Arguson, Micah V.

202017028
BSBM 1-8/ BSBM HRDM 2-4 BMGT 21B 1:00-4:00 W

1. What is economics?
Economics comes from the Greek word Oikonomia which means Household
Management. It is the study of how to utilize the scarce resources to sustain the
needs and the unlimited wants of human beings.
When we hear the word economics, the first word that comes to our mind is
“money” but economics is not always about that, it is more on decision making. It is
weighing the choices of each individual because economics concerns more about
the optimal distribution of the scarce resources into the society. The resources we
have are limited and we, humans must use it wisely and efficiently

2. What is Microeconomics?
Microeconomics is a branch of economics that studies the behavior of
individuals and firms in making decisions regarding the allocation of scarce resources
and the interactions among these individuals and firms. Simply put, microeconomics
is the analysis of the decisions made by individuals and groups, the factors that affect
those decisions, and how those decisions affect the supply and demand for goods
and services, which determine the prices we pay. These prices, in turn, determine
the quantity of goods supplied by businesses and the quantity of goods demanded by
consumers.
3. If you have 10 million pesos where will you spend it? (Give an accurate budget
allocation)
If I’ll have that kind of amount, this is where I’ll gonna spend it:
First I’m going to spend the 4M to buy a lot and build a house in Metrogate, Silang.
I’ll gonna invest the 2 million.
The 3M will allocate in our business, now we have a tailoring shop. I’m going to
expand the place, hire more employees and buy the machines and material needed.
And the 1 million will be donated into our church (JCKL Santiago).

4. What are your plans 5 years from now?

That time I already graduated in college. I’m going to spend 5-7 years of working to
earn and save money because I have plans to continue our business and build up
my own. I have plans to travel in different country to learn other’s culture and
tradition. I’ll focus more to myself, to find where my heart and happiness really
belongs. Then after all of that, if my business is already stable and I do the things I
want to do, that’s the time that I’ll gonna settle down.

5. One word that will describe you

Shy
References:
https://www.investopedia.com/terms/e/economics.asp
https://www.econlib.org/library/Enc/Microeconomics.html
https://economictimes.indiatimes.com/definition/microeconomics
https://www.aeaweb.org/resources/students/what-is-economics