Applied Economics Quarter 3 - Module 1

TOPIC: Economics as a Social Science and Applied Science in Terms of Nature and Scope

Let Us Try! - Activity 1: Guessing TaYO!

1. CAPITAL GOODS
2. MICROECONOMICS
3. SCARCITY
4. LUXURY GOODS
5. ECONOMIC GOODS
6. CONSUMER GOODS
7. ESSENTIAL GOODS
8. APPLIED ECONOMICS
9. RATIONALITY
10. ECONOMICS

Let Us Practice - Multiple Choice

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

Let Us Remember

Activity 1: Is it True?

1. D
2. D

Activity 2: Halika Classify Natin

CONSUMER GOODS

 Toothpaste; bath soaps

LUXURY GOODS

 Perfumes; wristwatch
INDUSTRIAL GOODS

 Coffee maker

ECONOMICS GOODS

 Unit of air-conditioning

ESSENTIAL GOODS

 Canned goods; bread; sacks of rice; meat products; vegetables

Let Us Assess

Assessment 1

1. Labor
2. Land
3. Entrepreneurship
4. Capital

Let Us Enhance

Direction: Supply the blank by writing the current word/s to complete the statement. Write your
answer on separate paper/answer sheet.

1. Microeconomics
2. Macroeconomics
3. GDP
4. unemployment rates
5. inflation
6. Consumer Goods
7. Essential Goods
8. Industrial Goods
9. Luxury Goods
10. Economic Goods
11. Land
12. Labor
13. Entrepreneurship
14. Capital
15. Unlimited
Let Us Reflect

Direction: Write your reflection in your Answer Sheet (500 words)

As a senior high school student, I would like to apply these concepts because they are important
to address the Philippines' problem from 2019 till now. So, what are monetary and fiscal
policies? According to CFA Institute, monetary policy refers to central bank activities directed
toward influencing the quantity of money and credit in an economy. By contrast, fiscal policy
refers to the government's decisions about taxation and spending. And this both monetary and
fiscal policies are used to regulate economic activity over time. However, how are these two
described as the solution to address the Philippines' economic problems? In my perspective,
monetary policy can help unemployed people afflicted by the coronavirus by lending the
government money to gather all the needs of each family in the Philippines; thus, central banks
should increase their lending options to the private sector and government. On the other hand,
fiscal policy is the one that will manage the needs of individuals now that the government is in
place. They can decide what they will buy with the money that Central Banks lend to them,
which will also help the people who trust them to help them when they are in need, especially in
this crisis. Therefore, both are needed to solve this problem to decrease this country's
unemployment rate.

To begin with, I have seen how the world has been fighting this coronavirus since 2019 because I
am one of those who has been fighting. Honestly, I'm not happy that this is happening to the
world. Still, I recognize that it is a challenge for us to be more productive in this society and that
monetary and fiscal policy will respond accordingly. In my opinion about these monetary and
fiscal policies and their application to address economic problems of the Philippines today, these
two powerful tools where our Central Banks and Government will help each other use to steer
our economy in the right direction which to give their best to meet the needs of every people
living in this country. There's nothing wrong with using these two powerful tools. When used
correctly, they can have similar results in stimulating our country and slowing it down, heats. As
a result, if these two concepts combine, both will be the solution to this crisis.

In conclusion, various examples of countries have abused monetary and fiscal policies, resulting
in excessive inflation, a balance of payment problem, and corruption; unfortunately, the
Philippines is one of them. The proposed solutions would make the routes via which a larger
money supply enters the economy more democratic in the long run. As mentioned above, the
Philippines community must likewise scale up its response because people in the Philippines
suffer every day and want the best for their lives, their families, and the country's government.
We realize that the situation is challenging right now and that the globe will not be the same after
this crisis, but it is in our hands to limit the damage, particularly in Covid-19, and build a strong
foundation for our country that includes monetary and fiscal policy.

Assessment

1. Here in #1 is 'Essential Goods' because it mentions vegetables. But it's none of the
options.
 2. D
3. A
4. D
5. C
6. C
7. C
8. D
9. D
10. D

Worksheet

Let's Do This (Additional Activity No. 1)

LAND- inadequate land and natural resources; polluted areas; overcrowded spaces

LABOR- unskilled workforce (labor intensive); mismatch of jobs (under-employment)

CAPITAL- low quality of equipment/machines (capital intensive)

ENTREPRENEURSHIP- inadequate trainings and funds for entrepreneurs; failure to create great
ideas in business

Activity No. 2.

MICROECONOMICS

1. Studies of markets of goods and services;

2. Focuses on supply and demand and other forces that determine price levels in the
economy;
3. It focuses on understanding human choices, decisions, and the allocation of resources.

MACROECONOMICS

1. Studies the economy as a whole;

2. Examine the factors that lead to changes in the main characteristics of the economy—
output, employment, inflation, and the interest rate;
3. Policies are focused on monetary policy and fiscal policy.