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ABM- Applied Economics 12 Q1 W1 Mod1
Economics (University of Cagayan Valley)
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APPLIED ECONOMICS
Quarter 1*Module 1
Economics as a Social Science
and Applied Science in Terms of
Nature and Scope
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APPLIED ECONOMICS – Grade 12
Alternative Delivery Mode
Quarter 1 – Module 1: Economics as a Social Science
and Applied Science in Terms of Nature and Scope
First Edition, 2020
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Published by the Department of Education
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Writers:
Ellaine I. Dela Cruz, DBA
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Remylinda T. Soriano, EPS
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Introductory Message
For the Facilitator:
Welcome to the
APPLIED ECONOMICS
Alternative Delivery Mode (ADM)
Module on Economics as a Social Science and Applied Science in Terms of Nature
and Scope.
This module was collaboratively designed, developed and reviewed by educators
both from public and private institutions to assist you, the teacher or facilitator in helping
the learners meet the standards set by the K to 12 Curriculum while overcoming their
personal, social, and economic constraints in schooling.
This learning resource hopes to engage the learners into guided and
independent learning activities at their own pace and time. Furthermore, this also aims
to help learners acquire the needed 21st century skills while taking into consideration
their needs and circumstances.
In addition to the material in the main text, you will also see this box in the body
of the module:
Notes to the Teacher
This contains helpful tips or strategies
that will help you in guiding the learners.
As a facilitator, you are expected to orient the learners on how to use this
module. You also need to keep track of the learners' progress while allowing them to
manage their own learning. Furthermore, you are expected to encourage and assist the
learners as they do the tasks included in the module.
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For the learner:
Welcome to APPLIED ECONOMICS Alternative Delivery Mode (ADM) Module
on Economics as a Social Science and Applied Science in Terms of Nature and
Scope.
The hand is one of the most symbolized parts of the human body. It is often used
to depict skill, action and purpose. Through our hands we may learn, create and
accomplish. Hence, the hand in this learning resource signifies that you as a learner is
capable and empowered to successfully achieve the relevant competencies and skills
at your own pace and time. Your academic success lies in your own hands!
This module was designed to provide you with fun and meaningful opportunities
for guided and independent learning at your own pace and time. You will be enabled to
process the contents of the learning resource while being an active learner.
This module has the following parts and corresponding icons:
This will give you an idea of the skills or
What I Need to Know
competencies you are expected to learn in
the module.
This part includes an activity that aims to
What I Know
check what you already know about the
lesson to take. If you get all the answers
correct (100%), you may decide to skip this
module.
This is a brief drill or review to help you link
What’s In
the current lesson with the previous one.
What’s New
What is It
What’s More
What I Have Learned
What I Can Do
Assessment
Additional Activities
Answer Key
In this portion, the new lesson will be
introduced to you in various ways such as a
story, a song, a poem, a problem opener, an
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the lesson. This aims to help you discover
and understand new concepts and skills.
This comprises activities for independent
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skills of the topic. You may check the
answers to the exercises using the Answer
Key at the end of the module.
This
includes
questions
or
blank
sentence/paragraph to be filled in to process
what you learned from the lesson.
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competency.
In this portion, another activity will be given to
you to enrich your knowledge or skill of the
lesson learned. This also tends retention of
learned concepts.
This contains answers to all activities in the
module.
At the end of this module you will also find:
References
This is a list of all sources used in developing
this module.
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The following are some reminders in using this module:
1. Use the module with care. Do not put unnecessary mark/s on any part of the
module. Use a separate sheet of paper in answering the exercises.
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included in the module.
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5. Finish the task at hand before proceeding to the next.
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If you encounter any difficulty in answering the tasks in this module, do not
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gain deep understanding of the relevant competencies. You can do it!
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What I Need To Know
This module was carefully prepared and designed for you to perform at your
own pace. Useful activities on the nature and scope of economics, its fields were
provided for you to accomplish which will allow self-discovery of the concept. These
will also help develop your creativity and critical thinking skills to make decisions
independently. It is also expected that upon accomplishing these activities, you can
communicate confidently and collaborate with other people to solve problems,
intelligently. And most importantly, your character and initiative to handle situations
which you cannot control will be improved.
At the end of the session, you should be able to explain the nature and scope of
economics, determine its fields: the micro and macroeconomics, resourcefully use the
different resources in the production of goods and services, and in real world,
efficiently consume these finished products.
What I know
Activity No. 1 Direction: Let us check your knowledge to our topic. Kindly arrange
the following words. These are the terms you commonly encounter when you make
decisions of going to the market. Examples of these items are given on the right column.
1.
2.
3.
4.
5.
MIRECOOCNOMSCI ________________________ individuals and industries
TENAGILBDSOOG _________________________basic goods/commodities
SARCITYC
_________________________shortage in supply
UXDOOSLUGYR
_________________________expensive jewels and gems
CDAOTOASAGIP
_________________________baking machines
Assessment
Direction: Kindly choose the letter of the correct answer. Encircle your answer.
1. The physical effort of the manpower to produce the protective devices of the
frontliners describes which factor of production?
a)
b)
Land
Capital
c) Labor
d) Entrepreneur
2. The great ideas, concepts and drive of the production managers to produce
something new describe which factor of production?
a)
b)
Land
Capital
c)
d)
Labor
Entrepreneur
3. The computers of the production manager in an office are what kind of goods or
products?
a)
b)
c)
d)
Consumer goods
Either consumer goods or capital goods
Capital goods
Economic goods
4. Which best describes economics as a social and an applied science?
a) The study of things we need to survive
b) The study of how people make choices when they are faced
with an unlimited supply of resources
c) The study of human behavior
d) The study of how buyers make choices when there is limited supply of resources
5. Which of the following are examples of human needs?
a) Water and a place to live like houses
b) Iced caramel macchiato frappuccino
c) Flat screen televisions
d) Laptops and computers
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MODULE 1
NATURE AND SCOPE OF ECONOMICS
Let’s say, in conducting your research, you may consider studying the economic
situation of the families in Manila. For example, the GAS and ABM students may focus on the
annual income of families, buying behaviour in the market, on specific items commonly
purchased these families and many more. The HUMSS might take an overall view on the entire
economic system: what causes the families to limit their spending capabilities, what
environmental factors stresses them from purchasing their needs and wants; or what makes
them satisfied in their buying behaviour. Both approaches are useful, and both examine the
same, but the viewpoints are different. In a similar way, both microeconomics and
macroeconomics study the same economy, but each has a different viewpoints.
Whether you are looking at the buying behaviour of the people in the market or
economics, the micro and the macro insights should blend with each other. In studying the
buying behaviour of the people, the micro insights about particular behaviour and spending
habits of the people help them understand the overall economic situation on individual matters,
while the macro insights about the overall economic situation on the entire economy which help
to explain the internal and external environments, as a whole.
What’s In
Like in your studies, we can make an assumption of our real situation.
Today, the whole world, including the Philippines, suffers from economic
problem due to the existence of worldwide COVID 19 Pandemic. Manila, in particular,
is one of the most cities in the Philippines being affected by the said Pandemic. We
want to understand why such case happens and how it affects the lives of everyone in
the economy. An ordinary citizen could hardly understand what is happening in the
society if he does not have backgrounds in economics. Economics, as a social and
applied science will explain and help you understand what is really happening in the
economy.
Activity 1:
Direction: Let’s analzye the market environments of the society. Please
encircle your answer.
1. As a citizen of Manila, determine which is NOT TRUE of the economic activities
that have been observed in your locality:
a) Everyone has experienced buying limited supply of commodities
b) Everyone has inadequate supply of hygienic materials and protective devices
c) Some citizens have suffered from changes in the pandemic protocols of the
government
d) The people in Manila have freely enjoyed traveling from one place to other.
2. Which of the following has NOT observed in the community during the ECQ in
the same locality?
a) Everyone enjoyed shopping in the market
b) Unemployment in the community was sharply experienced
c) Prices of commodities suddenly increased
d) The people in Manila were reluctant of the pandemic protocols.
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What’s New
THE NATURE AND SCOPE OF ECONOMICS
According to Molina, J. A. & Nadal, G. J I (2020), economics is a SOCIAL SCIENCE
concerned with the explanation and prediction of observed phenomena in the society.
Economics studies the way in the societies solve the fundamental problems of reconciling
the unlimited desires of individuals with scarcity of resources, susceptible to numerous
alternative uses. Economics is also an APPLIED SCIENCE because it uses the scientific
method in its explanations, which consists of observing reality and presenting questions and
problems to arrive at the formulation of theories and models. As an applied science, it follows
a systematic procedure to solve issues and problems of the society.
What Is It
THE FIELDS OF ECONOMICS
Microeconomics and macroeconomics has perspectives on the economy.
*Microeconomics: focuses on the behavior of individual economic units
and the functioning of markets. Its perspective focuses on parts of the economy:
individuals, firms, and industries.
*Macroeconomics: studies the functioning of economics as an
aggregate (production, employment). Its perspective looks at the economy as a whole,
focusing on goals like production, the standard of living, unemployment and inflation.
Macroeconomics has two types of policies for pursuing these goals: monetary policy
and fiscal policy.
Microeconomics
•Studies of markets of
good and services
•Focuses of the
behaviour of individual in the market

Macroeconomics
•Studies the economy as a whole
•Focuses on aggregate indicators
(such as production, employment,
etc.)
Explains how and why these
units make economic
decisions.
Figure 1. Micro vs Macro Economics
The Economic Agents/Stakeholders:
1. Consumers
• Consume goods and services /offer production factors
• Maximize utility
2. Producers
• Produce goods / demand productive factors
• Maximize profit
3. The public sectors
• Attempt to maximize the well-being of society
*The agents interact among themselves in a specific territorial, social, natural
and/or cultural framework that determines their relationships → Market
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BASIC TERMS TO UNDERSTAND ECONOMICS
It is essential that you familiarize yourself with the study of economics. This
will facilitate your understanding of economic analysis. Specifically you meet GOODS –
which yields to your satisfaction. It is anything used to satisfy your wants and needs.
INTANGIBLE GOODS – when they are
in the form of services. Those
rendered by doctors, engineers,
doctors and other professionals
TANGIBLE GOODS –material
goods or commodities.
Ex. Bags, books, clothes.
Goods may also be classified according to use.
CONSUMERS GOODS – goods for the
ultimate consumption of the consumers.
Ex.: toothpaste, bath soap, etc.
xample: foods and
medicine. https://int.search.myway.com/search/AJimage.jhtm
CAPITAL GOODS or INDUSTRIAL GOODS
used in the
production of
other goods and
services.
Ex.: buildings,
machinery,
equipment. https://int.search.myway.com/search/AJimage.jht
LUXURY
GOODS –
goods man
may do
without, but
may give
comfort and
satisfaction. Ex., perfume, cakes; chocolates,
expensive cars.
https://int.search.myway.com/search/AJimage.jhtm
https://int.search.myway.com/search/AJimage.jhtml
https://int.search.myway.com/search/AJimage.jhtml
ESSENTIAL GOODS- used to satisfy
the basic needs of man
E
ECONOMIC GOODS –goods which are useful
and scarce; with value attached to them
and a price has to be paid for their use. If a good i
so abundant and it can satisfy
everyone’s needs without anybody paying for it,
then, that good is free. The air is free, but
the air from an aircon is an economic good.
https://int.search.myway.com/search/AJimage.jhtml
Figure 2: Kinds of Goods
ECONOMIC RESOURCES OR FACTORS
In the article of Nowaczyk , J (2020) on Identifying the Factors of Production,
he defined economic resources as the factors of production for goods and services.
The factors of production are inputs combinations in the production of goods and
services to make an economic profit for the firms. These factors of production are land,
labor, capital, and entrepreneurship. Resources are limited in nature, but human wants
and needs are unlimited, thus, an efficient allocation of these resources or factors of
production is a big challenge for every economy. Economics also helps the
entrepreneurs and the economy to allocate resources in the production of supplies to
meet the demands of the consumers.
Land as a Factor of Production
Labor as a Factor of Production
Land - natural
resources
available
to
create supply
such as raw
materials that
comes
from
the ground. It
can be a nonrenewable
resource;
commodities
such as oil and gold; and renewable
resource, such as timber. Oil is a natural
resource, but petroleum gas is a capital
good. Farmland is a natural resource, but a
shopping center is a capital good.
Labor is the work done by people- education, skills, and
motivation and productivity. Productivity measures how
much each hour of worker time produces in output.
Workforce receives wage for his labor.
https://study.com/academy/lesson/four-factors-of-production-landlabor-capital-entrepreneurship.html
Istockphoto.com
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Capital as a Factor of Production
Entrepreneurship as a Factor of Production
Capital
or capital
goods
are
capital –
the
money
that
Entrepreneurship develops an idea into a business. An
entrepreneur combines the other three factors of
production to add to supply. The most successful
entrepreneurs are innovative and risk-takers. The income
entrepreneurs earn is profits.
companies used to buy resources; manmade objects like machinery, equipment,
and chemicals that are used in production.
For example, capital goods include industrial
and commercial buildings. A commercial
aircraft is example of a capital good.
https://int.search.myway.com/search/AJimage.jhtml
https://www.market-inspector.co.uk/blog/2017/01/10-basicoffice-
Figure 3: resources of production and Characteristics
Characteristics of Resources:
1.Scarcity: insufficient resources to supply all the desires and needs of individuals.
In the production of goods and services; there are issues that economics may encounter:
these include: for Land – inadequate land and natural resources; polluted areas;
overcrowded spaces; for Labor – unskilled workforce; mismatch of jobs; for capital - low
quality of equipment/machines; insufficient fund/capital;
and for entrepreneurship –
Inadequate training of entrepreneurs; limited opportunity; scarcity of great ideas but many
competitors in the market.
2.Multiple use: Resources can have more than one possible use. For example, a plot of
land can be used to plant coffee or to build a factory.
3.Partially replaceable: one resource can replace another in the production of a good or
service (e.g., replace manual labor with technology).
Scarce resources and unlimited desires → Scarcity
Scarcity and alternative uses → Choice
Choice → Opportunity cost
What’s More
CLASSIFICATION OF GOODS
Activity no. 1
Direction: Please perform independently. Pick all the goods and classify
them accordingly. Your mother went to the market to shop goods for the family. She
purchased the following goods. Canned goods; bread; sacks of rice; meat; vegetables;
toothpaste; bath soaps; perfumes; wrist watch; aircon to ventilate her store and coffee
maker for her store.
Consumer good
Luxury goods
Industrial goods
Economic goods
Essential Goods
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ASSESSMENT
(Picture Analysis)
Direction: Still, please do this independently.
The picture shows the different factors in the production of goods. This will help you
become creative in your analysis on the application of resources you need in the
production of goods that are most needed in the society. Please determine the
resources.
1
3
2
4
Image by Brianna Gilmartin © The Balance 2019
https://www.thebalance.com/factors-of-production-the-4-types-and-who-owns-them-4045262
See! Economics is a very interesting field to study. Your teacher is very much
willing to teach you more about it.
What I Have Learned
Microeconomics and macroeconomics are two different perspectives on
the economy. The microeconomic perspective 1) studies the behavior of individual
economic units; 2) studies the functioning of markets 3) focuses on parts of the
economy: individuals, firms, and industries. The macroeconomic perspective 1) looks at
the economy as a whole and 2) focusing on goals like productions; standard of living,
unemployment, and inflation. Macroeconomics has two types of policies for pursuing
these goals: monetary policy and fiscal policy.
In the production of goods and services; there are factors that economics may
encounter: these include: land – inadequate land and natural resources; polluted areas;
overcrowded spaces; labor – unskilled workforce; mismatch of jobs; capital - low
quality of equipment/machines; insufficient fund/capital;
and entrepreneurship –
inadequate training of entrepreneurs; limited opportunity; scarcity of great ideas but
several competitors in the market.

Economics
has
two
fields:
micro
and
macroeconomics.
__________________ study of markets of good and services and focuses on the
behaviour of individual on products and services in the market
while_________________________ deals with the study of the economy as a
whole and focuses on aggregate indicators
such as _______________;
____________________; ___________________.

The Classification of goods:
__________________;____________________;____________;______________

There are four factors of production or the resources needed to produce
products
and
services:
________________;__________________;_______________;_____________.

Needs and
_____________.
wants
are
__________________while
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are
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What I Need to Reflect
Today, we are in a new normal way of living, a very different one from way we
have lived for several years. It’s because everyone has that fear of the COVID 19 that
might cause us from health and economic issues. Everyone, therefore, has to be very
responsible in his behaviors in the market; and become efficient in his consumption;
friendly to the environment or the natural resources as these may become scarce in the
future. Everyone must become aware of the micro and macro levels of the environment
and contribute to the growth of our economy.
Did you find our topic enjoyable and interesting? Write something about. You
may use the box below.
.
WHAT I CAN DO
Activity 1 Direction: This chart represents the economic resources in the
production of goods and services by the ABM Computer Shop located in Manila.
1) Kindly recognize each resource. 2) Give an example of each resource that the
computer shop needs for the production of its services. Choices are provided below
RESOURCES OF PRODUCTION
All natural resources, which are given by
and found in nature, and are, therefore,
not manmade.
Any form of human effort exerted in the
production of goods and services.
Man-made goods used in the production of goods and
services. It does not only include money, it also includes
building, machineries, equipment’s, raw materials used in
production
Development of an idea into a business. An entrepreneur combines the
other three factors of production to add to supply
Choices for No 1. Entrepreneurship; Land; Capital; Labor
Choices for No. 2 Manpower; space; great ideas to innovate;
computers
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Activity No 2
Direction: Determine which factor of production is needed in the following problem
1. The ABM Manufacturing Co. hired a gardener. He uses a
lawn mower for landscaping. Which factor of production
would you consider this machine?
_________________________________
2. The owner of the company withdrew cash for the salaries of
the employees. Which factor of production would you
consider cash on hand?
__________________________________________________
3. The top manager of the firm said “the great ideas, concepts
and emotional determination of a person to produce
something that consumers want to buy” is very important for
the company. What factor of production describes the ability
to create great ideas?
__________________________________________________
4. The farmers planted pineapple cuttings in the vacant area
located in their locality. Which factor of production would
you consider a pineapple plantation?
_____________________________________________
https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
https://int.search.myway.com/search/AJimage.jhtml?
http://www.aloha-hawaii.com/oahu/dole-plantation/
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Name____________________________Year/Section___________________Date______
Teacher___________________________School_________________________________
Assessment (Multiple Choice )
Direction: Choose the letter of the correct answer. Encircle your answer.
1. Mrs Nenita De Jesus purchased basic goods like vegetables and groceries for
the consumption of her family. These goods are:
a. Consumers goods
c. Luxury Goods
b. Capital Goods
d. Economic Goods
2. Mr. Dennis Elecanal purchased new car as a gift for his father’s birthday. This
good is
a. Consumers Good
c. Capital Good
b. Luxury Good
d. Economic Good
3. ABM Computer shop purchased additional 10 units of computer for the business.
These goods are called:
a. Consumers goods
c. Capital Goods
b. Luxury Goods
d. Economic Goods
4. Which is not considered as tangible good?
a. Cell phone
c. Sack of rice
b. Mask
d. Training service
5. Which is true about Economics as a social science?
a) Scarce resources and limited needs drive choice
b) Economics explains and predicts economic events
c) The scientific method is based on the normative analysis
d) Economic hypotheses lead directly to predictions
6. Which is true on the value of an economic theory in practice? It is determined by
a. how accurate the assumptions are.
b. how well the theory can be represented by a graph.
c. how well the theory can predict or explain.
d. how economical the model is.
7. Which of the following is the study of the aggregate economy studied as a whole?
a. Mathematical economics
b. Econometrics
c. Macroeconomics
d. Microeconomics
8. Business ethics refers to any behavior by businesses that may
a. be illegal.
b. violate social or moral standards.
c. result in the maximization of profits.
d. All of the above.
9. Businesses have responded to incentives for ethical behavior by doing ALL except
a. lobbying for the abolition of laws that require ethical behavior.
b. appointing “ethics officers” to monitor ethical manners of employees.
c. providing training sessions in ethical behavior for employees.
d. establishing codes of ethical behavior for employees.
10. Which of the following is not an economic agent in your locality?
a. Producer
b. Consumer
c. Public Sector
d. None of ABC
https://www.stagneshs.org/ourpages/auto/2015/4/25/44353125/Unit%201%20Answer%20Key.pdf
https://study.com/academy/practice/quiz-worksheet-four-factors-of-production.html
https://global.oup.com/us/companion.websites/9780199811786/student/chapt1/multiplechoice
https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
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Name____________________________Year/Section________________Date______
Teacher__________________________School_______________________________
Worksheet
Let’s do this (Additional Activity No. 1)
Direction: Listed below are the resources for production of goods and services.
Please list down the economic issues to each resource of production that may harm
the economy. Choose your answer from the box below. You may collaborate with
family and friends in accomplishing the graphic organizer.
Land
Labor
_________________
______________
Resources of
Production
Capital
____________
Entrepreneurship
_____________
*inadequate land and natural resources; polluted areas; overcrowded spaces
*unskilled workforce; mismatch of jobs
*low quality of equipment/machines; insufficient fund/capital;
*entrepreneurship – inadequate training of entrepreneurs; no new and great ideas
Activity No. 2 Please categorize the characteristics of microeconomics and
macroeconomics using the diagram below. This will enhance your creativity to solve
issues in the future.
* Studies the behavior of individual economic units;
* Focuses of the behaviour of individual in the market
* Focuses on parts of the economy: individuals, firms, and industries;
*Studies the economy as a whole
* Focuses on goals like productions standard of living, unemployment, and inflation.
* Policies are focused on monetary policy and fiscal policy.
*Studies of markets of good and services
The Economy
Microeconomics
Macroeconomics
1.
1.
2.
2
3.
3.
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References
Articles
Sirin Çaki S (2019) 10 Basic Office Equipment Every Business Needs. Retrieved on June 01 2020
from https://www.market-inspector.co.uk/blog/2017/01/10-basic-officeequipment-for-starting-a-business
Enriquez, H C (2020). Basic Economic Problems of the Country. Retrieved on June 01 2020 from
https://www.slideshare.net/HannahCullen/lesson-3-basic-economic-problems
Lamarco, N. (2018) The Socioeconomic Factors Affecting Small Businesses Retrieved on June 01
2020 from https://smallbusiness.chron.com/socioeconomic-factors-affecting-small-businesses-73234. html
https://www.slideshare.net/HannahCullen/lesson-3-basic-economic-problems
Molina, J. A. & Nadal, G. J I (2020) Concept and Scope of Economics. Retrieved on June 01 2020
from http://personal.unizar.es/jamolina/Unit1.pdf
Nowaczyk, J. (2020 ).Four Factors of Production: Land, Labor, Capital & Entrepreneurship
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Websites:
https://global.oup.com/us/companion.websites/9780199811786/student/chapt1/multiplechoice
https://www.thebalance.com/factors-of-production-the-4-types-and-who-owns-them-4045262
https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
https://study.com/academy/practice/quiz-worksheet-four-factors-of-production.html
https://int.search.myway.com/search/AJimage.jhtml?
https://int.search.tb.ask.com/search/AJimage.jhtm
https://www.stagneshs.org/ourpages/auto/2015/4/25/44353125/Unit%201%20Answer%20Key.pdf
https://quizizz.com/admin/quiz/5b7564f0dfd12e00194449b9/factors-of-production
https://int.search.myway.com/search/AJimage.jhtml?
http://www.aloha-hawaii.com/oahu/dole-plantation/
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Answer Key
What I Know
1. Micro economics
2. Tangible goods
3. Scarcity
Assessment
1. C
2. D
3. C
What’s In
Answer: 1. D
2) D
4. Luxury goods
5. Capital goods
4. D
5. A
What’s More
Activity 1
1. Essential goods: Canned goods; bread; sacks of rice; meat; vegetables;
2. Consumer goods: toothpaste; bath soaps
3. Luxury Goods: perfumes; wrist watch
4. Industrial goods: Coffee maker
5. Economic Goods: unit of air-conditioning
Assessment 1
1. Land
3. Capital
2. Labor
4. Entrepreneurship
What I Have Learned
1. Micro Economics; Macro economics
2. Productions; standard of living, employment, and inflation (in any order)
3. Land; labor; capital; entrepreneurship (in any order)
4. Unlimited; limited
What I Can do
Activity No. 1
1. Land - space
3. Capital –computers
2. Labor –manpower
4. Entrepreneurship- great ideas
Activity No 2
a) Capital
c) Entrepreneurship
b) Capital
d) Land
Assessment
Multiple Choices
1.
2.
3.
4.
A
B
C
D
5. B
6. C
7. C
8. B
9. A
10. D
Worksheet
Actvity 1.
1.
2.
3.
4.
Land – inadequate land and natural resources; polluted areas; overcrowded spaces
Labor – unskilled workforce; mismatch of jobs
Capital – low quality of equipment/machines; insufficient fund/capital;
Entrepreneurship – Inadequate training of entrepreneurs; no new or great ideas
Activity 2.
Microeconomics
1. Studies of markets of good and services
2. Focuses of the behaviour of individual in the market
3. Focuses on parts of the economy: individuals, firms, and industries.
Macroeconomics
1. Studies the economy as a whole
2. Focuses on aggregate indicators such as production, employment, inflation; standard of
living; limited opportunities; competitors in the market
3. Policies are focused on monetary policy and fiscal policy.
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Downloaded by Mary Magpayo (marynm1109@gmail.com)