MARK LESTER DULDULAO

12-ARCHIMEDES
PERFORMANCE TASK NO.1

As a student, economics helps me understand how resources are allocated and how to make
informed decisions. For instance, when I was deciding on a major, I considered the job market
and potential earnings in economics versus other fields.
As a family member, economics plays a role in budgeting and financial planning. For example,
we set a monthly budget for our household expenses, ensuring we allocate funds for necessities,
savings, and leisure activities.
As a part of society, economics helps me understand the broader economic trends and policies
that affect our community. For instance, when the government implemented a new tax policy, I
was aware of its implications and potential effects on our local economy.

【Explanation】

Economics is a social science that studies how individuals, businesses, governments, and
societies make choices about how to allocate resources. Understanding economics allows
students to make informed decisions about their education, career, and personal finances. In the
given example, the student used economic principles to evaluate the potential benefits and
drawbacks of choosing economics as a major.
Economics is not just about money; it's also about understanding how to manage resources
effectively. In the context of a family, economics can guide how to budget, save, and invest. The
example provided illustrates how a family uses economic principles to manage their finances and
ensure they live within their means.
On a societal level, economics helps individuals understand the broader economic environment
in which they live. This includes understanding economic policies, trends, and their implications.
The example of the new tax policy demonstrates how economic knowledge can help individuals
understand and anticipate changes in their economic environment.