Name: Villanueva, Christian Lloyd A.

Course, Year and Section: BSIE 2-C

MODULE I
IE 203 PRINCIPLES OF ECONOMICS
1st Semester, AY 2020 – 2021

PRE-TEST:
List down at least five things you do everyday which you think has something to do with
economics.
1. Purchasing goods at a Sari-sari Store
2. Selling prepaid load
3. Consuming internet connection
4. Consumption of water and electric supply
5. Household budgeting

LEARNING INSIGHT / REFLECTION:

In three to four sentences, write the things that you have learned from the lesson.
In this lesson, there are three things that I can relate to the word economics: living,
sacrificing and wise decision-making. Economics is part of our daily living, everything we do
is economics. Its main goal is to satisfy the unending needs of humankind, but we must
know where to put higher priorities and where to put less attention on these needs. If you
obsess over whether you are making the right decision, you are basically assuming that it
will reward you for one thing and punish you for another and that is the basic concept of
economics.

LEARNING ACTIVITY/ASSESSMENT

1. Briefly explain the distinction between microeconomics and macroeconomics.

Microeconomics means small because it deals with the behaviour of individual actors in
the economy. It can be a single consumer, household, firm and even an industry and its
central concept is the market. On the other hand, when we say macroeconomics it means
that we are interested in the economy as a whole. It views all the consumer as a single
unit of economy. When we say macroeconomics, things are big.

2. Why is the entrepreneur an important economic resource?

Because entrepreneur serves as one of the leg when it comes to economic growth.
Entrepreneurs creates businesses producing goods and services resulting in employment
 which then results in more profit and even development in the economic income and
resources.

3. Why is the study of economics an important exercise?

As a consumer, studying economics is an important exercise because it teaches us on

how to deal with a certain problem. It will makes us a better decision-maker. It can help us
on how to think economically, not just about money but even for our own happiness. It will
also help us see the unseen. Lastly, studying economics can benefit us on saving not only
money but also time.