Name: Date:

Subject: Applied Economics

What I know

Activity No. 1 Direction: Let us check your knowledge to our topic. Kindly arrange the following words.
These are the terms you commonly encounter when you make decisions of going to the market. Examples of
these items are given on the right column.

1. MIRECOOCNOMSCI ________________________ individuals and industries

2. TENAGILBDSOOG _________________________basic goods/commodities
3. SARCITYC _________________________shortage in supply
4. UXDOOSLUGYR _________________________expensive jewels and gems
5. CDAOTOASAGIP _________________________baking machines

Assessment
Direction: Kindly choose the letter of the correct answer. Encircle your answer.

1. The physical effort of the manpower to produce the protective devices of the
frontliners describes which factor of production?
a) Land c) Labor
b) Capital d) Entrepreneur

2. The great ideas, concepts and drive of the production managers to produce
something new describe which factor of production?
a) Land c) Labor
b) Capital d) Entrepreneur

3. The computers of the production manager in an office are what kind of goods or
products?
a) Consumer goods c) Capital goods
b) Either consumer goods or capital goods d) Economic goods

4. Which best describes economics as a social and an applied science?

a) The study of things we need to survive
b) The study of how people make choices when they are faced
with an unlimited supply of resources
c) The study of human behavior
d) The study of how buyers make choices when there is limited supply of resources

5. Which of the following are examples of human needs?

a) Water and a place to live like houses c) Flat screen televisions
b) Iced caramel macchiato frappuccino d) Laptops and computers