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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, , 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:, ____________________________________________

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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, 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.

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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., 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!

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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.jhtml, 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 is, 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, , resources, , 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, , _________________, , Capital, , ______________, , Resources of, Production, , ____________, , 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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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.