APPLIED ECONOMICS QUARTER 3: MODULE 1
WHAT I KNOW
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
C
D
A
B
B
C
C
B
C
C
D
B
B
D
A
LESSON 1
WHAT’S NEW
WHAT’S MORE
DEMANDS
- consumer's desire to purchase
goods and services
SUPPLY
-available to consumers
- the amount of specific goods
NEEDS
-Necessary
-For survival
WANTS
-Desired items
- may or may not be obtained
TRADE-OFFS
- forgoing a benefit for another
APPLIED ECONOMICS
- application of economic
theory
- making a choice
-Reality
OPPURTUNITY COST
ECONOMICS
- potential benefits
- happens when choosing
something over the other
- production of goods and
services
- distribution of goods and
services
WHAT I HAVE LEARNED
Column A
1. Aggregate
2. Capital
3. Demand
4. Economics
Column B
The total supply of goods and services produced within an economy at a
given overall price in a given period.
Durable produced goods that are in turn used as productive inputs for
further production
A consumer's desire to purchase goods and services and willingness to pay
a price for a specific good or service.
The study of scarcity and its implications for the use of resources,
production of goods and services, growth of production and welfare over
5. Labor
6. Land
7. Macroeconomics
8. Microeconomics
9. Needs
10. Opportunity Costs
11. Scarcity
12. Supply
13. Trade-offs
14. Wants
time, and a great variety of other complex issues of vital concern to
society.
Represents the human factor in producing the goods and services of an
economy. finding enough people with the right skills to meet increasing
demand.
Is considered a factor of production, similar to labor, as one of the crucial
elements in creating goods and services. Refers to all-natural resources or
any raw materials coming from the ground that is used to produce supply.
The branch of economics deals with the structure, performance, behavior,
and decision-making of the whole, or aggregate, economy.
The study of decisions made by people and businesses regarding the
allocation of resources, and prices at which they trade goods and services.
Is that these are the things that we can’t live without.
The highest-valued alternative must be sacrificed to get something else.
The value of the next-best alternative when a decision is made; it's what is
given up.
Is the condition in which our needs and wants are greater than our limited
resources. It means that the demand for a good or service is greater than
the availability of the good or service.
Refers to the total number of goods or services available for sale. The total
amount of a specific good or service that is available to consumers. Can
relate to the amount available at a specific price or the amount available
across a range of prices if displayed on a graph.
Consists of all the options that we give up when we make a choice. Occurs
when we make a choice that benefits us, but to acquire that benefit, we
also have to give up something of value.
Are those that we can live without. Is something that people desire to
have, that they may, or may not, be able to obtain.
ADDITIONAL ACTIVITIES
Answer:
I would purchase the necklace as a way of appreciating my mother for everything she has done;
though, you could always save up and purchase the guitar afterward or search for a cheaper one online.
What basic economic term(s) can we extract from the situation above? List them down here:



Wants
Trade-offs
Opportunity Costs
LESSON 2
WHAT’S NEW
Answer:
In this situation, I am affected by the number one problem of the country which is poverty. A young kid
is not supposed to be in a situation where a lot of responsibilities are rapidly thrown. My dreams and
goals are ruined since I drop out of school, and did not have the best childhood because of my parent’s
separation, the need for money to provide for my siblings, and the lack of open jobs. Another
fundamental is the Philippines' rapidly growing population. A financial issue that is linked to the issue of
scarcity. When a population grows too large, economic resources may become insufficient to support
the growing number of people. Food, water, shelter, medicine, and other resources would not be
sufficient to meet all of humanity's needs and desires.
WHAT’S MORE
Situation 1:
Answer:
You do not even have the freedom of selecting a career. Because running a major corporation makes
you and your family extremely wealthy. However, if you decide to become a doctor and focus only on
that goal, your family business will suffer. And, as we all know, family comes first, so instead of focusing
on your goal, you'll operate the firm to meet the demands of your family.
WHAT I HAVE LEARNED
1. All societies are faced with questions about what goods and services should be produced, how these
should be produced, and who consumes these.
2. According to PSA (Philippine Statistics Authority, the unemployed include all persons who are 15 years
and over as of their last birthday and are reported as: (1) without work and currently available for work
and seeking work; or (2) without work and currently available for work but not seeking work for the
following reason.
3. Underemployment classification includes those workers who are highly skilled but working in low
paying jobs, highly skilled workers but working in low skill jobs, and part-time workers who would prefer
to be full time.
4. To a 2015 report by the Philippine Statistics Authority (PSA), five (5) out of nine (9) basic sectors of the
economy are considered very poor. The farmers came first, followed by fishermen’s children, selfemployed and unpaid family workers, and women.
5. Unemployment, underemployment, poverty, and population increase are just a few of the basic
economic problems faced by our country. These problems are linked to scarcity.
LESSON 3:
WHAT’S NEW
Answer:
I can also try to apply for smaller jobs in the meantime like tutoring youngsters in their studies that
require learning more so that I have the experience in teaching. If the province doesn’t have any open
jobs moving out of the province should be an option. I should decide to move to another province or city
that has many educational job opportunities open. With the experience and credentials maybe some
jobs are suitable for the position.
ADDITIONAL ACTIVITIES
Using your idea and understanding of the lessons contained in this first module, explain the importance
of studying Applied Economics.
Answer:
Economists that enable them to make sound decisions in solving economic problems is by being
objective. This means that they try to avoid letting personal beliefs and values influence the outcome of
their analysis. A positive analysis is a source of worry for economists. Policymakers, voters, and
philosophers, on the other hand, use normative assertions. There is no precise solution to economic
issues; if there were, they would not exist. Applied Economics, on the other hand, uses positive analysis
and the scientific method to address economic issues. Economists give data and projections to help
businesses and governments make better decisions. The study of scarcity and its consequences for
resource usage, production of products and services, production growth and welfare through time, and
a wide range of other complicated topics of essential significance to society is known as economics.
ASSESSMENT
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
C
D
A
B
B
C
C
B
C
C
D
B
B
D
A