ; ;
• There are four factors of production or the resources needed to produce
products and services:
; ; ; .

• Needs and wants are while resources are

.
What I Need to Reflect

Today, we are in a new normal way of living, a very different one from way we
have lived for several years. It’s because everyone has that fear of the COVID 19 that
might cause us from health and economic issues. Everyone, therefore, has to be very
responsible in his behaviors in the market; and become efficient in his consumption;
friendly to the environment or the natural resources as these may become scarce in the
future. Everyone must become aware of the micro and macro levels of the environment
and contribute to the growth of our economy.

Did you find our topic enjoyable and interesting? Write something about. You
may use the box below.

WHAT I CAN DO

Activity 1 Direction: This chart represents the economic resources in the

production of goods and services by the ABM Computer Shop located in Manila.
1) Kindly recognize each resource. 2) Give an example of each resource that the
computer shop needs for the production of its services. Choices are provided below

RESOURCES OF PRODUCTION

All natural resources, which are given by

and found in nature, and are, therefore,
not manmade.

Any form of human effort exerted in the

production of goods and services.

Man-made goods used in the production of goods and

services. It does not only include money, it also includes
building, machineries, equipment’s, raw materials used in
production

Development of an idea into a business. An entrepreneur combines the

other three factors of production to add to supply

Choices for No 1. Entrepreneurship; Land; Capital; Labor

Choices for No. 2 Manpower; space; great ideas to innovate;
computers
Activity No 2

Direction: Determine which factor of production is needed in the following problem

1. The ABM Manufacturing Co. hired a gardener. He uses a

lawn mower for landscaping. Which factor of production
would you consider this machine?

2. The owner of the company withdrew cash for the salaries of

the employees. Which factor of production would you
consider cash on hand?

3. The top manager of the firm said “the great ideas, concepts
and emotional determination of a person to produce
something that consumers want to buy” is very important for
the company. What factor of production describes the ability
to create great ideas?

4. The farmers planted pineapple cuttings in the vacant area

located in their locality. Which factor of production would
you consider a pineapple plantation?

https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
https://int.search.myway.com/search/AJimage.jhtml?
http://www.aloha-hawaii.com/oahu/dole-plantation/
 Name Year/Section Date

Teacher School

Assessment (Multiple Choice )

Direction: Choose the letter of the correct answer. Encircle your answer.

1. Mrs Nenita De Jesus purchased basic goods like vegetables and groceries for
the consumption of her family. These goods are:
a. Consumers goods c. Luxury Goods
b. Capital Goods d. Economic Goods
2. Mr. Dennis Elecanal purchased new car as a gift for his father’s birthday. This
good is
a. Consumers Good c. Capital Good
b. Luxury Good d. Economic Good
3. ABM Computer shop purchased additional 10 units of computer for the business.
These goods are called:
a. Consumers goods c. Capital Goods
b. Luxury Goods d. Economic Goods
4. Which is not considered as tangible good?
a. Cell phone c. Sack of rice
b. Mask d. Training service
5. Which is true about Economics as a social science?
a) Scarce resources and limited needs drive choice
b) Economics explains and predicts economic events
c) The scientific method is based on the normative analysis
d) Economic hypotheses lead directly to predictions
6. Which is true on the value of an economic theory in practice? It is determined by
a. how accurate the assumptions are.
b. how well the theory can be represented by a graph.
c. how well the theory can predict or explain.
d. how economical the model is.
7. Which of the following is the study of the aggregate economy studied as a whole?
a. Mathematical economics
b. Econometrics
c. Macroeconomics
d. Microeconomics
8. Business ethics refers to any behavior by businesses that may
a. be illegal.
b. violate social or moral standards.
c. result in the maximization of profits.
d. All of the above.
9. Businesses have responded to incentives for ethical behavior by doing ALL except
a. lobbying for the abolition of laws that require ethical behavior.
b. appointing “ethics officers” to monitor ethical manners of employees.
c. providing training sessions in ethical behavior for employees.
d. establishing codes of ethical behavior for employees.
10. Which of the following is not an economic agent in your locality?
a. Producer
b. Consumer
c. Public Sector
d. None of ABC
https://www.stagneshs.org/ourpages/auto/2015/4/25/44353125/Unit%201%20Answer%20Key.pdf
https://study.com/academy/practice/quiz-worksheet-four-factors-of-production.html
https://global.oup.com/us/companion.websites/9780199811786/student/chapt1/multiplechoice
https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
Name Year/Section _Date

Teacher School

Worksheet
Let’s do this (Additional Activity No. 1)
Direction: Listed below are the resources for production of goods and services.
Please list down the economic issues to each resource of production that may harm
the economy. Choose your answer from the box below. You may collaborate with
family and friends in accomplishing the graphic organizer.

Land Labor
_

Resources of
Capital Production Entrepreneurship

*inadequate land and natural resources; polluted areas; overcrowded spaces

*unskilled workforce; mismatch of jobs
*low quality of equipment/machines; insufficient fund/capital;
*entrepreneurship – inadequate training of entrepreneurs; no new and great ideas

ActIVITY No. 2 Please categorize the characteristics of microeconomics and

macroeconomics using the diagram below. This will enhance your creativity to solve
issues in the future.
* Studies the behavior of individual economic units;
* Focuses of the behaviour of individual in the market
* Focuses on parts of the economy: individuals, firms, and industries;
*Studies the economy as a whole
* Focuses on goals like productions standard of living, unemployment, and inflation.
* Policies are focused on monetary policy and fiscal policy.
*Studies of markets of good and services

The Economy

Microeconomics Macroeconomics

1. 1.

2. 2

3. 3.
 Answer Key
What I Know
1. Micro economics 4. Luxury goods
2. Tangible goods 5. Capital goods
3. Scarcity
Assessment
1. C 4. D
2. D 5. A
3. C
What’s In
Answer: 1. D 2) D

What’s More
Activity 1
1. Essential goods: Canned goods; bread; sacks of rice; meat; vegetables;
2. Consumer goods: toothpaste; bath soaps
3. Luxury Goods: perfumes; wrist watch
4. Industrial goods: Coffee maker
5. Economic Goods: unit of air-conditioning
Assessment 1
1. Land 3. Capital
2. Labor 4. Entrepreneurship
What I Have Learned
1. Micro Economics; Macro economics
2. Productions; standard of living, employment, and inflation (in any order)
3. Land; labor; capital; entrepreneurship (in any order)
4. Unlimited; limited
What I Can do
Activity No. 1
1. Land - space
2. Labor –manpower Activity No 2
a) Capital
b) Capital
Additional Notes:
ADAM SMITH is considered the father of modern economics. Smith's ideas–the importance of free markets (laissez faire
doctrine or Let Alone Policy), assembly-line production methods, and gross domestic product (GDP)–formed the basis for
theories of classical economics

“Choice & Decision” when choice is made there is already a decision made –means choice & decision are
related.
2 kinds of choices
1. Individual CHOICE - make choices to satisfy our needs using limited resources
- Are decision made by the people acting separately from one another
- LIKE: personal; needs & wants foods clothes :choices for our owned
2. Social CHOICE – decision made by government to satisfy the needs of our society.
- Are decision made by the government where to spend the nation’s income to meet the needs of the people
- LIKE: education, national defense, heath infrastructure roads & bridges
Scarcity &choice are the main ingredients that spices economics. People must learn the opportunity cost
and benefits of their choice to satisfy their unlimited needs & wants
Decision making plays an important role when scarcity exist. People need to make an intelligent choice and decision by
examining the available alternatives to satisfy the needs & wants.

2 types of Scarcity
1. Relative scarcity- abundant but due to the calamity the supply is insufficient.
2. Absolute scarcity- need. /scarcity but we don’t produce like oil/petroleum

Opportunity and Benefit

Choice A
2 hamburger sandwiche x 50.00 = 100.00
2 cellphone load cards x 100.00 = 200.00
300.00
Choice B
4 hamburger sandwiches x 50.00 = 200.00
1 cellphone load card x100.00 = 100.00
300.00
Opportunity cost refers to the value of alternative given up to obtain another item.
- It is choosing among the given alternatives,
Ex. play basketball
computer games
or a date
Similarities between Applied Science and Social Science:

1. Based on scientific research

2. Have contribution to civilizations
3. Necessary to human life
4. Root of science
5. Been done with a scientific methodology

Differences between Applied Science and Social Science:

1. Purpose
a. Applied science: solving problem
b. Social science: theory proven
2. Trigger
a. Applied science: problem to be solved or needs to be developed
b. Social science: curiosity
3. Object
a. Applied science: system
b. Social science: people
4. Methodology
a. Applied science: both quantitative and qualitative
b. Social science: qualitative
5. Output
a. Applied science: technology, invention
b. Social science: qualified hypothesis or behavioral theory
 LEARNING ACTIVITY SHEET 1
Applied Economics

Name: __________________________Year/Section: __________Date: ____________Score:________

Teacher: _________________________School: ____________________________________________
I. Title: The learner demonstrates understanding of economics as an applied science and its utility in addressing the economic
problems of the country.
II. Learning Competency: Differentiate economics as social science and applied science in terms of nature and
scope
III. Instructions: This activity sheet is focused on understanding and differentiating economics as an applied science and as
social science. Read the directions of each activity and write your answer on a separate sheet.
IV. Activities

Activity 1
Direction: Create a graphic organizer illustrating the differences and similarities of economics as applied science and economics
as social science given the following criteria. A sample is provided below but you may opt to create your own. Explain your
answer.
Economics as an Economics as Social
Applied Science Science

1. Purpose

2. Methodolo
gy

3. Output

4. Object

5. Triggering
Factor

Activity 2
Direction: Multiple choice. On a separate sheet of paper, write the letter of your best answer.
1. Which of the following best describe what social science is?
a) It is a study used to apply existing scientific knowledge based on scientific researches
b) It does not focus on human behavior
c) It aims to technology and invention
d) It focuses on human behavior, relationship with other human in terms of emotions, psychologic, the impact of
belief to environment based on research.

2. Customarily, economist classify resources into these major groups

a) factors of production and money.
b) land, labor, capital, and entrepreneurship.
c) physical labor, mental labor, and financial capital.
d) human capital and financial capital.

3. The academic discipline known as economics is best viewed as

a) the science of scarcity that focuses on inevitable choices people and societies have to make because wants exceed
limited resources available to satisfy them
b) microeconomics because it deals with human behavior and choices as they relate to relatively small units (such as
individuals, firms, and single industries or markets) that have always been the focus of economists' interest.
c) macroeconomics because it deals with human behavior and choices as they relate to highly aggregated markets or
the entire economy.
 d) positive economics because it deals exclusively with (testable) cause-and-effect relationships; it studies what is in
economic matters.

4. Which of the following best describes what social sciences have in common?
a) An interest in studying human beings
b) The study of the human mind
c) A focus on material culture
a. Research that overlaps with genetics

5. Which of the following is not an example of social science?

a) Physics
b) Economics
c) Psychology
d) Chemistry

6. If you were to explore why one group of people speak the way that they do, which discipline would be the MOST
relevant?
a) Linguistics
b) Economics
c) Psychology
d) Chemistry

7. The basic economic problem of scarcity is

a. The condition in which human wants exceed limited resources to satisfy them
b. Nowadays limited to poor countries
c. The inevitable results of peoples’ selfishness
d. The inevitable result of less-than-full or inefficient use of available resources.

8. Which is NOT true about scarcity?

a. Insufficient resources to supply all the desires and needs of individuals.
b. Mismatching of jobs can be considered as scarcity in our human force.
c. Scarcity can never occur in land distribution since it is a God-given gift and free to all.
d. Scarcity requires people to make decisions for the efficient allocation of resources.

9. Juan is a janitor of a five-star hotel earning enough salary to sustain his daily needs. He wants to put up a painting
business since this is what he is good at. What factor of production is greatly challenge here?
a. land b. labor c. entrepreneurship d. capital

10. Which is not an economic good?

a. Cold air given off by an air conditioner c. Bottled water of Natures Spring
b. water from water falls d. Electricity
 Activity 3

What Is It to Me?
Introduction to Applied Economics

Directions: Collect at least five (5) current news clippings about the Philippine economy and paste them on the
box below. Create a 300-word essay on the next page discussing how these issues affect you as a student and
as an individual. Use a separate sheet for your output. (30 points)

News Clippings:

Page 2
Essay:
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
________________________________________.

Rubric for Scoring:

CRITERIA PERFORMANCE INDICATORS POINTS
Content Provided the concept with pieces of evidence and supporting details. 15
grammar Used correct grammar, punctuation, spelling, and capitalization. 5
Organization of Ideas Expressed the points in clear and logical arrangement of ideas in the paragraph 5
Format Adhered to the required style/appearance 5
Total 30
Prepared by:

JESSICA C. CABALLES LINABEN M. ROLDAN

JEROME C. SERASPE
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