Eco1-Managerial Economics

IV. Preliminary Exercise:

Multiple Choices: Read each statement carefully and complete the correct thought
of each statement by writing the CAPITAL LETTER corresponding to your answer
on the space provided before each item, should answers not be found from the given
choices, write CAPITAL LETTER E.
      B. 1.) Economics has two root words  originating from the ________language.
A. Latin B. Greek C. Spanish D. English
A. 2.) The root word oikos, in its truest sense means 
A. house B. household C. managing D. management
C. 3.) The root word nomos, in its truest sense means
A. house B. household C. managing D.
management
 B. 4.) The terms oikos and nomos were known to mean 
A. Resources management C. Income
management 
B. Household management                        D. Material
management
A. 5.) The term autarky characterizing the nomads of early times would most closely refer to
the concept of 
A. self-sufficiency B. independence   C. Scarcity 
D. abundance
       C. 6.) After experiencing a little definition of roles in society during the ancient times, people started
to trade goods for other goods. This was known as 
 
A. trade       B. buy and sell       C. barter         D. none of the above
                 B. 7.) Economics is a social science because it invol;ves the study of
A. man’s evolution C. man’s
mind 
B. man’s behavior D. man’s body
functions
E. 8. ) All of the following are related to the word scarce except
A. scant   B. short supply C. inadequate D.
insufficient
C. 9.) All of the following are related to the word unlimited except
 A. indefinite B. limitless C. finite
D. unbounded
D. 10.) Several civilizations sprang out near fresh water bodies, All of the following are the  
modern day countries where these civilization came from, except
A. Iran B. Iraq C. India D. China

     
    I.
List of Key Words Synonyms and Related Concepts
Social Regrious/Cordial
Science Lore/Dope
Allocation Grant/Assistance
Scarce Light/Defiecient
Resources Expedient/Hope
Satisfy/Satisfactio State/Indulge
n
Unlimited Endless/Countless
Wants  Crave/Spoil
Needs Unavidable/Involuntary

II. Formulate your own definition of economics out of the generated words
1. Economic is:
Economics is the study of how people allocate available resources from
production the distribution to consumption. It is specially concerned with the use
of models and assumptions to be produced effeciently.the principle of economics
is to balance supply and demand becasue of limited resources. Its main objective
is to increase productivity in a more effecient use of resources to have a higher
standard of living.

VII. Summary of the lesson/ Generalization:

 Different periods have their significance in Household Managing
Activities wherein civilizations flourish with the settlement of people in the
communities thus it leads to an early system government.
NOTE:  Generate your own generalization:
It is the evolution of man and how humans get knowledge and techniques to survive. That is why
humans are called economic man because humans think rationally, they are consumers and
contributors, they use natural resources to provide their needs and to increase the standard of
living.

VIII. Post-Learning Assessment:

● The table approximates the early transition of man from early nomadic tribes into
modern civilizations.
● Write down the different Household Managing Activities on each approximate
period.
Approximate Significance of the Period Household
Period Managing
Activities

(Ice Age) polar ice caps started to melt; earliest people began a
11,000 B.C. (and known start of creation of bodies of water in the gradual transition
beyond) world away from a
hunter-gatherer
lifestyle toward
cultivating crops
and raising animals
for food.
Earliest traces of nomadic activity Men were known
9,000 B.C. to make weapons,
hunt for food and
look for viable
shelters. Women
were known to take
care of children,
appropriate food,
make clothing and
maintain their
shelters.
Earliest known civilization  Started setting
6,000 B.C.  (China, Yang Tze River) down permanent
shelters, started
livestock activities,
and learned the
techniques of food
production, land
 cultivation and
irrigation.

Next known civilization Man was slowly developing

3,000 B.C. (India, Indus River) his intelligence, that he
noticed one important fact
about nature; that even though
all the resources in one area
have already been utilized and
consumed.
Middle East Civilizations Agricultural Revolution
2,800 B.C. (Tigris and Euphrates) started.

IX. Feedback:
Household managing activities deals with the application of methodologies to solve
practical problems. It helps human in decision-making. we apply it on our daily lives
as we are consumers and rational thinkers. We always fine a way to solve a problem
to survive and to live more effecient.

X. References:
Principles of Economics by:
● Azarcon, Marzo, Navarro
● Resurreccion, Paca
● Degay, Sison, Rojo 

Principles of Economics by:

● Roberto Medina
                  Mastering the Principles of Economics by:
● Juliet S. Guzman
● Danilo B. Aguirre