Zamboanga City State Polytechnic College

R.T Lim Blvd Baliwasan, Zamboanga City

COLLEGE OF TEACHER EDUCATION

SOC. SCI. 111- ECONOMICS WITH PRINCIPLES OF TAXATION AND AGRARIAN

REFORM

ACTIIVITY #1

Answer the following questions based on your understanding of the previous lesson.

1. What is the difference between needs and wants? Discuss by giving examples.

2. Give an example of a statement containing a post hoc fallacy and explain why it is
considered fallacious.

3. There is a thin line between fallacy of composition and sweeping generalization fallacy.
Discuss this thin line that differentiates the two.

4. Give an example of a scarce resource and discuss how it can be saved or conserved.

5. What is the difference between suggested retail price (SRP) setting and price control?
Explain your answer.

6. Name at least two disadvantages of market system and explain each.

7. Explain the opportunity cost in giving up USAID in exchange for other alternatives.

8. A smart phone is both a “need” and “want”. Explain this statement.

9. Discuss the disadvantage of martial law.

10. Apply opportunity cost in the country’s present situation in international trade.