Economics Long Quiz

Total – 20 points

1. Economics is the study of allocating scarce resources. TRUE

2. In a market, the most efficient point is called equilibrium. TRUE
3. Surplus is the situation wherein quantity demanded is greater than quantity supplied. FALSE
(quantity supplied is greater than quantity demanded)
4. Inflation is the increase in the overall prices of goods which happens when there is more than
the needed supply of money in the market. TRUE
5. Shortage is the situation wherein quantity supplied is greater than quantity demanded. FALSE
(quantity demanded is greater than quantity supplied)
6. The Law of Demand states that when price increases, quantity demanded decreases. TRUE
7. It refers to the different quantities of goods that sellers are willing and able to sell at any given
time at various possible prices. SUPPLY
8. It refers to the consumer's desire to purchase goods and services and willingness to pay a price
at any given time. DEMAND
9. This states that the quantity purchased varies inversely with price. In other words, the higher
the price, the lower the quantity demanded. Law of Demand
10. This states that as the price of a good or service increases, the quantity of goods or services that
suppliers offer will increase, and vice versa. Law of Supply

5 determinants of Supply
- Production Cost
- Technology that has a direct relation to supply
- Price of competing products
- firm's expectation about future prices
- Number of suppliers

5 Determinants of Demand
- Income
- Taste and Preferences
- Prices of related goods and services
- Buyer's expectation about future prices
- Number of Buyers
FINAL PERFORMANCE TASK
ECONOMICS

VIDEO PRESENTATION

MECHANICS:
1. Select a topic containing the Philippine Economic Crisis. (Must be recent)
2. Create a summary report of the happenings before, during and after the crisis. (Its cause
and effect)
3. Video must also have your insights as a student about the crisis and recommendations
how it can be solved and avoided in the future.

Criteria for judging

a. Structured and Informative Data – 40%

b. Proper Comms. - 20%
c. Audio, Music and Sound effect – 20%
d. Editing and overall presentation – 20%