Answer sheet: Module 2

Subject: BAC101 (Basic Microeconomics)

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

Schedule: __1:00-5:00pm_ Contact Number: _09176312016_

Answers:

Pre-assessment: T/F

1.T 6.F

2.T 7.T

3.F 8.T

4.F 9.F

5.T 10.F

Activity: 1 G/P

A.P D.G

B.G E.G

C.P

Activity: 1 Process task

1. I categorized the military sector under the government’s

responsibility because there should be the right administration of
power given to this sector.
2. I categorized the clothing line production under private because I
believe that the clothing line is a space for freedom of expression and
creativity of different individual designers and owners. It is a fast-
moving sector.
3. I was confused with the Health and Education sector because both
can be provided by the government and private sectors, however,
there is still an evident variation on how the two are provided with
the quality of health and education.
Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

RESEARCH:

1. An economic system is any of the ways in which humankind has

arranged for its material provisioning.

2. The different economic system are; traditional, command, market and

mixed economy.

3. The importance of knowing these systems is the comparison of what

works best for a nation and or what attributes of each of these systems are
the best to mix, practice and apply in a nation.

Activity: 2 Process task

1. The important questions under economic

a. What to produce?
-Here it covers the decision, planning and control of each
system in what to offer. Here should come the defined
demand.
b. How to Produce?

-For this question, it may be tackled by one system by the

consumers’ decision or business chosen production or by
consumers’ income. Here should come the way or style of
production.

c. For Whom to Produce?

-For this question, it answers who will be the target

market or consumers. A need for a product will be made
for them.

2. The mixed economy is being practiced by our country, the Philippines. It

is evident that consumers and businesses decide what to produce in the
market while there is a government regulation and policies that sets safety
standards in the market.

After reading the important concepts: QUESTIONS

Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

1. There are numerous possible problems that may occur in this kind of
system wherein market economy does not let government intervene.
One problem I can identify is the surge of black markets out in the
open, where there will be unapproved and dangerous products like
genetically modified species in the market that may cause chaos and
imbalance. That is just one out of many problems that may arise if
there is no government regulation.
2. I recommend the mixed economy—the joint force of market and
command economy because this is what the nations mostly
implement due to its convenience and benefits of addressing and
answering the basic economic questions where consumers decide,
business choose, in consideration with consumers’ income and
welfare while government sets safety standards.
3. Among the factors pf production, I believe that all are essential
factors but the most important, for me, are the entrepreneurs
because they are the ones who decides and manages the utilization
of the available limited resources to produce in a firm and even
provide employment opportunities for households. They are the
guiding and leading factor that binds together the other important
factors of production.

Exercise: 1 “LD” if it is under land, “LB” for labor, “C” for capital, and “E”
for entrepreneurship

1. C 4.C

2.LB 5.E

3.LD

Exercise: 2 “T” if it is traditional, “C” for command, “MT” for market

economy, and “MX” for mixed economy.
1.T 3.MT

2.C 4.MT
 Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

5.MX

RESEARCH Q.

1.The significance of knowing

these economic systems is in
having the right knowledge on
how different economic systems
organize and distribute available
resources, goods and services. To
better decide what type of
economic system is suited for a
region or country.

Activity: 3 Process Question

1. I think the seller maintains its buyer or customer even without the
presence of the government through listening to the buyer or customer’s
needs, wants and unlimited demands.

Activity: 4 Performance task

“Product Market”
The SHEIN company mainly focuses on women's wear
like co-ords, dress, tops and bottoms, but they also offer
Revenue
Product men's apparel, children's clothes, accessories, shoes,
Spending
bags and other fashion items on the side. Product

“Target Market”
SHEIN’s target audience is price-driven SHEIN
people who love online shopping from all
over the world. The most common
purchases on the website are from: Gen Z
“Company”
consumers, mostly women. Parents of
children from 1 to 15 years old. “Factor Market”
Some of the main resources that are needed by
SHEIN, a clothing company, are the sewing
equipment, clothing patterns, various kinds ofLabor/Resources
Wages/Salaries
Labor/Resources cloth and accessories like zippers. They also need
land for warehouses in China and other parts of
the world they are supplying plus they need
manpower to operate their factory (Human
Income Resource). They need employees to find the right
wholesalers, distributors and retailers to bring their
product to the market.
Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

EXPLANATION and CONCLUSION:

My chosen products are from the SHEIN company. As a buyer, I

made the company’s circular flow model.

First of all, the SHEIN company mainly focuses on women's wear like
co-ords, dress, tops and bottoms, but they also offer men's apparel,
children's clothes, accessories, shoes, bags and other fashion items on the
side. SHEIN’s target audience is price-driven people who love online
shopping from all over the world. The most common purchases on the
website are from: Gen Z consumers that are mostly women and parents of
children from 1 to 15 years old. In addition, some of the main resources
that are needed by SHEIN, a clothing company, are the sewing equipment,
clothing patterns, various kinds of cloth and accessories like zippers. They
also need land for warehouses in China and other parts of the world they
are supplying plus they need manpower to operate their factory (Human
Resource). They need employees to find the right wholesalers, distributors
and retailers to bring their product to the market.

As products are sold to buyers like me who demand for trendy

fashion, we spend while the company generates revenue, in turn they will
continuously provide the resources needed for clothing demands like
materials and equipment that are run by employees of SHEIN who earns
income from their work that may also avail the products of SHEIN.
Therefore, it is truly a cycle for the buyer and the seller of SHEIN.

Additional Reference Used:

https://daxueconsulting.com

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
 Identify the
different
economic
Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

systems (A)
 Identify the
defects of a
pure market
system (M)
 Project the
framework of a
mixed economy
(T)
 Explain how
resources are
categorized
under
production. (M)

Post-assessment:

1. T 6.F

2.T 7.T

3.F 8.T

4.F 9.F

5.F 10.F

Summative Assessment:

I. “LD” if it is under land, “LB” for labor, “C” for capital, and “E” for
entrepreneurship.

1.C 4.C

2.LB 5.E

3.LD

II. Write “T” if it is traditional, “C” for command, “MT” for market economy,
and “MX” for mixed economy.
Answer sheet: Module 2
Subject: BAC101 (Basic Microeconomics)

1.T 3.MT

4.MX

2.C 5.C