GANAO, FRANCINE SAYRA S.

12 – SAINT MATTHEW
Activity 1.1.1 Think and Write

Do you still remember any term in Economics in your Araling Panlipunan subject during your
Grade 10? I want you to list down below all the words you remember and answer the following
questions:
• Supply and Demand
• Scarcity
• Labor
• Unemployment and Employment
• Socio-economic Class/status
1. Since the world is evolving into a new era wherein everything is becoming modern and
digitalized, people are also starting to adapt to this change. According to research or site that I’ve
read before, the younger generations which are millennials and Generation Z are more willing to
spend money and most likely to purchase items. As for me, who is still in the middle of the process
of blooming into a legal age, I am currently unemployed and still studying to aim for the goals that
I want to have in my reach in the future. But then, because of that, I am lacking resources that I
need and also have wanted that seems to have no limits, which we could apply scarcity and the only
thing you could do to be able to make your wants happen, we need to put on a big amount of effort.
Independence has always been part of what I want to happen in the future wherein I’ll be able to
live alone and afford my own needs and wants, but for that to be possible, what I need to do is to
study which I could do alone or with the group of students and friends in the same socio class to
help each other. After all, to be able to spread your wings and fly is one thing that everyone’s
dreams of for it is the path towards success. For success is the most efficient way for you to supply
the demands of people important to you for what they need.
2. The terms written above are significant for it affects the economy in the Philippines. Education,
money, neighborhood safety, job, and social support could all have a major effect on how well
individuals live and how long they live. Our capacity to make wise choices, pay for health care
treatment and shelter, cope with stress, and many are influenced by these elements. To be able to
survive healthily and live longer, we need to have excellent socioeconomic changes, such as decent
schools, strong media platforms, and stable employment. Humans have always lacked the resources
they need because it’s not abundant, and since it’s limited, there is a cost to attain them, which is the
reason why they need to have money to be able to grasp those things. Being employed will make
them demand the things they need, and also increase labor which represents manpower and effort,
with it we will be able to increase the goods that are limited, and for that, the consumption will also
increase.
Activity 1.1.2 Word Search. Identify the word or terminology described in each number. Find in the
box and encircle the correct answer.

M I C R O E C O N O M I C S R
A L M L K P A Z H K Q W O R O
R A A P R L R D L P U Y M T M
E N C E O M Q O L J B I M O A
N U D C E R A T D Q L P A Q C
T N Y O S P T X O U K J N H R
R A O N Q R P S W R C F D G O
E P L O U S S C F Y U T E D E
P P N M I L A B O R Z A I S C
R L E I N T R O X C C V B O O
E I W C E U F P K J L M D N N
N E G S C A R C I T Y K H M O
E D Z K S V E D A S D F A G M
U E T A X P A Y E R Q R F W I
R Z N J U W M W U Y K T R E C
I G A H P A U I J E G I O P S
A A R D N X B K T N C X Z S Z
C B F B E Y J L I V B N M A Q
E A S T I N T E R E S T E V W
C R E S O U R C E S H W R E T

1. ECONOMICS is the social science that involves the use of scarce resources to satisfy unlimited
wants.
2. Economic resources, also known as factors of PRODUCTION, are the resources used to
produce goods and services.

3. SCARCITY is a condition where there are insufficient resources to satisfy all the needs and
wants of a population.
4. LABOR is a physical and human effort exerted in production.
5. Capital is a man-made resource used in the production of goods and services, which include
machineries and equipment. The owner of capital earns an income called INTEREST.
6. COMMAND ECONOMICS is the authoritative system wherein decision-making is
centralized in the government or a planning committee.
7. Soil and natural RESOURCES that are found in nature and are not man-made.
8. APPLIED economics is the application of economic theory and econometric in specific
settings with the goal of analyzing potential outcomes.

9. An ENTREPRENEUR is the organizer and coordinator of the other factors of

production.

10. MICROECONOMICS deals with the economic behaviour of individual units such as the
consumers, firms, and the owners of the factors of production.

Activity 1.1.3 Check Your Understanding

1. 1. Social Science deals with the social relationship as well as human behavior in
society, which is the reason why economics is a study of social science. In economics, we
focus on how products are manufactured, transported across the economy, and purchased
by people and companies. The way governments and corporations manage assets to
support consumer conditions and expectations is also a part of economics. Economics is
characterized as a social science since this utilizes scientific methods to improve ideas
and theories that could be used to describe how people, organizations, and businesses
behave. Whenever resources are transferred, economics aims to explain economic
behavior.
2. Because economics has been the study of pricing, Applied Economics is firmly anchored
in scarcity. As a Senior High School student, I’ve always believed that everything has a
price, and there’s always in return for everything. Deeply speaking, even love is not free
for the cost will be a pain, but it could be worth it in the end. Coming back, the resources
we have are limited because the only resources that are abundant are those that have no
price or cost, which is the air that we breathe. We lack something that we need because
not all resources are abundant and for that, we will need to set a price. As for me, I’ve
lacked the things I need, such as money, for I am still in the process of studying and
unable to provide for myself because the price of having money is being employed and
working. And if you’re lacking money, you won’t be able to buy the things you need, for
that you’ll lack the resources that you need.
Activity 1.1.4. Making It Count!

Talk to the person who prepares the household budget for the family, it could be your mother or
your father. Make a list of all the basic expenses for one month. Then ask the budget in percentage
for each of these expenses.
• Groceries – 40 %
• Health Kit (Alcohol, Face Mask, Medicines, and etc.) – 10 %
• Utility Bills – 30%
• Clothes – 10%
• Gasoline – 10%
100%