Name: Ganao, Francine Sayra S.

Date: 02/13/22
Section: Saint Matthew Teacher: Ma’am
Erika Miranda

Test I. Memory Recall

Directions. Write down the correct answer in the space provided.

1. Economics A social science which deals with the allocation of scarce

resources to satisfy the unlimited human wants.
2. Applied Economics The application of economic theory and econometrics in specific
settings with the goal of analyzing potential outcomes.
3. Macroeconomics It deals with the economic behaviour of the whole economy or
its aggregates such as government, business and households.
4. Economic System The way the economic units are organized to make decisions on
the economic problems of society.
5. Scarcity A condition where there are insufficient resources to satisfy all
the needs and wants of a population.
6. Mixed Economy This is a system which is a mixture of the different types of
economy.
7. Capital It is a finished product which is used to produce other goods.
8. Microeconomics It deals with the economic behaviour of individual units such as
the consumers, firms, and the owners of the factors of
production.
9. Psychological needs/ Man’s needs required for his survival.
goods and services
10. Labor It is also termed as human resource.

Test II. Identification

Directions. Identify which economic resources are referred to by the following words. Choose
the correct answer from the given word bank and write it on the lines before each number. 
Labor Entertainers
1.
Land Minerals
2.
Land Forests
3.
Land Marine resources
4.
Labor Teachers
5.
Capital Technology
6.
Capital Production
7. equipment
Labor Engineers
8.
Foreign Exchange 9. Call center agents
Entrepreneur Business proprietor
10.

Test III. Essay

Directions. Answer the following questions intelligently. (10 points each) 

1. In what way is applied economics important in tackling economic issues or problems of the
country?
- We have a lot of economic issues in our countries that people are not paying
attention to, and since applied economics is the application of economic principles
to our issues, it enables us to know how to deal with them and come up with
solutions to those problems. Our economy has been dropping and rising from time
to time, and it rapidly changes depending on how people manage as well as
society. But then, since problems and issues are inevitable in our economy, we
should always plan ahead of time, using what we learned or get information from
the economic theories to apply them because when the economy drops, the people
will be the ones to suffer just like what’s happening in the world today due to the
pandemic wherein people lost their jobs because of the establishments closing.
We should always pay attention to our economy, and it is necessary for us to
know the outcomes of our actions to prevent economic problems that might fall in
our country, thus applied economics is important to be talked about whenever we
tackle the economic issues of our country.

2. It is said that we cannot solve economic problems by making economic solutions alone.
If this is so, why and why not?
- Every action has consequences. Thus even solutions to those problems have
consequences that could either harm or bring good to the society, which is the
reason why even solutions must be thought properly before being commenced to
apply to know the outcome. Many countries have solutions when economic
problems piled up, but they couldn’t solve them because of being unable to
execute them properly. But then, what are the causes of an economic problem,
anyway? Mostly, it's based on the society and people, but there are times when
it’s because of an unfortunate event just like the pandemic for example wherein
the economic growth started to go down. In short, problems are inevitable, but if
humans are also the cause of the economic problems that are happening in our
country, we won’t be able to solve them by making solutions alone. In order to
change the society and economy, the change should start with ourselves first
because sometimes, we aren’t aware that we’re the ones who are making
problems and creating chaos in our economy rather than helping.
Activity 3.1 Sum Me UP 
(10 points)
Based on the lesson, I have realized that resources are limited, which is the reason why
despite having unlimited wants, our resources are limited. Though there are a lot of sellers or
companies that compete with each other for having products, they are still limited, which is the
reason why the value of products gets high depending on the supply and demands for the things
that are abundant in this world doesn’t cost anything such as air. There are a lot of problems
occurring in the economy, and most are common problems that we fail to give solutions to, and
for that, the more that the economy falls, and the resources of goods could also decrease than
how it normally is. If we pay attention to the problems and apply economic solutions, we will be
able to know the outcome that our actions may cause. Especially right now that we’re in the
pandemic, we should pay attention to our economy because it impacted the people a lot who lost
their jobs and got scarred along the way. Good thing that it is slowly growing once again because
of the new establishments and businesses that they built, making our economy slowly rise once
again. 

Activity 3.2. Find My Match

Directions: Match the items in Column A with Column B.
 
Column A Column B
D 1. General agreement of the buyer and the seller in the exchange of a. Floor
goods and services at a particular quantity. price
A 2. The legal minimum price imposed by the government on certain b. Price control
goods and services.
F 3.  A condition in the market where the quantity supplied is more than c. Adam Smith
the quantity demanded.
G 4. British economist who introduced a kind of pricing scheme by d. Market
combining the law of demand and the law of supply. equilibrium
I 5. The quantity of a commodity which buyers will buy at a given time e. Shortage
and place will vary inversely with the price.
H 6. The legal maximum price imposed by the government. f. Surplus
K 7. This means that as price increases quantity supplied also increases; g. Alfred
and as price decreases, quantity supplied also decreases. Marshall
B 8. The specification by the government of minimum or maximum prices h. Price ceiling
for certain goods and services.
E 9. Basically a condition in the market in which quantity demanded is i. Demand
higher than quantity supplied at a given price.
J 10. It means all other things equal or constant. j. Ceteris Paribus
k. Law of Supply
Activity 3.3 Sum Me UP (10 points each)
Based on the lesson, I have realized that the law of supply and demand states that supply
and demand depend on the cost of the goods. Since people prefer products that are cheap and
doesn’t cost much, they will buy goods that don’t have a high price, which is the reason why
when people find a product that’s useful and doesn’t cost a lot, the demand will be high, but
then, changing the price of the product to make it costly will make the demand go low. However,
for those who produce the products, when a product costs a lot, they will produce more products,
but the thing is, you won’t be able to guarantee the demand since people prefer products that can
be bought in a cheap amount instead of a costly product. Moreover, when the price of the
product decreases, the supply of the goods will also decrease, where most likely the demand will
be high. In short, the cost of products will determine how the supply and demand of goods will
happen.
Activity 3.4   Picture Analysis (10 points)
Directions: Describe or give your own idea about the given pictures.

   

   
- The given pictures above are successful businesses with different market structures. Monopoly
is another term for the who’s in control and who dominates where there is no competition within
the industry just like the Meralco. The Philippine Congress has provided it the exclusive ability
to distribute power within its territory. To look at it another way, it is against the law for anyone
except Meralco to supply energy in the region. An oligopoly is a market structure wherein the
behavior of a few dominating companies is impacted by each other, and its example is petrol
companies like Shell. They were also price makers because their demand curve is downward
sloping. Perfect competition is wherein a large number of vendors are battling to sell the same
good or service to a large customer base just like the Sari-sari store, which is the reason why it is
part of perfect competition. Monopolistic competition is one kind of imperfectly competitive
market. There are several contending companies in monopolistic competitive markets, however,
the goods they sell are not the same and unique to each other, which is the reason why malls like
Ayala Malls are part of monopolistic competition.
Activity 3.5 Word Finder
Directions: Unscramble the words. Write down your answers in the box.

1. GOLPYOLIO
O L I G O P O L Y

2. MYOONOPL
M O N O P O L Y

3. COMTINOPEIT
C O M P E T I T I O N

4. LTICONPMOOSI
M O N O P O L I S T I C

5. KTERAM
M A R K E T
Activity 3.6 Sum Me UP (10 points)
Based on the lesson, I have realized that market structures are where the sellers and
buyers work in a competitive way wherein the qualities of goods could also differ on each
market, depending on the production and where they get their resources, which is the reason why
their profit also differs. Since times are changing, the technologies are also evolving, which is the
reason why each seller or company are getting a step ahead through the use of technologies that
could help them in producing the goods or even make them of high quality, and because of that,
there are those who are new to this who are intimidated by those who already got experience and
of course, have already established their names in the industry. And since competition with
sellers and companies are inevitable, they try to beat each other, which is the reason why there
are only a few who gets to stay in the industry.

Activity 3.7  I Can Do This! (10 points)

Give one example of an industry/company in the Philippines and identify what market structure
the company belongs to. Explain.
- Monopolistic competition, in other terms, there is no one dominating the market
wherein there are who offers services or products that are similar yet different
from each other. One of the examples of monopolistic competition is a mall
wherein people most come and go, just like the Ayala Malls. If a person wants to
open a shop or sell in the market, the best area to do that is a mall where
everyone, no matter what ages and gender, would come there for it is where
entertainment and stores are built. In other words, malls have the power to
dominate the whole area, for it is where sellers or retailers would come, join the
market, and be competitive with the other stalls and shops.