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2. Applied

4. _________________1.
is a situation wherein the
amount of something
available is insufficient to
satisfy the desire for it.

5. Answer : Scarcity

6. _________________2. is use
or allocation of scarce
resources to meet man’s
unlimited needs and wants.

7. Answer : Economics

8. _________________3. The most
important natural resource,
upon which all human activity
is based since time
immemorial.

9. Answer : Land

10. _________________4. are
human-made resources
used by a company to
create goods and
services.

11. Answer : Capital

12. __________5. resources of
available manpower.

13. Answer : Labor

14. __________6. the activity of
setting up a business or
businesses, taking on
financial risks in the hope
of profit.

15. Answer :
Entrepreneurship

16. __________7. is the study of
how individuals and companies
make choices regarding the
allocation and utilization of
resources.

17. Answer : Micro
Economics

18. __________8. is the branch of
economics that deals with the
structure, performance, behavior,
and decision-making of the whole,
or aggregate, economy.

19. Answer : Macro
Economics

20. Economics
and
Applied Economics

21. Applied Economics
Quarter 1 - Week 1 – Module 1
Most Essential Learning Competency:
Differentiate economics as social science and
applied science in terms of nature and scope
Jesheila Bautista De Ocampo

22.  Know the definition of economics
and the basics
 Differentiate normative and
positive economics
 Distinguish the division of
economics
 Identify the four factors of
Production

23. – is use or allocation of
scarce resources to meet
man’s unlimited needs and
wants. Richard Lipsey
(People cannot have everything they want.
 Consumers are limited by their income while
producers are limited by the factors of
production.)

24. WHAT IS ECONOMICS ?
is defined as the study of
choices that individuals and
societies make in the
production, distribution
and consumption of
goods and services.
LC 1

26.  I
 Social science is the branch of science
of societies and the relationships
among individuals within those
societies.

27.  Scarcity is the insufficiency or
inadequacy of economic
resources and as a result, we
have to decide and choose.
 * Scarcity, is a condition of why
people study and practice
economics.
LC 1

28.  * Consumers cannot spend money twice.
Ex. Money spent on a cellphone cannot be spent
again on buying a TV.
 *Producers cannot use resources
again once they are used up.
Ex. A farmer who decides to use his land
producing corn gives up the opportunity to
produce rice.

29.  An economic system
cannot produce all
goods and services
that consumers want,
and most consumers
do not have the
resources to purchase
everything they want.

30. House renovation vs Buying a car
Trade-off- the exchange or choosing
between alternatives.
It is a reality of life that getting one thing
would mean giving up another thing.

32.  Absolute Scarcity
When supply is limited
Relative Scarcity
When good is scarce compared to its
demand.
Two ways of measuring economic mobility

33. Office mother:
opportunity cost salary
Full time mother
Opportunity Cost
Is a value or cost of the next best forgone
choice/alternative.
In other words, opportunity cost represents the
benefits that could have been by taking.

34. Ex. “Public healthcare increases
government expenditures.
Ex. “Best Healthcare must
be free to all citizens.”
 Positive economics
describes and explains
various economic
phenomena or the
“what is” scenario.
Positive economics is
based on facts.
 Normative economics
focuses on the value of
economic fairness, or
what the economy “
should be”. In other
words, normative
economics is based on
value judgements.

35. MICROECONOMICS MACROECONOMICS

36. MICROECONOMICS MACROECONOMICS
 Studies individual income
 Analyzes demand and
supply of labor
 Deals with households
and firms decisions
 Studies individual prices
 Analyzes demand and
supply of goods.
 Studies national income
 Analyzes total
employment in the
economy
 Deals with aggregate
decisions
 Studies overall price level
 Analyzes aggregate
demand and aggregate
supply

37.  In economics, the factors of production (sometimes
called economic resources or inputs) are essential to
produce goods and services. These are……

44. Answer the following
questions:

47. 2. Economics is
define From the
Greek words ?

48.  Analyzes total employment in the
economy
 Analyzes aggregate demand and
aggregate supply
 Studies national income
 Studies individual income

49.  Analyzes demand and supply of labor
 Deals with households and firms
decisions
 Studies individual prices
 Analyzes demand and supply of
goods.
 Deals with aggregate decisions
 Studies overall price level