Answer the following.

Submit in yellow pad paper

1. What is economics? What is the significance of economics to your life.
2. Do you agree that we are facing scarcity of resources? Yes or No. support your
answer.
3. Enumerate the Economics problems and discuss how economic systems
(Capitalism or market, Communism and Socialism) address these problems?
4. Describe the economic system of the Philippines.
5. State the law of demand and supply and depict the statement through graphical
presentation.
6. Identify the different factors that influence supply and demand. Discuss at least
two factors that determines supply and demand. Give Example.
7. Present in graphical presentation the different types of Price Elasticity of Demand
and Supply. Give one example for each type.
8. What are the factors that influence consumers behavior. How would you
describe buying behavior of Filipinos.

Source of Reference: Internet and economic books

Submit not later than Jan 30, 2015