Learning Module for Applied Economics

Name Date
Grade Section Score

REFLECTIVE LEARNING SHEET:

Activity 1. Every society must make choices about which essential should be allocated with the
available but limited resources for production. In most cases, where there is scarcity in the
production of necessities, or where there are no enough funds to accomplish everything for the
satisfaction of everyone, the society has to make better choices. Today, we have to adjust to the
new normal way of living. There is scarcity in the production of goods and services for
everyone’s needs and wants. Everything in this world has limitations. Rich and poor, all
individuals… “ceteris paribus…””all else are equal”…. Regardless of your economic status,
which is more important to you, health or unlimited supply for your wants?

Instruction: Answer in no more than ten sentences. Type your answer in word document and
attach in Canvas platform, in the assignment section.
See rubric for your scores: Rubric: 20 points – comprehensive and analytical 18 – 19 points –
well written and some includes analysis 15 – 17 points – well written but lack analysis 12 – 14
points – weak essay 5 point – poorly written and lack strength

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 Learning Module for Applied Economics
LET’S DO THIS WORKSHEET:
Activity2. (30 points)
Directions: Please read carefully. Despite the limited resources and scarcity of products for our
consumption, today, we still want to achieve maximum satisfaction. We make use as few
resources as possible, allocate our resources where they are best suited, and use the appropriate
technology or materials and produce the right goods and services. Given the resources below,
please select the most efficient products that could be produced to maximize production and help
the economy. After each choices, explain why that is your choice.

Raw material Finished Product/ Services Choice

1. Steel: Casino tokens or public cars? (1 pt)___________________________
(2 pts) Why?___________________
2. Crude oil: Gasoline or kerosene? (1 pt)___________________________
(2 pts) Why?___________________
3. Cars: Small cars or SUVs? (1 pt)___________________________
(2 pts) Why?___________________
4. Flour Cakes or breads? (1 pt)___________________________
(2 pts) Why?___________________
5. Cloth scraps: Doormats or washable masks? (1 pt)___________________________
(2 pts) Why?___________________
6. Fruits: Canned juices or fresh fruits? (1 pt)___________________________
(2 pts) Why?___________________
7. Vegetables: Fresh or frozen vegetables? (1 pt)___________________________
(2 pts) Why?___________________
8. Coconut oil: Cooking oil or expensive lotion? (1 pt)___________________________
(2 pts) Why?___________________
9. Sources of Electric fans or units of aircon? (1 pt)___________________________
air: (2 pts) Why?___________________
10. Imports: PPEs or clothes from Korea? (1 pt)___________________________
(2 pts) Why?___________________