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Lesson 2

1. Mixed Economy 2. Command Economy 3. Mixed Economy 4. Traditional Economy 5. Command Economy

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Mali Endian
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79 views

Lesson 2

1. Mixed Economy 2. Command Economy 3. Mixed Economy 4. Traditional Economy 5. Command Economy

Uploaded by

Mali Endian
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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REVISITING ECONOMICS

Prepared by: Reallyn B. Villanueva


OBJECTIVES
Discuss the different concern of economics;
01

Classify the different classification of goods and


02 economic resources; and
Choose the best answer in the given questions.
1. Is the study that attempts to explain how an economy
operates and how the consumer attempts to maximize his/her
wants within limited means.
A. Economics C. scarcity
B. Microeconomics D. Macroeconomics

2. Is a condition where there are insufficient resources to


satisfy all the needs and wants of a population.
A. Scarcity C. insufficiency
B. Economics D. none of the above
3. Economics as __________ because it studies of observing how
theories work in practice
A. Social C. psychology
B. Applied D. Scarce

4. Economics as ____________ science, because it studies human


behavior and how individuals make choices in allocating scarce
resources to satisfy their unlimited wants.
A. Applied C. social
B. Scarce D. econometrics

5. Which of the following is the study of the aggregate economy


studied as a whole?
a. Mathematical economics c. Macroeconomics
b. Econometrics d. Microeconomics
Task 1:
ARRANGE ME
1. DSOOG 2. MPUSTISNOONC
anything used to satisfy your process of buying/using goods
wants and needs and services

3. DUCTOROINP 4. BUTINOISBTRI
the process of producing goods the allocation of the total
and services to satisfy human product among members of
needs and wants. society.

5. UBLPIC INAFCNE
concerned with government
expenditures and revenues.
01
Concerns of Economics
PRODUCTION
DISTRIBUTION
CONSUMPTION
PUBLIC FINANCE
1. Economics is concerned with
PRODUCTION
Production - is the use of inputs to
produce outputs.

● Inputs - are commodities or services


that are used to produce goods and
services.
● Outputs - are the different goods and
services which come out of production
process.
1

2
3
4
Factors of Production
1. Land - soil and natural resources that are found in nature and
are not man-made.
2. Labor - physical and human effort exerted in production
3. Capital - man-made resources and monetary resources used
in the production of goods and services
4. Entrepreneurs -organizers and coordinators of other factors
of production: land, labor, and capital.
5. Foreign Exchange -refers to the dollar and dollar reserves
that the economy has.
1. The ABM Manufacturing Co. hired a gardener.
He uses a lawn mower for landscaping. Which
factor of production would you consider this
machine? CAPITAL

2. The owner of the company withdrew cash for


the salaries of the employees. Which factor of
production would you consider cash on hand?
CAPITAL
3. The top manager of the firm said “the great ideas and
emotional determination”, a person has 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?
ENTREPRENEUR
4. The farmers planted pineapple cuttings in the vacant area
located in their locality. Which factor of production would you
consider a pineapple plantation?
LAND
Goods may also be classified
according to use.
Goods –which yields to your  Consumers goods
satisfaction. It is anything used
to satisfy your wants and needs.  Capital goods or industrial goods
(tangible goods and intangible  Essential goods
goods)
 Luxury goods
 Economic goods
Situation: Your mother went to the market to shop
various goods for the family. She purchased the
following: (1) canned goods; (2) loaf of bread; (3) sacks
of rice; (4) kilos of meat; (5) vegetables; (6) packs of
toothpaste; (7) bath soaps; (8) perfumes; (9) wrist
watches; (10) unit of air con to ventilate her store and
units of coffee maker for her store.
2. Economics is concerned with
DISTRIBUTION
● Distribution is the allocation
of the total product among
members of society.
3. Economics is concerned with
CONSUMPTION
● Consumption is the use of a

good or service. Consumption is


the ultimate end of economic
activity.
4. Economics deals with PUBLIC
FINANCE
● Public Finance is concerned
with government expenditures
and revenues.
02
Economic System
Traditional Economy
It is a system where decision relies on
conventions, observances, history and
practice of beliefs.
2. Command Economy
This is the kind of system where the
basic economic problems are weighed
on the shoulders of the government.
3. Mixed Economy
This is the kind of system where the
choices on what to produce, how to
produce or whom to produce is weigh on
the shoulders of the consumers and
producers but there can be government
interference during special or extreme
economic situations.
Identify the economic system that is described in the statements below.
_____________1. The choice of the consumers is manifested in the
level of prices that they would like to pay in the market.
_____________2. The government controls and sets the type of
commodities to produce.
_____________3. It is the most democratic form of economic system.
_____________4.Old and classic methods are employed in production
_____________5. People are not free to choose the goods that they
want to buy.

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