Republic of the Philippines

APAYAO STATE COLLEGE

Luna, Apayao, Philippines 3818

SSE 104
MICROECONOMICS
Activities

Name: Rezia Rose D. Pagdilao

Program & Section: BSED-2 SOCIAL STUDIES MAJOR

Instructor: CESAR F. DE GUZMAN, JR.

MICROECONOMICS Module 1 2 | Page

 Republic of the Philippines
APAYAO STATE COLLEGE
Luna, Apayao, Philippines 3818

Activity 1-2
We have been taught that needs are fundamental for survival and that even without
wants, we can survive. Could you provide an example from your community that
demonstrates how wants or luxuries are also a requirement for survival in this era?

We all know that this time there is always a development and changes every generation
and era. Especially the wants and needs of every person as for their own survival in this
world.
In these days we are now living in a technological development in our own society so I
prefer that every product of technology is one of the examples from our community that
demonstrates how wants or luxuries are also a requirement for survival in this era.
Some of the product of technology are transportation these days are the needs of every
person the most important for the people who have their own jobs. Mobile phones is use
for our communication to our family in every time we miss them or an emergency things.
And also the electricity today is very important to every person for us to generate the
things easier and save more time and effort of our works.

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 Republic of the Philippines
APAYAO STATE COLLEGE
Luna, Apayao, Philippines 3818

Activity 1-2
With your economics knowledge, explain why scarcity serves as the foundation for
economic thinking.

As for me why scarcity is the foundation for economic thinking because we can
already know how to manage our own needs for us to have a satisfaction in our daily
life. We all know that if we have a lot of money we have we don’t think the usual
management of money we have because of the saying “one day millionaire” they use
all their money in just one day for the satisfaction of our needs and wants.

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 Republic of the Philippines
APAYAO STATE COLLEGE
Luna, Apayao, Philippines 3818

Activity 1-3
Kindly indicate two specific applications of economics in your daily life.

The two specific applications of economics in my daily life is being able to know how to
manage the family in times of needs. Being efficient and productivity in making proper
choices or decision in buying goods.

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 Republic of the Philippines
APAYAO STATE COLLEGE
Luna, Apayao, Philippines 3818

Activity 1-4
Identification. Directions: Fill in the blanks below:

They are in a form of services, like services rendered by doctors,

teachers, and nurses, which also satisfy human needs and wants
examples of Intangible goods.

Water from the ocean is an example of free good.

A printer and a camera are tangible and considered as capital goods.

According to the definition of good, refers to things that are produced,

traded, sold, bought, and utilized which satisfy a person’s wants and
desires.

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 Republic of the Philippines
APAYAO STATE COLLEGE
Luna, Apayao, Philippines 3818

Activity 1-5
Identification. Directions: Fill in the blanks below:

The price of face mask have soared during the time ECQ because of an
increasing demand of people for protection against COVID -19. But after
many companies and individuals started producing face-mask, resulted to
the decrease of the price of face mask. This statement is an example of
Positive economics.
In the Philippines, our labor force is increasing due to our growing
population and the government should focus on how to employ workers
rather than machines doing mostly the works. This economic problem of
how to produce refers to Normative economic.
In factors of production, Capital like machines are goods that are used in
producing other goods.
Without Scarcity there will be no need for production and distribution
because it is the ultimate end of economic activity.
Another term for opportunity cost that results because of scarcity is
Value.

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