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Amores - Midterms 130
Amores - Midterms 130
Instructions:
Answer the Essay questions legibly, clearly, and concisely. Start each
number on a separate page. An answer to a sub-question under the
same number may be written continuously on the same page and the
immediately succeeding pages until completed.
Your answer should demonstrate your ability to analyze the facts, apply
the pertinent laws and jurisprudence, and arrive at a sound or logical
conclusion. Always support your answer with the pertinent laws, rules,
jurisprudence, and the facts.
After answering the questions, upload your answers via this Google
Drive:
https://drive.google.com/drive/folders/1Z237abmiNR7Cq1vskJ4Q3wVW
DdqEKa62?usp=sharing
I.
Republic of the Philippines
CEBU NORMAL UNIVERSITY
Osmeña Blvd, Cebu City, Cebu 6000
(032)253-7915, (032)254-1452, (032)254-6814
www.cnu.edu.ph
II.
Republic of the Philippines
CEBU NORMAL UNIVERSITY
Osmeña Blvd, Cebu City, Cebu 6000
(032)253-7915, (032)254-1452, (032)254-6814
www.cnu.edu.ph
III.
Republic of the Philippines
CEBU NORMAL UNIVERSITY
Osmeña Blvd, Cebu City, Cebu 6000
(032)253-7915, (032)254-1452, (032)254-6814
www.cnu.edu.ph
What are the different economic resources? Define each and provide
examples? (10 points)
The economic resources are the basic needs for production, such
as land, labor, capital, and entrepreneurs. Land is rich in natural
resources such as minerals, water, and land used for production. It is
also a place for production to collect rent or mortgage and space for
factories and other industries to produce products and services. Labor is
the skills and services of an individual that are required for production.
Businesses need labor to increase productivity and to keep up with the
demand. Capital refers to the purchasing of goods and services using
money that is needed for production. Entrepreneurs are the risk-takers
of a business that may succeed or fail, both from large businesses to
small businesses. Without them, there is no economic growth as they
initiate ideas of goods and services for investors to invest in.
IV.
A mixed economic system allows private ownership and also offers some
economic freedom over its resources, but it also allows governments to
intervene in economic activity for regulations. Countries with mixed
economic systems have privately owned businesses while the government
controls public services.
The Philippines has been a mixed economy for years, which means
privately owned businesses are following government regulations. I would
stick to a mixed economy to avoid more conflict in society, business, and
politics that are presently turbulent. A mixed economy might elevate
social welfare if the government has a share and thus is obliged to
support industries such as healthcare, education, and other social
programs.
V.
Define and distinguish demand and supply? (5 points)
Republic of the Philippines
CEBU NORMAL UNIVERSITY
Osmeña Blvd, Cebu City, Cebu 6000
(032)253-7915, (032)254-1452, (032)254-6814
www.cnu.edu.ph
Demand is the amount of goods and services wanted by the buyer and
their willingness to buy a product or service at a given amount of price.
Supply refers to the amount the market can offer goods and services to
its buyers in exchange for a price. There is an inverse relationship
between supply and demand. The higher a good's price is, the less people
will demand it, and the lower a good's price is, the more people will
demand it. In other words, the higher the price, the lower the quantity
demanded. But also, the higher the price, the higher the quantity
supplied because suppliers think that if there is a high price, then there
is a high opportunity cost.
VI.
True or False:
Republic of the Philippines
CEBU NORMAL UNIVERSITY
Osmeña Blvd, Cebu City, Cebu 6000
(032)253-7915, (032)254-1452, (032)254-6814
www.cnu.edu.ph
5. The supply curve is upward sloping from left to right. The demand
curve is downward sloping from left to right. (2 points) True