lOMoARcPSD|26281421 ABM- Applied Economics 12 Q1 W1 Mod1 Economics (University of Cagayan Valley) Studocu is not sponsored or endorsed by any college or university Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 APPLIED ECONOMICS Quarter 1*Module 1 Economics as a Social Science and Applied Science in Terms of Nature and Scope Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Republic Act 8293, section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones Undersecretary: Diosdado M. San Antonio Development Team of the Module Writers: Ellaine I. Dela Cruz, DBA Isabel A. Gumaru, DBA Farida F. Tallud, DBM Clarabelle V. Dalimit, DEM Edna B. Waje, DEM Editors: Remylinda T. Soriano, EPS Angelita Z. Modesto, PSDS Teofilo R. Norombaba, PSDS George B. Borromeo, PSDS Illustrators: Writers Manuel L. Hermosa, EdD Ma. Cristina A. Labay, MM Jupiter Q. Whiteside, MBA Mark Vincent B. Emit, PhD Momerto T. Goneda MSIT Layout Artist: Ellaine I. Dela Cruz Management Team : Malcolm S. Garma, Regional Director Name of Regional Director Genia V. Santos, CLMD Chief Name of CLMD Chief Dennis M. Mendoza, Regional EPS In Charge of LRMS Maria Magdalena M. Lim, CESO V, Schools Division Superintendent Aida H. Rondilla, CID Chief Lucky S. Carpio, EPS In Charge of LRMS Division ADM Coordinator Name of Division ADM Coordinator : Printed in the Philippines by ________________________ Department of Education – National Capital Region Office Address: ____________________________________________ ____________________________________________ Telefax: ____________________________________________ E-mail Address: ____________________________________________ Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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. Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 activity or a situation. This section provides a brief discussion of the lesson. This aims to help you discover and understand new concepts and skills. This comprises activities for independent practice to solidify your understanding and 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. This section provides an activity which will help you transfer your new knowledge or skill into real life situations or concerns. This is a task which aims to evaluate your level of mastery in achieving the learning 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. Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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. 2. Don’t forget to answer What I Know before moving on to the other activities included in the module. 3. Read the instruction carefully before doing each task. 4. Observe honesty and integrity in doing the tasks and checking your answers. 5. Finish the task at hand before proceeding to the next. 6. Return this module to your teacher/facilitator once you are through with it. If you encounter any difficulty in answering the tasks in this module, do not hesitate to consult your teacher or facilitator. Always bear in mind that you are not alone. We hope that through this material, you will experience meaningful learning and gain deep understanding of the relevant competencies. You can do it! Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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. Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) resources are lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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/ Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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. Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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 Retrieved on June o1 2020 from https://study.com/academy/lesson/four-factors-ofproduction-land-labor-capital-entrepreneurship.html Pretty, N (2020). Basic terms in Economics. Retrieved on June o1 2020 https://www.slideshare.net/nikspretty/basic-terms-in-economic from Portillo, E.F (2017). Basic terms in Economics retrieved on June 01 2020 from https://www.slideshare.net/enaportillo13/basic-terms-in-economics 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/ Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 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. Downloaded by Mary Magpayo (marynm1109@gmail.com) lOMoARcPSD|26281421 Downloaded by Mary Magpayo (marynm1109@gmail.com)