APPLIED ECONOMICS ACTIVITY 1: SCARCITY AND COMPARATIVE ADVANTAGE

I. “ In your observation in your environment, identify if the following resources are

scarce (may it be relative or absolute scarce), or abundant in the Philippines :
”

1. Oil = Relative Scarce___________

2. Banana plants = _________________________________
3. Rice = _________Relative Scarce___________
4. Carbon Minerals = _________________________________
5. Diamonds = _________________________________
6. Marine resources = _________________________________
7. Human
“ resources with technical know-how ” =
_________________________________
II. “ Give more examples of Philippine resources that are scarce and abundant in
nature. ”

ABUNDANT IN THE PHILIPPINES SCARCE RESOURCES IN THE

PHILIPPINES

III. Now, based on your observation, what is the comparative advantage of the
Philippines over other countries, and what are our problems with resources?
Explain briefly.