Applied Economics Quarter 1 - Module 1

Task 5: Let's check your understanding... Directions. Give what is asked for in each item. Write your answers in your notebook. 1. Explain briey and concisely the economic process Where it shows Why people have to practice economics by analyzing the ow of the diagram/illustration below. ECONOMICS IN A PROCESS Unlimited . . . Make wants Chain-s 2. The scope of economics can be understood under two subheads: Microeconomics and Macroeconomics. Explain in the 3% diagram their differences and similarities. 3. What is the contribution of econometrics in solving economic issues? Explain the illustration given below. Ecununm' ! mu ' a Tin-m m5 ' "a... m "'"m M For 4. Explain applied economics application by stating its importance and their examples. Make use of a diagram to show your explanation