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Econ Activity 1 - Scarcity and Comparative Advantage
Econ Activity 1 - Scarcity and Comparative Advantage
I. “In your observation in your environment, identify if the following resources are
scarce (may it be relative or absolute scarce), or abundant in the Philippines :
”
1. Oil = _________________________________
2. Banana plants = _________________________________
3. Rice = _________________________________
4. Carbon Minerals = _________________________________
5. Diamonds = _________________________________
6. Marine resources = _________________________________
7. Human
“ resources with technical know-how ” =
_________________________________
II. “Give more examples of Philippine resources that are scarce and abundant in
nature. ”
III. Now, based on your observation, what is the comparative advantage of the
Philippines over other countries, and what are our problems with resources?
Explain briefly.