Applied Economics

Name: Angelica Berbal

Section: Grade 12-Ayala
Week 3

WHAT’S NEW
Activity 1.
A.

1. A
2.D
3.C
4.B

B.

A. C
B. E
C. D
D. B
E. A

WHAT I KNOW
Activity 2

The law of demand states that if all other factors

remain equal, the higher the price of a good, the
fewer people will demand that good. In other words,
the higher the price, the lower the quantity demanded.

THE LAW OF SUPPLY

The law of supply says that a higher price will induce
producers to supply a higher quatity to the market. Beacuse
businesses seek to increase revenue, when they expect to
receive a higher price, they will produce more.
WHAT’S IN
A.
The Imposition of Taxes: Micro-Level
This addition of prices has the effect of shifting the supply
curve upward by the amount of tax charged. This creates a
new level of quantity supplied, at a level less than the
equilibrium amount, and a new price, at more than the
equilibrium amount.

B.
The difference between the Quantity Demanded (QD) and
the Quantity Supplied (QS) is the Excess Demand. Excess
Supply. Excess Demand occurs when the Price of a good is
lower than the Equilibrium Price, meaning more consumers
will want to buy the good than suppliers are willing to sell.

C.
The supply curve will shift in relation to technological
improvements and expectations of market behavior in very
much the same way described for production costs.
Technological improvements that result in an increase in
production for a set amount of inputs would result in an
outward shift in supply.

ASSESSMENT

1. Market- A market is a composition of systems, institutions,

procedures, social relations or infrastructures whereby parties
engage in exchange. While parties may exchange goods and
services by barter, most markets rely on sellers offering their goods
or services to buyers in exchange for money.

2. Movement of demand- Movement along the demand curve

depicts the change in both the factors i.e. the price and quantity
demanded, from one point to another. Other things remain
unchanged when there is a change in the quantity demanded due to
the change in the price of the product or service, results in the
movement of the demand curve

3. Movement of supply- a movement along the supply curve will

occur when the price of the good changes and the quantity supplied
changes by the original supply relationship. In other words, a
movement occurs when a change in quantity supplied is caused only
by a change in price and vice versa.

4. Equilibrium- a state in which opposing forces or actions are

balanced so that one is not stronger or greater than the other Supply
and demand were in equilibrium. chemical equilibrium. a state of
emotional balance or calmness It took me several minutes to recover
my equilibrium.

5. Government- A government is the system or group of

people governing an organized community, generally a
state. In the case of its broad associative definition,
government normally consists of legislature, executive, and
judiciary.

6. DTI- The Department of Trade and Industry is the executive

department of the Philippine government tasked as the main
economic catalyst that enables innovative, competitive, job
generating, inclusive business, and empowers consumers.

7. SEC- The Securities and Exchange Commission is the

agency of the Government of the Philippines responsible for
regulating the securities industry in the Philippines. In
addition to its regulatory functions, the SEC also maintains
the country's company register.

8. DOE- The Department of Energy is the executive

department of the Philippine government responsible for
preparing, integrating, manipulating, organizing,
coordinating, supervising and controlling all plans
9. DOT- The Department of Tourism is the executive
department of the Philippine government responsible for the
regulation of the Philippine tourism industry and the
promotion of the Philippines as a tourist destination.

10. DENR- The Department of Environment and Natural

Resources is the executive department of the Philippine
government responsible for governing and supervising the
exploration, development, utilization, and conservation of the
country's natural resources
WHAT I CAN DO?

ITEMS MARKET SUPERMARKET

Pork (kilo) 330.00 350.50
Chicken (kilo) 140.00 155.75
Sugar (kilo) 43.00 53.60
Beef (kilo) 250.00 280.69
Egg ( pc ) 8.00 9.60
Facemasks (pc) 5.00 6.50
Rice (kilo) 45.00 55.50
Tilapia (kilo) 120.00 127.75

supermarkets are bigger in size than markets. Supermarket

offera wide variety of food and household merchandise,
organized into departments. It is larger in size and has a
wider selection than a traditionalmarket. People may have
more chances to buy what they want to buy.

WHAT I HAVE LEARNED.

1. On next week I will buy one sack of rice because I eat to much rice

2. My brother request me to buy him a cookies

3. I will cook CALDERETA because it’s my Favorite

WHAT I CAN DO? (ASSESSMENT)

3.1
3.2

Data interpretation is the process of reviewing data through some

predefined processes which will help assign some meaning to the
data and arrive at a relevant conclusion. It involves taking the result
of data analysis, making inferences on the relations studied, and
using them to conclude.Data analysis and interpretation is the
process of assigning meaning to the collected information and
determining the conclusions, significance, and implications of the
findings. The analysis of NUMERICAL (QUANTITATIVE) DATA is
represented in mathematical terms to examine critically, so as to
bring out the essential elements or give the essence of: to analyze a
poem. to examine carefully and in detail so as to identify causes, key
factors, possible results, etc.

3.3

REFLECTION

It's a fundamental economic principle that when supply

exceeds demand for a good or service, prices fall. When
demand exceeds supply, prices tend to rise. However, when
demand increases and supply remains the same, the higher
demand leads to a higher equilibrium price and vice versa.