Activity 1:

Directions: Define the basic terms in economics. Widen your imagination and think of words or phrases which may define these terms. Each term should contain two (2) definitions.

1. Supply

Definition 1:

Definition 2:

2.Demand

Definition 1:

Definition 2:

3.Needs

Definition 1:

Definition 2:

4.Wants

Definition 1:

Definition 2:

5.Trade-offs

Definition 1:

Definition 2:

6.Applied Economics

Definition 1:

Definition 2:

7.Opportunity Costs

Definition 1:

Definition 2:

8. Economics

Definition 1:

Definition 2:

Activity 2:

Directions: Answer the situational problems below.

Situation 1: Imagine that you were on a class field trip for three days. Your mom sent you a pocket money of Php 1,500.00. You have already planned to use this to buy an acoustic guitar so you could practice playing it when you got home. While strolling around the mall, you found a beautiful necklace which would certainly look good on your mom and it costs Php 500.00. You know that if you bought the necklace, your mom would be glad, however buying it would make you unable to buy your beloved guitar. Which one would you buy and ? Why?

Answer:

Follow up question: What basic term (s) can we extract from the situation above? List them down.

Situation 2: At the age of 14, you were forced to leave school as you can no longer par for the school fees or afford to buy food whenever you're in school. Supposedly, you will be entering senior high school. You are the eldest son and you have 5 other siblings. As a product of a broken family, with your father marrying into another woman, and your mother marrying into another man, you were left of the responsibility of taking care of your younger siblings and your family as a whole. In order to survive, you did many part-time jobs. One day; you felt that the money you're earning is no longer enough to support your siblings and so, you decided to find a regular job. While looking for a job, you got frustrated because nobody would want to hire you as you are still very young and lack qualifications. Identify the problems that you experienced in this situation. List them.

Answer:

Situation 3: Imagine that you were born and raised in a wealthy family. You can buy what you want, go to the places you love and enjoy the things that money can buy. You wanted to become a doctor so you pursued you education and graduated with honors. The only problem is that, since you are the heir of the CEO of the large business company, you cannot practice your profession as a doctor,. Instead, you are forced to succeed the business of your family. Thus, you are now working as a businessman. Identify the economic problem that can be seen from this scenario. List them down.

Situation 4: You are fresh graduate as a prestigious university. You graduated as summa cum laude and received numerous recognition awards. You took up an education course in order to become a teacher, however after graduating, you could not find available jobs within the province. You have known that you were affected by the unemployment problem here. What do you think should be done to address this problem which is just one of the many cases in the country? Briefly explain your answer.

Answer:

Situation 5: In situation 4 where you have experienced unemployment. We assumed that you were a nurse by profession but you were working as a contact center agent. Try to explain how applied economics can be used to solve this problem.

Answer: