APPLIED ECONOMICS

Quarter 1 – Week 2
Learning Activity Sheet
Name: _______________________ Grade & Section: ________________
I. Identification: Direction: Please read and analyze the questions carefully.

1) What do you think were the resources used to produce the product?

2) What were the issues/problems in the production of the products?

Resource in the Production Issues/Problems in the
Production

II. Matching Type: Match Set A or the central economic issues and problems to Set B
or the description of economic issues.
SET A SET B
1. What to produce A. the legalities of the production

2. How to produce B. the nature of goods to produce

3. Whom to produce C. the allocation of the among members of the society

4. What provision in the production of D. the methods of production
products
III. Word Investigation:Analyze the graphic organizer then answer the given questions.

& needs

1. Define the meaning of Scarcity.

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2. Explain the difference between a want and a need. Give examples.
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 3. Why is economics deeply rooted in the concept of scarcity?
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IV. Directions: Despite the limited resources and scarcity of products for our consumption, today, we
still want to achieve maximum satisfaction. We make use as few resources as possible, allocate our
resources where they are best suited, and use the appropriate technology or materials and produce the
right goods and services. Given the resources below, please select the most efficient products that
could be produced to maximize production and help the economy.

Raw material Finished Product/Services Choice

1. Steel: casino tokens or public cars?

2. Crude oil: gasoline or kerosene?
3. Cars: small cars or SUVs ?
4. Flour: cakes or breads?
5. Cloth scraps: doormats or washable masks
6. Fruits: canned juices or fresh fruits?
7. Vegetables: fresh or frozen vegetables?
8. Coconut oil: cooking oil or expensive lotion?
9. Sources of air: electric fans or units of aircon?
10. Imports: PPEs or clothes from Korea?

V. What Will You Do: Read and analyze the given situation? Answer the following questions.
You have to make a decision. Your favorite band is having a concert in town and you really want to go!
The tickets are expensive, though, and there are so many things you could do with that money. You
could:
 Buy the concert ticket
 Use the money to see five movies
 Use the money to buy the band’s new CD plus a pair of jeans
 Save the money for your vacation
1. What will you do? Choose one of the above or something else and explain why you made your
choice.
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2. What does Economics mean to you? What does it have to do with the example above?
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3. What do you think of when you hear the word Scarcity or Scarce? Explain.
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4. How do you determine what things you choose to buy or not to buy? What is the difference between
something you need and something you want?
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5. Why are some things more expensive than others?
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VI. Fill in the Blanks. Please read and answer the following sentences
 Among nations, these are the common economic problems on production of goods and
services: a.) ________________________ ;b.) ________________________;
c.) ________________________;d.) ________________________

 Economics can be a tool to solve the fundamental problem in economics which is

________________in the production of goods and services.
 The strategic solutions/decisions/options to economizing problems include a) ______ ;
b) ; and c) .

VII. PIE CHART: Talk to the person who prepares the household budget for your family. Make a
list of all the basic expenses for one month. Then ask the budget percentage for each of these
expenses.
PIE CHART RUBRICS
CRITERIA DESCRIPTION POINTS SCORE
Content Title is appropriate to the topic of the chart. All areas of the
 Labels and graph are labeled and well defined including each sector in
Title the circle. the pie chart was created correctly; easy to 10
 Data interpret data; arranged attractively on the page.
 Accuracy
Work quality/effort The work done exceeds all expectations and shows that the
learner is proud of his/her work. The effort that was put 7
into this task is the best it can be by the learner.
Neatness of Data Table Few things are neat and readable.
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of Pie Graph
TOTAL: 20

REMEMBER:
 Economics can be a tool to solve economic problems on the production of goods and services.
 Production is the process by which resources are transformed into useful forms.
 Resources are things provided by nature that can be used directly or indirectly to satisfy human
needs.
 The basic economic problems on production includes: what to produce, whom to produce, how to
produce and what provisions on production for economic growth.
 Strategic options/decisions to economize the problems include: economic growth – ability to produce
goods and services; reduce expectation- reduce our wants - lessening consumption; improve the use
of resources - use our existing resources wisely; don't waste the limited resources; productive
efficiency; allocate efficiency; full employment and equity of resources; and reduce expectations –
reducing wants.
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ASSESSMENT: Read the following questions. Write the letter of your answer on the space provided.
_______1. Scarcity of resources in your locality is evident. Only available are fabrics, electric
sewing machines and skilled workers. The government said, you are only allowed to work from
home to be safe and free from infection of viruses. Which items most likely you need to produce?
a. PPEs b. Canned goods c. Sacks of rice d. Sewing machines
_______2. CALABARZON is one of the provinces which has the most cases of COVID patients in
Luzon. The region needs urgent services of the medical frontliners in curing the increasing number
of patients. There is scarcity in the raw materials for production. To whom would you produce first
the available resources?
a. Soldiers b. Police Officers c. Medical Frontlines d. Your family
_______3. There is an urgent need of PPEs by the medical frontliners in the province of Quezon due to
increasing number of COVID patients every day. Which is not true of producing the products (PPEs)?
a. Import from China
b. TESDA students and skilled workers may produce the PPEs
c. Manufacturers/suppliers may supply the PPEs
d. Export PPEs to Japan as gross national products
_______4. The ABM Manufacturing Company decides to produce more on liquid soap than bar soap
to supply the growing demands in the market. It solves issues on:
a. Whom to produce c. How much incentive
b. How to produce d. What to produce
_______5. The fundamental economic problem that must be solved efficiently
a. Scarcity of resources c. Surplus of Demands
b. Health system d. Export policies
_______6. Economists point out that scarcity must be addressed to protect the
a. The poor but not the rich
b. Both the poor and the rich
c. Neither the poor nor the rich
d. The poor but never the rich
_______7. What two factors contribute to scarcity in the production of goods and services?
a. Unlimited resources and limited wants
b. Unlimited resources and wants
c. Unlimited wants and limited resources
d. Limited resources and wants
_______8. If there is scarcity in public transportation, what should the learners do?
a. Home based learning is an alternative choice for access to education
b. Stop learning while waiting for transportation shortage to be solved
c. The government must import units of car from neighbor countries
d. All choices are applicable
_______9. The economists describe the amount of resources in an economy as:
a. Always constant
b. Can never decrease or increase
c. Unlimited at any moment in time
d. Limited at any moment in time
_______10. The following are examples of customers’ basic needs.
a. Water and shelter c. Laptop and cellular phones
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b. Iced tea d. Expensive bags
Prepared by: Checked by:
CLARISE D. LAUREL MYLA V. COMBALICER, EdD
Subject Teacher Principal II