1.

This is the ability to read, analyze, evaluate and produce communication in a variety of
media forms. Media Literacy

2. This is the ability to use digital technology, communication tools or networks to

locate, evaluate, use, and create information. Technology (digital) Literacy

3. This the ability to recognize when information is needed and to locate, evaluate,
effectively use and communicate information in its various formats. Information
Literacy

4. This refers to the method or the methos employed to disseminate this information.
Mass media

5. This is capable of tow-way communication. Internet

6. This is what you receive in return for what you say. Feedback

7. This is the means of communication that reaches or influences people, such as

radio and television, newspaper, and magazines. Media

8. This is the transmission of a message from a source to a receiver. Communication

9. These are fast nowadays in becoming interactive forms of communications.

Television and radio

10. It is a means of communication with the users of a product or service. Advertising

11. This is what the advertiser says about the product. Claim

12. This are messages paid for by those who send them and are intended to inform or
influence people who receive them. Advertisement

13. This shows how this product is different from similar products. Product
differentiation

14. This is the visual part of the ad. Images

15. This is providing specific facts about the product. Informational

16. He is he “dean” of the Philippine advertising practitioners. Pedro E. Teodoro

17. It is the first strictly Filipino advertising agency. Philprom

18. It was known to have advertised its product as early as 1986. San Miguel
Corporation

19. He set up and managed the first advertising agency. Edmund Bullis
20. He is the co-founder of Philprom. Fred Benitez
 
1. Define Economics.
- Economics is the study in how individual make choices to satisfy their unlimited wants.
Economic is also concerned with the production, distribution, and consumption of goods and
services. It investigates how individuals, businesses, governments, and nations make resource
allocation decisions.
2. What is scarcity?
- Scarcity is the basic economic problem, where there are limited resources to satisfy the needs
and wants of the people, just like the limited supply of oil or land.
3. Differentiate relative and absolute scarcity.
- Absolute scarcity is when there is insufficient supply of a resource to support current demand.
While relative scarcity is when supplies are enough to satisfy the demand of the people.
4. Example of opportunity cost.
- Deciding whether to study for the exam or have fun with your friends outside the house.
Reviewing for the upcoming exam in order to get good grades or joining your friends but not
being prepared to take the exam.
5. 4 factors of production with description.
- Land = the space used to create the product.
- Labor = the effort or the manpower to make the product or service.
- Capital = it can be physical capital like the machinery and equipment, or it also can be financial
capital, or the money needed to make the product or provide the service.
- Entrepreneurial ability = is the skills of a person or an entrepreneur to make the product
possible or it is what you call “master mind”.

Describe the type of economic system characterized in each of the following:

1. Prices are based on the 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 decisions on what to buy.
5. People have no freedom of choice in arriving at decisions on what to buy.
6. Economy is stagnant making use of practices in the old times.
7. Economy is backward because no new technology or production methods are introduced.
8. It is the most democratic form of economic system.
9. People’s preferences are reflected in the prices they are willing to pay in the market.
10. It exists in primitive and backward civilization.

Enumeration

1-6 What are basic economic problems in the Philippines.

7-8 Two categories of poverty.

9-10 Two branches of economics.