Answer sheet: Module 1

Subject: BAC101 (Basic Microeconomics)

Name: _Ayessa Collette D. Jesalva_ Course & Block: __2BSBA-MM______

Schedule: _1:00-5:00pm_ Contact Number: _09154057226_

Answers:

Pre-assessment: T/F

1. T 4. F

2. F 5. T

3. T

Activity: 1 Plenty/Few

a. Plenty c. Few

b. Plenty d. Few

Activity:

Process questions

1. For my classified ‘Plenty things’ which are the fishes and poultry, I
think that there are indeed enough number for these as people (the
consumers) need them. We have the vast ocean for the fishes to
thrive (as long as we humans care for the coral reefs), and there are
also livestock owners who can produce enough poultry supply.
2. As for my classified ‘Few things’—rice is always in limited supply
based on what I hear in the news, on issues about our farmers not
having the rights and proper assistance hence the low supply in most
local agricultural sector. Another thing is the time, as mortal humans,
our time on Earth is limited hence it should be managed well
especially in today’s world that is focused on being busy all the time.
3. I think that even the plenty things can run out because simply, these
resources are limited and are in need of right utilization thus the
study of Economics come into play.
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

4. In my own opinion, I think we can maximize the usage of resources

especially those classified as few by managing it well by regulations
and research. There should be continuous research and study on
how one nation can manage and divide these resources among the
population, on how to not let these resources run out through the
right calculations and predictions. There should also be the
awareness on scarcity of all individuals because each and every one
are important contributors in maximizing the usage of our limited
resources.

Activity: 2 Process Questions

1. Scarcity.

2. We can solve the central problem of economics which is Scarcity by

studying Economics-- starting from its basic theories up to the latest
concepts to apply all learnings to thereby manage the problem.

3. Yes, there are.

Process questions:

1. Limited.

2. Unlimited?

3. I think that the role of economics in managing resources and needs is in

finding the best methodologies and solutions to scarcity as well as to guide
in wise economic decisions for effective management of resources and
needs.

1. We can balance the needs of people and the available resources by the
right management and distribution of the available resources taking in
consideration the different economic concepts and theories.
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

Exercise: 1 P/S

1. P 4. S

2. P 5. P

3. S

Exercise: 2 Big/Small

1. Small 4. Small

2. Big 5. Small

3. Big

Activity: 3 Process Questions

1. A big no because the application of Economics is not just limited in

the business world. It can also be applied in other areas of wise
decision-making for it caters concepts that can be applied to even
personal finance decisions.
2. Economics is related to all of us because we are part of its study, we
are included in the household and its study is for our own benefit as
consumers.

Activity: 6 Performance Task

SPEECH

A wonderful day to each and every one of you! How was your day in
class Economics 101?

(engages conversation with the audience)

Today, I am about to share my personal experience with decision-

making when it comes to dealing and deciding opportunity cost in three
situations. In these situations, I have to sacrifice something in order to
gain something.
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

You see, sometimes we humans make our situational challenges a lot

more complicated than it is. When the truth is, there is way simpler way to
address it. This line I’ve stated with you all, reminded me the day where I
put down an offer from an online virtual assistant job---from SupaAgent
platform. I have no intention to promote the company but it indeed offers
a legit and nice-paying online freelance job. Back to my decision, I stopped
midway as an agent getting a spot work to focus on my last semester’s
studies as a freshman and to not divert my attention in running my online
thrift shop. If I had not sacrificed one opportunity, I may have not
completed my accounting class 101 and my thrift shop will be on hiatus of
new collections. If I had split my time—my golden resource into more
work, I may have lost more checks in my goal list than I expected. I love
studying and I also love earning from my main online shop. I thought in
the past that I can juggle my time to earn more outside my side hustle, in
a client-based freelance job but I realized that I am better off at focusing
in establishing my first chosen business line where I see a big potential for
it to grow while I also invest in studying a business degree. I believe that I
can broaden my channel of income if I already established a stable online
shop. In this situation, the opportunity cost is my freelance job. I did not
regret it.

Second situation is what I am currently experiencing right now. I

have sacrificed and left my slot in Bicol University’s BS Accountancy degree
program to pursue my chosen academic path in University of Santo Tomas
– Legazpi’s BSBA major in Marketing Management. I have thoroughly
decided to invest my time to a specialty where I feel more inclined to. A
future career path that I want to head to. By dropping an Accounting
degree, I gained the business major I really was interested in. Plus, I can
also give ampler time in managing my online retail business while I am still
a student—applying my learnings on-hand because from my old degree
program, it requires more time to prepare for the board exam, an exam
that I unfortunately cannot shower with enough determination to ace it.
That was my second experience, I sacrificed time and money in preparing
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

requirements and searching for professor’s signatures for me to enter

BSBA-MM in UST.

Third and last, is my personal decision in every week to have a day

off or a rest day that should not be trampled by work activities. It is the
Lord’s day, Sunday. The opportunity cost is one more possible day for
work, hustle and productivity. I will still sacrifice a day of work for a
needed rest that we all need, for meditation, prayer and worship---to stay
sane.

To sum up, all of my three experiences that involved opportunity cost

thought me lessons, one or two about life being all about choices because
our choices can make us. In which, whenever we choose with our free will,
we step closer to our future and current situation. Opportunity cost concept
is very important to understand because we cannot have it all. We can do
anything but not everything due to limited resources hence we should
make wiser choices. It is our lesson in economics class that will not just aid
us in weighing economic decisions but it can also aid us in other
perspectives, aspects or forms.

SELF REFLECTION: Kindly put a check on your honest response given

the learning skill.
Learning With confidence Not sure though A little bit
outcomes confused
- Define
Economics and
the key
terminologies
pertaining to
the basic
concerns of this
field of study
(A)
- Differentiate
Macroeconomic
s from
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

Microeconomics
(M)
- Differentiate
Positive from
Normative
Economics (M)
- Generalize
opportunity
cost, choice,
and scarcity (T)
- Integrate the
significance of
economics in
real life. (T)

Post-assessment: T/F

1. T 4. F

2. F 5. T

3. T

Summative assessment:

I. T/F

1. T 6. T

2. T 7. F

3. T 8. F

4. F 9. T

5. F 10. F

II. P/N

1. P 2. N
Answer sheet: Module 1
Subject: BAC101 (Basic Microeconomics)

3. N 5. N

4. P

III. Small/Big

1. Small 4.Big

2.Small 5.Small

3.Small