ACTIVITY 2: SCARCITY, TRADE OFF, OPPORTUNITY COST

Get a copy of a news item that is related to any economic issue. Attach/ Paste it on the
space provided then answer the questions that follow. ”

https://time.com/6245568/philippines-onions-shortage-inflation/
Guide questions:

1. How is the news related to problem of scarcity? Explain. (minimum of 5 sentences)

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This article is related to scarcity because the lack of supply of onions is the one of problems
in the Philippines. The price of onions increased due to municipality causes including the
Russia-Ukraine war, supply chain snags, and also extreme weather events. Because of this,
food prices in our country were all affected. The demand does not meet the supply of onions
right now. Our economy has suffered because of what happened to the inflation rate.

2. How do you relate the concept of trade off or opportunity cost to the news clip?
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Explain. (minimum of 5 sentences)

Because of the 3x increase in the price of onions, I’ll just choose what my money can afford.
I want to be able to save on expenses because it’s hard to earn money now, especially
since my parents are unemployed. Many people are unable to buy what they want because
of the rising prices. I prefer to use powder seasonings such as magic sarap, ginisa flavor
seasoning mix, and others, rather than buy a pricy onion. They are also seasonings for food,
so it’s okay to buy them for now, and when I get a job soon, I can buy a sack of onions.

3. In your opinion, how should the government deal with this problem? How should the
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Filipinos cope in this issue of scarcity and improve the lives of the people? (minimum
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of 8 sentence)
In my own perspective, The government should run an investigation on the sector where the
supply of onions goes and the agricultural department. For temporary solution on shortage
of onions, they need to import while the agricultural sector is making a solution on how to
control the flow of prices in the market. Those who violate the law by importing smuggled
onions that come from China should go to jail, because this is what kills our local onions and
makes onion growers suffer because instead of buying their product, we are buying more
smuggled onions. President Ferdinand Marcos jr., should also be wary of this problem since
he's also acting as an agriculture secretary.

I think my fellow filipino should think of a substitute for onions like for example shallots. Also,
they should know how to grow one in their garden. To cope with the absence of onion, they
can use a substitute onion powder or seasoning that has onions in it. They can also give
flavor to your food even without onions.
You will be graded based on the following rubrics :
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