��Activity 1.

Reviewing Oneself
Name:_Arian Keith P. Aquino________________Score:__________
Date Accomplished :____11/04/2021______________
Instruction: Answer the following questions. Write your answer in the space
provided.
Test 1. Fill in the blanks: Choose the correct answer. Erasures are not

ALLOWED! (15 pts)

1. Things that people buy like food, clothes and cellphones to satisfy them
wants is considered as _Consumer Goods and Services__.

2. The commodity like crude oil is an example of the situation in the market
called Necessities______.

3. Silicon is one of the elements that can be found in the sand. Silicon is
considered as __ Supply ____________.

4. For an average income Filipino, a car is an example of

__ Luxuries _______

5. There is an increase in the sales of netbook for the past five years, in
economy this pertain to market __ Demand____________.
Test 2. Answer What Is Being ask. (25 pts.)
6. How does economics apply to your daily life as a student.
Our daily lives are influenced by economics in both visible and subtle
ways. Individually, economics shapes many of the decisions we must make
regarding job, leisure, spending, and how much to save. Macroeconomic factors,
such as inflation, interest rates, and economic development, also have an impact
on our lives.

7. Under normal circumstances, when price of a commodity falls, the

quantity demanded will ______. (increase, decrease, unchanged).
Why?
For normal goods, the income and substitution influence both work in the
same direction. A decrease in the relative price of the commodity will increase
quantity demanded both because the good is now lower in price than alternative
products and because the lower price means that consumers have more total
purchasing power and can increase their overall consumption.

8. Available resources are limited and human wants are unlimited, what
can you suggest about this situation?
Human desires are unlimited, but the problem is that they have limited
resources. I would suggest that we should make the best use of our resources
and decide what to create, how to produce it, and how much to produce. We
must learn to regulate the utilization of resources according to the needs of the
moment.

9. What usually constitutes the main source of a government’s income?

Income, sales, and property taxes are the main sources of revenue for
state and local governments. Property taxes are the biggest source of tax
revenue for local governments, including school districts, while income and sales
taxes account for the majority of combined state tax revenue.

10. Which do you think is best economic system to be used? Why?

Capitalism is the best economic system because it provides a wide range
of rewards and possibilities for everybody in society. Producing money and
innovation, improving people's lives, and giving people power are only a few of
the advantages.