Begino, Vanessa Jamila D.

ABM 12 Y1-4 LP 3RD QUARTER EXAMINATION IN APP ECO

1. In your opinion, what do you think is the best economic systems?

- I think the best type of economic system for me is Command economy. The command
system has a major centralized body (usually the government) that manages important
parts of the economic structure.
The communist economic system, also known as the planned economy, is common in
communist societies because production decisions are left to the government. If the
economy has access to many resources, it may tend towards a command economic
structure. In such cases, the government intervenes and manages the resources. Ideally,
central management covers valuable resources such as gold and oil. People regulate other
less important industries like agriculture.
In conclusion, the command system works very well as long as the central authorities
exercise control in the best interests of the general public.

2. Compare and explain the three economics system.

- There are three types of Economic system. The three system are traditional economy,
command economy, and market economy. Traditional economic systems are based on
goods, services, and labor, all of which follow certain established trends. Many are
dependent on people, with few divisions of labor or specialties. the traditional economy is
very simple and is the oldest of the three types.
- The command system is a command in which the basic problems of society rest on the
shoulders of the government. Here, the government has authority in the event of a disaster,
catastrophe, or national emergency. The command system works very well if the central
authorities exercise control in the best interests of the public. However, this rarely seems to
be the case. The command economy is strict compared to other systems. Centralized power
slows down response to changes. Market monetary structures are primarily based totally at
the idea of unfastened markets. A marketplace economy`s finest disadvantage is that the
distribution of assets isn't always equitable due to the fact folks that be triumphant
economically manage maximum of them.
To sum up, among these three types of economic system, the command economy
stands out because of its good performance with authorities.

3. Explain the law of demand?

- The law of demand states that if everything else is equal, the quantity of goods or
services purchased is a function of price. The law of demand confirms the inverse
relationship between price and demand. As prices go up, people buy less. If the price goes
down, they will buy more.
According to the law of demand, the quantity of goods or services purchased is a
function of price, everything else is the same. Unless nothing else changes, as prices go up,
people buy less. If the price goes down, they will buy more. The law of demand helps us
 understand why things are so priced. For example, retailers use the law of demand each
time they offer a sale. In the short term, everything else is the same. Sales drive drives
demand very well. Buyers react immediately to advertised price cuts.
Aside from price, other factors that influence demand are consumer income,
preferences, expectations, and prices of related products. The number of buyers can also
affect demand.

4. Explain the law of supply?

- The law of supply is a basic principle of economics, and assuming that everything else is
constant, it states that an increase in the price of a commodity leads to a direct increase in
the supply of the corresponding commodity. The law works as well with price cuts.
The law of supply reflects the behavior of producers when the price of goods rises or
falls. As prices go up, profits go up and supply tends to go up. On the other hand, when
prices fall, producers tend to cut production because of reduced opportunities for economic
gain.
There are many factors that influence the supply of goods in the market, such as input
costs, price of goods, state-of-the-art technology at a particular point in time, taxation,
prices of other goods, destinations of sellers, number of companies selling. Especially the
same product.

5. Differentiate the positive economics vs normative economics?

- The difference between these is positive economics refers to an analysis limited to
causality. Normative economics, on the other hand, aims to study real economic events
from a moral and ethical point of view. Positive economics, on the other hand, is based on
facts about economics. The normative economy is based on value judgment. Most people
think that generally accepted statements are true, but in reality, they are highly valued.
Positive Economics addresses current events that improve incentives to find jobs, such
as unemployment, inflation, and income tax cuts. Normative economics, on the other hand,
refers to what to do. Therefore, normative economics focuses on opinion-based analysis of
data.
In conclusion, the positive economics are based on reality and what are the current
happenings inside the economy while the normative economics are just merely opinions to
what should have done.
6. How should the government deal with the issue of scarcity to improve the lives of the
Filipino?
- In economics, scarcity refers to the limited resources we have. This can be in the form of
physical commodities such as gold, oil, or land, or in the form of money, labor, or capital.
Water substances in elements of the Philippines are often scarce and, as a consequence,
substances are often close right all the way down to maintain capacity. Six to 8 months of
the year are in large part dry in the course of those months, acute water shortages arise and
those depend on consuming water reasserts that won't be safe.
Personal contributions are essential, but governments are obliged to provide people
with safe and reliable drinking water sources through long-term solutions. Currently,
excessive reliance on surface and groundwater, such as rivers and lakes, is not sustainable in
the future due to the reality of the climate and the growing demand for water in the
population.
Strategies such as the use of an improved rainwater harvesting system and state-of-the-
art desalination technology combined with renewable energy can be deployed in the
Philippines. The World Health Organization, in collaboration with the Philippine Ministry of
Health and other sectoral agencies, develops and implements water safety plans to monitor
and monitor the quality of drinking water, strengthening systems and capacities for medical
facilities. Improves water quality and sanitation.