ASSUMPTION SCHOOL-PASSI CITY, ILOILO, Inc.

Saligumba Street, Passi City, Iloilo

Gov’t. Recognition Nos.: SR-028, S. 2014; ER-098, S. 2014; ER-097 S. 2014
Tel. # 311-6263/5245
S. Y. 2021 – 2022

LEARNING ACTIVITY SHEET NO. 1

First Semester (Midterms) – Applied Economics 12

Name: _________________________________________ Grade and Section: __________________

Timeline: _______________________________________ To be submitted on: __________________

Topic: INTRODUCTION TO APPLIED ECONOMICS

Learning Competency/ies:
At the end of this lesson, you will be able to:
 Differentiate economics as social science and applied science in terms of
nature and scope; and
 Examine the utility and application of applied economics to solve economic
issues and problems.

DAY 1
Topic: Introduction to Economics

Concept:
This course deals with the basic principles of applied economics, and its application to contemporary
economic issues facing the Filipino entrepreneur such as prices of commodities, minimum wage, rent, and
taxes. It covers an analysis of industries for identification of potential business opportunities. The main output
of the course is the preparation of a socio-economic impact study if a business venture.
Economics, as a study, is the social science that involves the use of scarce resources to satisfy
unlimited wants. Part of human behaviour is the tendency of man to want have as many goods and services as
he can. However, his ability to buy goods and services is limited by his income and purchasing power. It is
therefore in this context that man has to practice economics.
Open this link https://www.youtube.com/watch?v=nWPrMmv1Tis for more information about
economics. If you do not have an internet connection, you can find this video in your flash drive entitled “What
is Economics?”
Read and study your hand outs entitled “Economics”.

Activity:
A. Determine if the following topics will fall under microeconomics or macroenomics. Write MIC if it is
Microeconomics or MAC if macroeconomics in each blank.

____1. The inflation rate in the Philippines in the last quarter of 2013 was 4.8%.
____2. Prices of Toyota vehicles are predicted to go up in December 2017.
____3. Garlic prices in the past months have risen because producers hoarded their supplies from their
warehouse.
____4. Coca Cola is a fast-selling product in the local marker.
____5. Prices of apples and grapes tend to increase by land owners because of the rent control act of 2009.

B. Identifying Economic System

Describe what type of economic system is characterized by each of the following. Write your answer in
each blank.

________________1. Prices are based on demand and supply

________________2. The government decides on what goods should be produced.
________________3. Ancient methods are used in deciding what goods to produce.
________________4. People enjoy freedom of choice in arriving at decision on what to buy.
________________5. People have no freedom of choice in arriving at decision on what to buy.

C. Economic Issues
Coronavirus Disease (2019) COVID-19 now poses a more serious downside risk to the global
economy. The World Health Organization (WHO) declared the COVID-19 outbreak a pandemic on March 11 to
signify its severity and global coverage and urged countries to take ‘urgent and aggressive action.’ As a result,
several countries have taken a variety of measures from mass testing, travel/border restrictions, to lockdowns
in a bid to contain the virus. Governments and central banks have likewise been adjusting the monetary and
fiscal policy to mitigate the economic impact. This means that we are now in the second chapter of the crisis
where the pandemic has translated into an economic crisis.

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Complete the table in the next page by writing your suggestions to the government in addressing the social
and economic impact of the COVID – 19 pandemic to the economy and the people.

Impact on… Intervention

Travel and Tourism
Exports and Imports
Consumption
Agriculture

Reflection: Life-Situation
Based on the preferences made by Nicole on what to do with her savings below, make your own
preferences too, considering the central concepts of economics. Indicate the good or services you want to buy
with your savings, then what problem you have experienced, your choice, and the best alternative you 2
foregone. After that, reflect on the questions.

DAY 2
Topic: Measuring the Economy

Concept:
The heart of economy is production whose value measures both resource input and output of people.
The interplay of resources and outputs tells how the economy has performed.
Economic Resources also known as factors of production are the resources used to produce goods
and services. These resources are, by nature, limited and therefore, command a payment that becomes the
income of the resource owner.
To know what are the economic resources and the economic problems, continue reading and studying
your hand outs entitled “Economics”

Activity:
A. Directions: Identify which economic resource is referred to in the following. Write your answer in each
blank.

________1. Entertainers ________6. Technology

________2. Minerals ________7. Production equipment
________3. Forest ________8. Engineers
________4. Marine resource ________9. Call center agents
________5. Teachers ________10. Business proprietor

B. Look at the economic problems that we are facing today because of pandemic in the first column. Discuss
the relation of those problems to applied economics.

Philippine Economic Problems In relation to Applied Economics

Low economic mobility

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Poverty and income inequality

Unemployment

Processing Question:

 In what way is applied economics important in tackling economics issues/problems of the country?

References:
 Rosemary P. Dinio, PhD, George A. Villasis (2017)), Applied Economics, Teacher’s Resource Material,
First Edition, Rex Book Store, Inc. (RSBI)
 Rosemary P. Dinio, PhD, George A. Villasis (2017)), Applied Economics, First Edition, Rex Book Store,
Inc. (RSBI)
 https://www.youtube.com/watch?v=nWPrMmv1Tis

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