Lesson 1 Reflective Essay Lesson 1 Micro Economics

Republic of the Philippines
City Government of Taguig

Gen. Santos Ave., Central Bicutan, Taguig City
Taguig City University
College in Business Administration
Name of Student: Angel Anne D. Molo
DATE TOPIC PRESENTORS ANALYSIS
April 28, 1. Scarcity Adranida, Economics is a social science
2022 and Annabel that analyzes the production,
Economics Aduca, Ma. distribution, and consumption
2. Origin of Frencis Lyn of goods and services.
the term Aldas, Jackie Economics is a subject that
Economics Almeria, assists people in
3. Four Basic Alyanna Mae comprehending their
Economic Amir, Safrea surroundings. It enables
Questions people to get a deeper
4.Importance understanding of people,
of Studying businesses, markets, and
Economics governments, allowing them
5. 3 Es in to better adapt to the
Economics difficulties and opportunities
6. Important that occur as things change.
Economic Because scarcity is a gap
terms between the desired supply
7. Factors of and demand equilibrium, it is
Production one of the most serious
economic problems. I also

learned that the country’s
system is one of the reasons
in achieving excellent
8.Circural
economic position. They must
flow model
consider ways to boost a
9. Basic
country’s economy. They
Decision
should be able to adjust
Problem
because we are focusing
10. Types of
more on future years these
economic
days, such as wifi,
system
technology, and so on.
11.
Finally, I learned that
Opportunity
inhabitants of the country
Cost
should be concerned about
the economy because they
are one of the factors that
can influence the country’s
economic success.
Name of Student: Angelie C. Apura
Student Number: 20-01234
DATE TOPIC PRESENTORS REFLECTIVE ESSAY

To begin with the word economics is already
familiar to us. The word scarcity and economics
1. The have different meaning but they’re connected to
Scarcity and each other, when it comes to studying economics.
Economics Because the simple and concise definition of
economics is the study of how society uses its
April 28, 2. The Origin Group 1: limited resources. Then scarcity will enter which
2o22 of the Term Adranida, Anabel means that customer demand is greater than the
Economics Aduca, Ma. resources that a country or business has. Before
French Lyne the term economics, became economics now it
3. Four Basic Aldas, Jackie first came from the Greek word “Oikonomia”
Economic Almeria, Alyanna meaning “Household Management”. Until it has a
Questions Mae large field with a rich history that has been
Amir, Safrea explored and examined before it became the word
4. Appreciate economics.
the
Importance Furthermore, there had economics is to answer
of the central problems faced by an economy and we
Studying can only use that when we
Economics
know the deep meaning of economics by studying
5. The 3 Es in the subject itself. We lived in a world that
Economics resources are finite not infinite and studying
economics help us to make critical thinking or
6. The should I say we need to act in a rational behavior
Important when it comes in making decision to satisfy our
Economic never ending list of wants and needs. When we
Terms say area of economics it is not only about the
economy of the country but it can also be done in
7. The Factors business entity. Also economics is the science of
of decision making, there are times when the
Production opportunity cost is applied and this means that it
refers in economics that measures the impact of
8. The selecting one option instead of another alternative
Circular choices.
Model
I therefore to conclude, that economic is
9. The Types important in everyone’s life because we can use it
of in our lives without knowing that we already
Economic using it because most of the time in our decisions
System in life we need to use economic thinking. But not
all activities are economy as long as the activities
10. The that are done to provide
Opportunity income returns it can be called economic
Cost
activities. In addition, for me
as student and citizen of the
Philippines the things that
can help with big economic
problems because of scarcity
is increased productivity and
a more efficient use of
resources, could lead to a
high standard of living.

Name of Student: Lenielyn C Bacordo
April 1.Scarcity and Adranida, 1.Scarcity is refers to the
28, Economic Anabel limited nature of society's
2022 Aduca, French resources. It means that there
Lyne is not enough of everything to
Aldas, Jackie go around. So all resources
Almeria, are limited in supplying.
Alyanna Mae Therefore, decision must be
Amir, Safres made how best to use natural
resources, workers, and
capital. Which deals with
people to satisfy unlimited
wants and needs with limited
2.Identify Four
resources.
Basic
2.There are four basic
Economic
economic questions 1. What
Questions
to produce? means you need
to think which commodities
are to be produced and in
what to be
produced and in what
quantities? 2. For whom to
produce? - The solution of this
problem is very simple
commodity can be consumed
only by people who have more
purchasing power. 3. How to
produce it? - you need to think
which techniques you need to
adapt or use.4. How much it
produce? You need to know
How much it cost to produce.
3 Identify the 3.The factors of production are

Factors of
Production the inputs needed for creating
a good or service, and here
are the 4 factors of production
include land, labor,
entrepreneurship, and capital.
Because of the four factors it
help and satisfy the
(kakapusan/scarcity)
And (kakulangan/shortage)
of needs that every people.
4.The 4.It is very important to

Importance of
Studying study economics because it
Economics
plays a big role in our
everyday life which enables
to understand the past,
future and current models,
Governments, businesses
and individuals. There are
also advantage of studying
economics, you’ll expand
your knowledge or
vocabulary about the
economics.
5.Explain the 5.Two Greek roots of the

Origin of the
term word economics are OIKOS
Economics
meaning Household and
NOMOS meeaning system
of management.
OIKONOMIA or
OIKONOMUS Means
Management of household
with the growth of the greek

society until it's
development into city-
states, the word become
known as STATE-
MANAGEMENT.
6.Analyze The
circular flow 6.The circular flow is an
model
economic model or tool
used to show the
continuous movement of
output and input/factors of
production, money payment,
and received in buying and
selling of output and inputs
between producers,
resource suppliers, and
consumers.
7.Types of
Flows in 7.Types of Flows in Circular
Circular Flow
Model Flow Model
The Physical/Real Flow
The flow of goods and
services as well as factors
between household,
business, government, and
foreign sectors.
The Monetary Flow

The flow of money income
from household to the
business sector and from
the
8.Identify the business sector to

Types of
economic household sector.
system
8.TYPES OF ECONOMIC
SYSTEM
1.TRADITIONALECONOMY
- Based on culture and
rituals, and it focused on the
community as a whole
2. ECONOMY - Relies on
the government to make all
economic decision
3.MARKET ECONOMY -
Driven by consumers whose
decisions determine how
the industries and financial
markets will operate
4.MIXED ECONOMY-
Utilize limited government
involvement while also

applying free market
concept.
5.SOCIALISM- Economic
system wherein key
enterprises are owned by

9. Discuss the
Opportunity the state, it recognize
Cost
private ownership.
9.We all know that
opportunity cost is the value
of the next-best alternative
when a decision is made;
it’s what is given up. In other
words opportunity cost is
time spent studying and that
money to spend on
something else. For
example, A farmer chooses
to plant wheat; the
opportunity cost is planting
a different crop, or an
alternate use of the
resources (land and farm
equipment).
Name of Student: RICKY G. BANIAS JR
APRIL 1. Scarcity and Group 1 Scarcity refers to a basic
29, 2022 Economics Adranida economics problem—the gap
Anabel between limited resources
Aduca and theoretically limitless
French Lyne wants. This situation requires
Aldas people to make decisions
Almeria about how to allocate
Alyanna Mae resources efficiently, in order
Amir, Safrea to satisfy basic needs and as
many additional wants as
possible. Scarcity can also
refer to (kakapusan/scarcity)
and shortage (kakulangan)
2.) I learned that economic
influences everything.
No matter what the future

2.Importance holds, an economics major
of Studying helps people succeed.
Economics Economics affects our daily
lives in both obvious and
subtle ways. From an
individual perspective,
economics frames many
choices we have to make
about work, leisure,
consumption and how much
to save. Our lives are also
influenced by macro-
economic trends, such as
inflation, interest rates and
economic growth.
3.) The important thing that to
economic needs is,
Scarcity - Scarcity is one of
the key concepts of

economics.
Supply and demand in
economics, relationship
between the quantity of a
3. Important commodity that producers
Economic wish to sell at various prices
Terms and the quantity that
consumers wish to buy.
Money It is the medium in
which prices and values are
expressed.
Capital goods - items to
produce goods or services to
sell to consumers.
Wealth is an accumulation of
valuable economic resources
that can be measured in
terms of either real goods or
money value.
Production - product or
services.
• Need and Wants - a need is
something needed to survive
while a want is something that
people desire to have.
• Market - any means that

buyers and sellers use to
exchange money for goods or
services
• Consumer - anyone (person
or business) that uses
(consumes) goods or
services.
• Economic Growth - an
increase in production of
goods and services typically
measured in the context of
changes in GDP or GDP.
Inflation - the degree to which
there are sustained price
increases for certain items
within an economy; leads to a
reduction in the buying power
of money.
Unemployment rate -
calculated by dividing the
number of people who are (a)
not working and (b) seeking
jobs into the total size of the
labor force at a point in time
• Macroeconomics - the area
of economics that focuses on

functioning of the overall
economy on a large scale,
such as globally or for a
multinational region or
country.
• Microeconomics - branch of
economics that focuses on
factors that impact the buying
habits of individual consumers
and businesses.
•Finance - Finance is a
specialized branch of
economics concerned with the
origination and management
of money, credit, banking and
investment.
Name of Student: BARCANCEL JENNIFER D.
APRIL Adranida, what I learned in this lesson
30 2022 Annabel is about the inability to meet

Aduca, Ma. all people’s wants due to lack
Frencis Lyn of
SCARCITY Aldas, Jackie resources. Scarcity occurs
AND Almeria, when people’s wants exceed
ECONOMICS Alyanna Mae their needs for a product, this
Amir, Safrea leads to something that
becomes difficult due to not
having enough input. One of
the main reasons for
something becoming difficult
to obtain is the fact that
people have wants and
needs. Scarcity can be a
condition in which a society
does not have sufficient
resources to produce all the
goods and services
necessary to meet all the
wants of the people.
and one of the things I have
learned is that we should
value our nature because the
earth reigns as "nature's
original and inexhaustible
gift. In the modern economy,
it is broadly defined to
include everything that
nature has to offer, including
minerals, total forests, and
water and land
resources.Although many of
these are renewable natural
resources, no one teaches
that they are
“inexhaustible.Like land, its
meaning has expanded over
time to include payment to
any products formed with a
relatively fixed supply.
Republic of the Philippines City Government of Taguig

Gen. Santos Ave., Central Bicutan, Taguig Ci
Taguig City University t
y
College in Business
Name of Student: Elaine Grace C. Bautista
1. Scarcity In this lesson I learned that
and Economics is the study of

Economics scarcity and its implications for
2. Origin of the use of resources,
the term production of goods and
Economics services, growth of production.
Adranida, It is great to understand and

3. Four Basic
Annabel give some time to study this
Economic
Aduca, Ma. kind of topic to gather some
Questions
April 28, Frencis Lyn knowledge about what's
4.Importance
2022 Aldas, Jackie happening in our surroundings.
of Studying
Almeria, One of the issues in economics
Economics
Alyanna Mae is scarcity. As time passes,
5. 3 Es in
Amir, Safrea there are many things that we
Economics
need to catch up in order to
6. Important
avoid future shortages. I also
Economic
discovered that the country's
terms
system is one of the factors in
7. Factors of
achieving strong economic
Production
standing. They must research
Gen. Santos Ave., Central Bicutan, Taguig Ci t

y
College in Business
8. Circural ways to boost the
flow model economy of a given
9. Basic country. They should be
Decision able to adapt because we
Problem are focusing more on
10. Types of futuristic topics these
economic days, such as wireless,
system equipment, and so on.
11. Finally, I learned that we,
Opportunity the people of the country
Cost should be aware of and
concerned about the
country's economy
because we are one of the
factors that might
influence the country's

Name of Student: Herbie John M. Bertiz
April 28, 1. Scarcity Adranida, Economics is a social science
2022 and Annabel that studies how products
Economics Aduca, Ma. and services are produced,
2. Origin of Frencis Lyn distributed, and consumed.
the term Aldas, Jackie Economics is a subject that
Economics Almeria, helps people comprehend the
3. Four Basic Alyanna Mae world around them. It allows
Economic Amir, Safrea people to better understand
Questions people, businesses, markets,
4.Importance and governments, allowing
of Studying them to respond more
Economics effectively to the challenges
5. 3 Es in and opportunities that arise
Economics as things change. Scarcity is
6. Important one of the main problem of
Economic economics, because scarcity
terms is a gap between the desired
7. Factors of supply and demand
Production equilibrium. I also realized

that one of the factors in
gaining great economic
status is the country's
8.Circural system. They must look at
flow model measures to improve a
9. Basic country’s economy. Because
Decision we are focused more on
Problem futuristic themes these days,
10. Types of such as wireless, equipment,
economic and so on, they should be
system able to adapt. Finally, I
11. learned that the country’s
Opportunity citizens should be aware of
Cost and worried about the
economy because they are
one of the variables that
could influence the country’s
economic progress.
Name of Student: Sadia A. Boloy
April Scarcity is a key
28,  Scarcity and concept in economics

because it is one of
the basic foundations
of why economics
exists. Scarcity
means that there is a
Economics limitation of resources.
Since there is a
 Origin of the limitation of resources
2022 term it is important to to
Economics know how these

 Safrea Amir
resources will be
used. Like . Water
scarcities can also
happen through
improper or poor
maintenance of
infrastructure, like the
pipes for a city's water

 Four basic
supply, for example.
Economic
Mindful usage of
April question
water during
28,
household activities
2022  The
like showers, washing
importance of
dishes or watering
studying
plants can help
conserve the supply of
this natural resource.
When most people
hear the word
"economics," they
immediately think of
Economics
money. Economics is
much more than
simply money. It's all
about considering the
pros and cons of
various options. Some
of these crucial
decisions are
financial, but the
majority are not. Even

 3 E’s in if the majority of your
Economics  Alyanna daily, monthly, and life
April
Mae decisions have
28,
 Important Almeria nothing to do with
2022
Economic money, they are still
terms considered economic
decisions also
economics help us to
make decision.
In economics, there
are four economic
problems. The first
one is what to
produce? It is
important that we
know what we will
produce that will bring
good to our economy
and the second is for
whom to produce. It
says who is the
April  Factors of reason why we make
28, Production our product. Who will
2022 be our consumer, a
woman or man? Old
or young? We must
know who will be our
target market. Third,
how to produce it?
First of all, in making a
product, there must be

a plan. Before we
proceed with what we
will do when we
produce, we must
know how to do it.
And lastly how much
to produce? Always
decide what products
we really need and
how much we will
spend on producing
those products.
There are five types of
economic systems: a
traditional economy, a
command economy, a
market economy, a
mixed economy, and
socialism. Let's
identify each
economic system. So,
what exactly is a
April traditional economy?

 The Circular  Jackie
28, Well, a traditional
Flow Model Aldas
2022 economy is one in
which customs,
traditions, and beliefs
are rich in developing
goods and services
for the area. Second
is the command
economy, which is a
type of system where
the government plays

the principal role in
planning and
regulating goods and
services produced in
the country. Third, in a
market economy, the
value of things is
determined by their
price (which is set by
the law of supply and
April  Basic demand). Fourth, a

 Annabel
28, Decision mixed economy is a
Adranida
2022 Problem system that combines
the characteristics of a
market, command,
and traditional
economies. Lastly,
socialism is a system
in which every person
in the community has
an equal share of the
various elements of
production,
distribution, and
exchange of
resources.
Determmine the 3es
in economics.
In economics, there
are 3es first one is:
an Economy is a
 Types of system of
April
Economic  Ma.Frencis organizations and
28,
System Lyn Aduca institutions that either
2022
facilitate or play a role
in the production and
distribution of goods
and services in a
society. Second,
Efficiency is the
quality of being able to
do a task successfully
without wasting time
or energy. And lastly,
Effectiveness is
defined as the degree
to which something is
successful in
April
 Opportunity
producing a desired
28,
Cost
result; success.
2022
Managers need to
appreciate the way
each affects an
organization.
Name of Student: Khazel Ann E. Chuca
April 28, Introduction •Annabel As we started our discussion,
2022 to Adranida the first group tackled the
Economics •Aduca, Lesson 1. Like in their
Frencin discussion, economics is
•Aldas, Jackie important in our society as it
•Almeria, is the study of economy in
Alyanna Mae our country, the producing of

products, consumptions and
the distribution to every
consumer in our country. As
we are now in a situation that
greatly affects our economy
and our future, this subject
and the lessons will be our
•Amir, Safrea eye-opener in the
circumstances that our
country are facing.
Economics acts as our guide
on knowing individuals,
businesses and government
decision on the goods and
services that are circulating in
our society.
In addition, through Economics, it
is possible to determine the right
decision on what to produce, the
consumers, the quantity and the
distribution of resources and the
finish product.
Name of Student: Asliah S. Cosain
April 29, 1.Scarcity and Group 1 Following the reporting, I was
2022 Economics Adranida able to learn more about the
economy. It teaches me what I

Anabel
need to know as a member of
2.Origin of the Aduca
society and how I may
term French Lyne
contribute to the economy by
Economics Aldas
fulfilling my civic responsibilities.
Almeria
I also learnt about scarcity and
3.Four basic Alyanna Mae
how it impacts our economy and
Economic Amir, Safrea our lives. Also discussed are the
Question four basic economic problems,
why they are crucial to consider
4.Importance in the production process, and
of Studying how Land, Labor, Capital, and
Entrepreneurs have become the

Economics
most important components in
production. Also, the model's

5.3 Es in
circular flow and basic economic
Economics
difficulties. Then there are
conventional economic systems,
command economic systems,

market economic systems, and
6.Importnt mixed economic systems. I
Economic came to the conclusion that the
term Philippines has a mixed
economic system since it has
traits of both a command and a
market economy.
Name of Student: Raymond S. Cruz
April 28, 1. Scarcity Adranida, Economics is the best thing
2022 and Annabel to study to know what is
Economics Aduca, Ma. happening in the country. If it
2. Origin of Frencis Lyn is growing or not? Is the
the term Aldas, Jackie economic status being
Economics Almeria, enough to handle the needs
3. Four Basic Alyanna Mae of the people? This are the
Economic Amir, Safrea questions I have conducted in
Questions studying the lesson. Scarcity
4.Importance is one of the problems of
of Studying economics. As the time pass
Economics by there’s a lot of things, we
5. 3 Es in need to catch up to avoid

Economics
6. Important
shortage in the future. I also
Economic
learned that the System of
terms
the country is one of the
7. Factors of
reasons in building a good
Production
economic status. They must
study well how the economy
of one
8.Circural
specific country to improve.
flow model
They should have adaptation
9. Basic
skills because these days we
Decision
are more on futuristic things
Problem
like wireless, more on
10. Types of
equipment and etc. And
economic
lastly, I learn that the people
system
of the country should know
11.
and care about the economy
Opportunity
of the country because they
Cost
are also one of the reasons
that can affect the economic
growth of the country.

Name of Student: CUNOT, MARINELA J.l
April Group 1: Every reporters discuss their own parts appropriately by applying
1.Scarcity and
28, Adranida, their experiences and understanding of the topics. Giving the
Economics
2022 Annabel exact definition of scarcity and economics. Identifying scarcity
2.Origin of the Aduca, Ma. and economics is important which economics study of how you
term Frencis Lyn make a decision in the face of scarcity. Economics defined
Economics Aldas, Jackie scarcity as its important problem which is having an unlimited
Almeria, desires in resources where you will have an understanding on

3.Four Basic
Alyanna Mae how goods and services valued.
Economic
Amir, Safrea The origin of the terms economics and four basic
Questions
economic questions to gives an expected results. Economics

4.Importance of
came from greek word which evold in word known as State
Studying
Management. Thus, having economic problem which is scarcity
Economics
the basic economic economic became what should produce, fo
5.3 Es in whom to produce, how to produce it, and how much to produce
Economics which explain in decisions you make in our resources.
Therefore, knowing the 3 Es in economics which is economy

6.Important
effeciency, and effectiveness that give an expected results of how
Economic
you deal with your resources. The importance of studying
terms
economics and important of economic terms helps you learn to
manage our
resources and understand the flow of our resources that will be
performed in our economy which it has big impact in your daily
life.
Name of Student: Patricia Del Puerto
April 29, LESSON 1 Group 1 After the discussion of
2022 “Introduction to Economics,”
▪️Introduction Adranida I gained knowledge about
to Economics Aduca economics and scarcity,
Aldas which affect the country’s
▪️Scarcity and Almeria economy. I also learned
Economics Amir about the importance,
forms, models, and types of
▪️Four Basic the economic system, which
Economic taught me how important it
Questions is for the people and the
country.
▪️Importance I am entirely convinced of
of Studying how much the subject
Economics economy influences my
decisions in life. Indeed,

▪️3 Es in economics is essential to
Economics study because it affects
almost everything, including
local and international
▪️Important businesses. Furthermore, it
Economic should be making a good
Terms deal, obtaining a high
output, and doing the right
▪️Factors of thing to expect results from
Production the production. I know how
much the subject of the
▪️Circular economy influences my
Flow Model decisions as an individual
and as a professional.
▪️Basic
Decision Besides that, to have a
Problem successful production, we
must consider natural
▪️Types of resources, human labor,
Economic capital, and
System entrepreneurship to produce
all goods and services.
▪️Opportunity There is also a three and
Cost four-sector circular flow
model to identify the

process of goods and
services and physical and
monetary flow,
which addresses the flow of
goods and services and the
flow of money income.
Finally, I’ve learned about
various economic systems
emphasizing community,
government, consumers,
and private ownership.
To summarize, economics is
a life-changing subject
because it discusses the
overall operation of the
country and how we should
keep things balanced to
achieve economic growth
and a higher standard of
living. Also, as the economy
grows, we can lower the
unemployment rate by
increasing output and
providing citizens in need

with healthcare, education,
and other public services.
Name of Student: Precy A. Delos Santos
April 28, *Adranida,Annabel
2022 1.Explain the *Aduca,Ma.Frencis I learned many things

Origin of Lyn about the economics
the term Economics is the study of
*Aldas,Jackie
Economics how humans make
*Almeria, Alyanna decisions in the face of
2.Identify
scarcity. These can be
Four Basic Mae individual decisions, family
Economic
*Amir, Salfea decisions, business
Questions
decisions or societal
3.Appreciate decisions. If you look
the around carefully, you will
Importance see that scarcity is a fact
of Studying of life. Scarcity means that
Economics human wants for goods,
services and resources
4.Determine exceed what is available.
the 3 Es in Resources, such as labor,
Economics tools, land, and raw
5.Define the materials are necessary to
Important produce the goods and
Economic services we want but they
terms exist in limited supply.For
every society the answers
6.Identify the to the four basic question:
Factors of What to Produce? For
Production whom to Produce? How to
7.Analyze produce it? How much to
The circular Produce? depend on what
flow model kind of economic system it
uses.
The term economic

system refers to the way in
which a society organizes
the production and
distribution of good and
services. The system that
a society chooses reflects
the philosophical and
political ideas on which
that society is founded.
8.Determine Historically, there have
Basic been three basic types of
decision economic system:
problem Traditional, Command,
Market, Mixed and
Socialism Economy.
9.Identify the
Types of Economics teach us that
economic how we get the welfare of
system majority by the using of
limited resources. How we
protect nature as well as
10.Discuss natural resources for our
the upcoming generation.
Opportunity In economics, it is widely
Cost accepted that technology
is the key of economic
growth of countries,
regions and cities.
Technological progress
allows for the more
efficient production of
more and better goods
and services, which is
what prosperity depends
on.
Name of Student: Krizelle L. Duaman

1. Scarcity
and
While listening to the first
Economic group of reporters, I
discovered something I didn't
s know before. Of course, I
have some knowledge of
2. Origin of
economics, but it is the bare
the term minimum of what I have learnt
in this class. Many thoughts
Amir, Safrea and information have been
April Economic
28, presented, but there are a few
s Almeria, that have stuck with me and
2022
Alyanna Mae raised my awareness as a
3. Four consumer and citizen of a
country that is based on the
basics economy. First and foremost,
economics and scarcity.
economic Then, my understanding of
scarcity is that it refers to a
questions lack of or limited supply of
4. Importance Adranida, resources that failed to

of Studying Annabel
Economics satisfy demand, or a
problem with an economy
5. 3 E’s in Aduca, Ma. that isn't severe at all. This

Economics Frencis Lyn
lesson has provided me with
further information regarding

6. Important
Economic the subject, such as the fact
Terms Aldas, Jackie that it is an important
concern for which we must
7. Factors of find a solution sooner or

Production
later.
The reporters then went
through the definition of
economics, explaining that it
is the study of how humans
make decisions in the face
of scarcity. This lesson will
teach you how to deal with
scarcity issues, such as how
to properly manage money
supply for purchasing
products and services, or
8. Circular flow how to deal with any

model
event that may produce
scarcity. Studying
9. Basic
decision economics is also
problem
significant since it will
enlighten you about the

10. Types of decisions you make,
Economic
System encourage you to be a
better consumer, show
you how it affects

11. Opportunity
Cost industries, inspire
successful business
endeavors, and keep you
aware of what is going on
internationally or globally.
To summarize,
environmental awareness
and care are two attitudes
that each of us must
adopt. Being aware of
what matters is the
12. Circular definition of awareness.

flow model
Planting trees, avoiding the
13. Basic
decision use of chemicals, and
problem
participating in as many
14. Types of
Economic activities as possible to help
System
our mother nature remain
15. Opportunity green and clean should be

Cost
prioritized. Be aware of your
actions that may affect our
Earth, as it is where we
obtain our daily resources.
Name of Student: Flor, Rebecca M.
04/28/ Lesson 1: GROUP 1 Every time I hear the word
2022 Introduction to Adranida, Economics the first idea that
economics Annabel came to my mind is problem on
Aduca, Ma. how to manage the economics
Frencis Lyn problem like scarcity means that
Aldas, Jackie human wants for goods,
Almeria, services and resources exceed
Alyanna Mae what is available. We have
Amir, Safrea different idea about economics
but why we need to study
economic for me, studying
economics can give us an idea
to think and solve or find a
solution to survive in every
economics problem that we are

facing .Since we are citizen we
can contribute in our small ways
and small step in secure that
we conquer the economics
problem It also be our guide in
building a business or having a
stock if the opportunity cost
increase that the time to have
an investment and if the
opportunity cost decrease that
the time to keep your money or
your capital. The economy is
circular if one of the sector of
economy fail it can reflect to
other sector of it. We are also
part of the sector that why we
need to be concern.
Us a marketing student it’s
build my idea on how can I
handled economic problem if I
have my own business
especially this time of pandemic
this is the current problem of
every country that can cause of
failed economy. I think if a have

an business this time I keep on
going my business because for
me there are many ways to sell
and endorse my product or
services. This is my quote when
it comes to business “failure to
prepare is preparing to fail” If we
are going to build a business
always think that you are
investing for your capital,
land ,labors and also your effort
so why would you let it failed
Name of Student: Carl Joemil R. Garcia
DATE TOPIC PRESENTERS ANALYSIS
April 28, 1. Economics Group 1 1. The social science that
2022 and Scarcity Adranida, studies the production,
Annabel distribution and consumption
Aduca, Ma. of goods and services,
Frencis Lyn Economics is a field of study

that emphasizes on the
various manners and
relationships of economic
agents and how various

Aldas, Jackie
economies function.
Almeria,
Scarcity is when a limited
Alyanna Mae
resource is not enough to
Amir, Safrea
accommodate and satisfy
limitless wants.
2. Economic 2. There are several important

terms and
Jargons economic terms and jargon and
these are:
Scarcity - Scarcity is one of the
key concepts of economics. It
means that the demand for a good
or service is greater than the
availability of the good or service.
Supply and demand - supply and
demand, in economics, is the
relationship between the quantity
of a commodity that producers
wish to sell at various prices and

the quantity that consumers wish
to buy.
Incentives - In the most general
terms, an incentive is anything that
motivates a person to do
something. When we’re talking
about economics, the definition
becomes a bit narrower: Economic
incentives are financial
motivations for people to take
certain actions.
Money - Money is a commodity
accepted by general consent as a
medium of economic exchange. It
is the medium in which prices and
values are expressed.
Capital goods - items a business
uses to produce goods or services
to sell to consumers.
Wealth - Wealth is an
accumulation of valuable
economic resources that can be
measured in terms of either real
goods or money value.
Production - define ads as the
formation by firms of an output

(product or services).
Need and Wants - a need is
something needed to survive while
a want is something that people
desire to have, that they may, or
may not, be able to obtain.
Market - any means that buyers
and sellers use to exchange
money for goods or services
Consumer - anyone (person or
business) that uses (consumes)
goods or services.
Economic Growth - an increase
in production of goods and
services typically measured in the
context of changes in GDP or
GDP.
Inflation - the degree to which
there are sustained price
increases for certain items within
an economy; leads to a reduction
in the buying power of money.
Gross Domestic Product (GDP)
- the total value (in money) of
goods and services produced
within a country during a certain

timeframe; usually calculated
annually
Gross National Product (GNP) -
GDP plus value of goods and
services for which people who live
in the country own the means of
production; items can be made
anywhere.
Unemployment rate - calculated
by dividing the number of people
who are (a) not working and (b)
seeking jobs into the total size of
the labour force at a point in time
Macroeconomics - the area of
economics that focuses on the
functioning of the overall economy
on a large scale, such as globally
or for a multinational region or
country.
Microeconomics - a branch of
economics that focuses on factors
that impact the buying habits of
individual consumers and
businesses.
Deflation - the result of sustained
price decreases in an economy;

indicates that the economy is
weakening (contracting).
Finance - Finance is a specialized
branch of economics concerned
with the origination and
management of money, credit,
banking and investment.
3. Importance
of Studying
Economics
3. Economics has drastic effects
on almost anything and
everything. Understanding how it
works and how it affects you can
give you an advantage in life.
These changes can affect you
obviously and subtly though you
are always prepared for these
changes thus adjusting and
adapting to them swiftly.
Name of Student: GERALDINE A. ARANIEGO

APRIL 1. Scarcity Adranida, Economics plays a vital role in our
29, 2022 and Annabel daily lives as people tend to be
Economics part in this aspect because we
2. Origin of Aduca, Ma. consume. We consume for a fact
the term Frencis Lyn that we have to buy for food and
Economics even in our personal lifestyle and
3. Four Basic Aldas, Jackie interest. In short, we consume
Economic because we have unlimited needs
and wants.
Questions Almeria,
Majority of people when they
4. Importance Alyanna Mae
hear the word “economics” they
of Studying
often or immediately think that it
Economics Amir, Safrea
is all about money. Yes, I couldn’t
5. 3 Es in
agree more with that, but if you
Economics
think deeper on it, economics is
6. Important
much more than simply money. It
Economic
is all about
Terms
7. Factors of
considering the possible pros and
Production
cons of various options. Some of
these crucial decisions are

8. Circular
financial, but majority are not.
flow model
Even the majority of our daily,
9. Basic monthly, and even life decisions

decision have nothing to do with money,
problem they are still considered economic
decisions. Additionally, economics

10. Types o
is also about making choices.
economic
Through economics, it will give us
system
knowledge of what choices are
best for us as a wise consumer. It

11. Opportunity
will help us to think critically and
cost
practically. It also helps us when
making decisions on how to best
allocate scarce resources to meet
the needs and desire of individuals
within the economy. Moreover, it
is important to
study economics because we live
in an economy world and
economics influences everyone.
We are part of an economic
activity on a daily basis. Economic
theory teaches us that the earth’s
resources are finite in compared
to what humans desire, and that
they are continually changing as
technology and people’s tastes
and preferences change.

Unfortunately, economics have
also downside on it. Economics
can inevitably experience limited
resources and rapid increase of
demand market. It is what we call
it a “scarcity” the most
fundamental challenge or issues
in economics. People are affected
in this dilemma
because we occupy in a world of
limited means where people still
have unlimited needs and wants.
The underlying economic problem
of scarcity arises from the excess
of wants over what can
realistically be produced with
limited resources.
Name of Student: FLORABEL A. GONZALES
April 28, 1. Introduction Adranida, Annabel Lesson 1 was all about

getting started with
2022 to Aduca, Ma. Frencis Lyn economics. Economics
is the study of how
economics Aldas, Jackie humans make decisions
in the face of scarcity.
Almeria, Alyanna Mae After reading the entire
topic, I realized why
2.Importance Amir, Safrea the Rolling Stones once
said, "You can't always
of Economics
get what you want."
Because I've learned
that the term "scarcity"
2. 3ES in refers to a fundamental
economics problem—
economics the gap between
limited resources and
theoretically limitless
wants.
This issue taught me

that our economy has a
restriction. That it is
possible that if we
abuse our resources,
we will face a scarcity.
I also realized the value
of studying economics
in terms of informing
choices, impacting
everything, influencing
industries, encouraging
commercial success,
and providing an
international
viewpoint.
Finally, the economy,

which implies
receiving the proper
inputs at the lowest
cost, is one of the three
E's in economics. The
efficiency of getting
the most out of the
inputs came next,
followed by the
effectiveness of
achieving the intended
outcomes from the
outputs.
Republic of the Philippines City Goveínment of Ľaguig

Gen. Santos Ave., Centíal Bicutan, Ľaguig C
Ľaguig City Univeísity ity
College in Business
Name of Student: HADJI AZIS, MOHAMMAD
Ľ. Student Numbeí: 20-01312
DAĽE ĽOPIC PRESENĽORS ANALYSIS
1. Scaícity
and In this topic the íepoíteís discuss
Economics theií own paíts to shaíe theií
thoughts and undeístanding.
2. Impoítance Gíoup1: Scaícity it means that the

Adíanida,
of Studying demand foí a good seívice is
Anabel Aduca
Economics gíeateí than the availabiliity of
Ma Fíencis
the good oí seívice, and
Apíi Lyn
economics is impoítant which
l Aldas
economics study of how you
28, Almeíia,
make a decision in Ľhe face of
2022 Alyanna Mae
3. Oíigin of scaícity.
Amií, Safíea
the teím
economics Ľwo Gíeek íoots of the woíd
economics aíe OIKOS meaning
Household and NOMOS
Meaning system of management
OIKONOMIA oí
OIKONOMUS Means
Ľaguig City
Republic of the Univeísity
Philippines ity
Colleg e in Busine ss
Management of household With
the gíowth of the gíeek society
until it's development into city-
states, the woíd become known
as SĽAĽE- MANAGEMENĽ
What goods/seívices to
píoduce?
4. Fouí Basic
Consideí píoduction
economics
possibilities and efficient use of
question
íesouíces.
How should goods/seívices
be píoduced?
Ľechnology, human
íesouíces, both
Foí who aíe goods/seívices
píoduced?
Consideí distíibution of
income (íich v. pooí)

Ľaguig City
Republic of the Univeísity
Philippines ity
Colleg e in Busine ss
How aíe goods/seívices
distíibuted?
How is the good going to get to
the consumeí.
possible to deteímine the effec

Name of Student: Hannah Mitch Gonzales
PRESENTOR
DATE TOPIC ANALYSIS
S
April 29, 1. Introduction Adranida We all know that this topic
2022 to Aduca was already taught by many
Economics Aldas teacher or professor but
Almeria today it freshen me up. In
Amir economics there will be
always a subtopic that are
important because as a
student we can use it in the
future.
An introduction to economics
gives us knowledge on how
to think wisely before putting
up a business and gives us a
reality scenario or real life
scenario so that we can
ready ourselves in
everything. In this society
we are able to feel the

growth of economy because
of the innovative products
not only technology but also
the supplies that available in
the market but when
pandemic occurs the growth
went down, as of now the
economy are in to lifting up
again.
Name of Student: Ma.Leonisa M. Javier
April The dicussed subjects
28,  Scarcity and were about
2022 Economics economics, where
they covered the
 Origin of the origins or brief history
term of economics, the
Economics importance of
 Safrea Amir economics, and so on.
 Four basic First and first, I want

to express my
gratitude to Prof.
Roseanne Mansal for
providing us with an
 Alyanna
advance activity that
Economic Mae
allows us to conduct
questions Almeria
research or advance
study in this subject,
as well as to the
reporters who created
a fantastic and
informative
presentation. The
 The
presentation flowed
importance of
well, and the
studying
presenters employed
Economics
two languages,
 Jackie Filipino and English,

 3 E’s in
Aldas to help the audience
Economics
understand the entire
report.
 Important
Personally, I believe
Economic
we are currently living
terms
in one of the most
fascinating and
exciting periods in
economic history.
Living in a civilized
society with a
advance technology
where in just a second
you can search or
know anything you
want. For me It is
critical to study
 Factors of economics in order to
Production get sufficiently
knowledgeable about
 The Circular our surroundings.

 Annabel
Flow Model This report made me
Adranida
understand how the
 Basic economics influence
Decision the whole world. Like
Problem how the economics
produce, distribute
and consumption of
goods and services. It
is just sad that we are
experiencing scarcity
of goods where we
got a high demands
and low supply. But of
course this is because
of high amount of
population that causes
as a scarcity.
Having an
 Types of understanding of
Economic economics was a
System  Ma.Frencis benefit, especially for
Lyn Aduca us Business students
 Opportunity who plan to pursue a
Cost career in the business
world.
Name of Student: Jodrell Cruz

April 29, 1. Scarcit Amir, Safrea The reporter has clearly
2022 y and Adranida, discussed the lessons very
Econo Annabel well. In their report, I have
mics Aduca, Maria learned about the most
2. Origin Frencis Lyn common problem in
of Aldas, Jackie countries especially today in
Econo Almeria, economics which is the
mics Allyana Mae Scarcity, the Scarcity refers
3. Four to the lacking of resources to
Basic provide people's needs amd
Questi demands which is bad for
ons in the economy. They also
Econo discussed about the types of
mics Economic System which can
4. Import be helpful for a country in
ance understanding their leader's
of platform for the country. The
Studyi types of economic system
ng are the Traditional Economy,
Econo Control Economy, Market
mics Economy and Socialist
5. 3 E's in Economy. I also have
Econo learned about the
mics importance of Studying
6. Import Economics. As a student,

ant
Econo
mic
Terms
7. Factor there's not much I can do to
s of help the country's economy.
Produc But after the discussion, I
tion have learned that business
8. Circula are keeping our economy
r Flow alive. I have learned that our
Model business is helping the
9. Basic economy, not much but a
Decisi little. I also learned about the
on possible ways to strengthen
Proble our economy which is by
m supporting the agriculture as
10. Types because our country is an
of agriculture country. By
Econo studying economics, we can
mic give the country a better
Syste future by helping it grow.
11. Opport
unity
cost
Reflection
Keanne Fender B. Collada
Micro economics
I learned in the lesson 1 is how scarcity works . and what should we produce ,how
should we produce it and for whom should we produce it in economics. I also learned that
economics is the use of resource in a period of time. Scarcity is the shortage of resource that
are supplied that can be a demand by that scarcity is a big problem to any people or
businesses . all of us are experiencing scarcity including babies that their parents have
difficult time buying their needs such as milks, clothes, diapers and toys , in our case as
teens we have less capability to buy our wants because most of us still have no job no
income and some are still depended on their parents. So that is a good examples of scarcity
Name of Student: Lenore O. Quiaoit
The Economic course is one
of indeed most important
course to study, Economics
is a study of wealth, poverty,
growth, trade, money, jobs,
income, depresscion,
recession, pricing and

Group 1 monopolies, and how the world
Introduction of
Amir works om the daily basis. As we
Economics
April 28 Adranda are now facing some conflicts
2022 Aduca in world, our economy may
hard to get up. for example,

Aldas
When the Covid-19 pandemic
Almeria
started there is the scarcity of
alcohols, facemasks and gloves
for protection of each other,
Unfortunately, some people
decided to hoard the products
and sell it with a double price of
the product. Moreover,
According to Kyle
Walther, The four basic
economic questions are:
What to produce?. For whom
to Produce? How to Produce
it? How much to Produce?
These questions are the
guide to startup a business,
for example food and
beverages business,
Stephanie and Kiara decided
to start a samgyupsal
business (Romantic Baboy)
the restaurant only offers
unlimated pork but stephanie
and kiara will place the
business within muslim area
in Taguig City. The partners
should revise their plan and
do a makreting research
within the area they want to
start a business.
Name of Student: Princess Mae Maghanoy
April 28, Adranida, Economics is the study and

Annabel
2022 understanding of the
Aduca, Ma.
Introduction Frencis Lyn economy such as the
Aldas, Jackie
to governmental system, money
Almeria,
Economics Alyanna Mae marketing, trades such as
Amir, Safrea production and financial
market. The traditional
economic system based on
customs, beliefs, and ways
that people have been doing
things for century’s when the
government has control over
the aspect over the
production and makes all the
decisions and ways to control
the economy. Economics the
study of economics is helpful
in several ways. Some of
these I will comment on. First
of all, technology levels affect

a societies economy, so by
learning what products are
produced, you can see how
technologically advanced a
society is. By examining
where the produced goods
are sent/used you can get a
better idea of what type of
government the society is run
by.
Name of Student: Kristine Clare L. Mariano
April 28, 1. Scarcity Adranida, Economics is something that

every one of us should be
aware of. We don’t

and
necessarily need to be expert
Economics
about it but having
2. Origin of
awareness should be
the term
enough. With the outgrowing
Economics
population around world, we
3. Four Basic Annabel
face an economic problem
Economic Aduca, Ma.
that is difficult to resolve,
Questions Frencis Lyn
which is the scarcity. A
2022 4. Importance Aldas, Jackie
problem that leads countless
of Studying Almeria,
of families live in vain. People
Economics Alyanna Mae
should know how to make
5. 3 E’s in Amir, Safrea
decision for the wellness of
Economics
everybody.
6. Important
Economic Studying economics would
Terms help us to make wise
decisions and be informed
about different economic
7. Four situation that could be helpful
Factors of in both personal and business
Production lives.
8. Circular We must give importance to

Flow Model everything and everyone who
9. Basic fulfill our needs in life. From
Decision the natural resources and to
Problem professionals who provides
10. Types of their skills and knowledge that
Economic makes it possible.
System Opportunity cost is the concept
11. where we gave up something
Opportunity in exchange of the choice we
Cost made. From our very self to
the people in authority should
invest and decide what is the
best choice for the certain goal
that we want to achieve and
consider what would it cost to
attain it. In this way, we could
have a better vision and
chance for better result.
Name of Student: Nicca Mae A. Murillo
April 28, 1. The 3 Es Adranida Everyone have direct opinion

in Aduca on their each topic and in this
2022
Economics 3Es in Economics the sectors
of this are: economy,
efficiency, and effectiveness.
In this 3 sectors have a goal
to get the desire that they
need, they also need to
exceed more efforts to know
the results of inputs and
outputs of their goal.
2. Scarcity
In scarcity it tells the
3. insufficiency or shortness of
Aldas
Economics supply it talks the needs of
Amir
the people in our economy,
Almeria
that were in the situation that
we don't have a supply of
foods, Facemask, and
alcohol and some of people
need it in the Middle of
pandemic specially the
homeless people that don’t
have a work to support them.
In Economics this is the study
of how we use limited
resources, how we need to spend

it in a small amount of resources.
Therefore, some people doesn't
have the courage to produce and
supply some of the needs that
they want. I also learned that we
need to spend the money and
resources that we have in a right
thing, specially right now in the
time of pandemic
Name of Student: Jaizel V. Nilo
April 28, Adranida, The year goes by, there's a

Annabel
2022 lot of things that I slowly
Aduca, Ma.
Introduction Frencis Lyn learned and realized. The
Aldas, Jackie
to topic if the group 1 is all
Almeria,
Economics Alyanna Mae about economics. They give
Amir, Safrea some definitions and
examples that I can relate or
reflect to my life right now.
There also called Scarcity
that means when supply of a
resource cannot meet
demand. This lessons all
about economics or economy
where I lived or belong as of
this moment and I can easily
give a reflection about my life.
My decisions are my
decision, whatever the result I
won't regret that. Every

decision that I made is for the
sake of
myself, in other words it easy
called a Selfish one. When
I’m deciding I don't think that
there no possibilities, I
believe that there's always
possibilities if you try and try.
This economic tells that every
decision we made is
depending on the face of
scarcity. Depending on the
resources, goods or services
that only available. There's
also an information about
need and wants. Need is
something needed to survive
while wants is our desire.
Need is always should be
fulfilled, wants is something
that we can provide as long
as we can.
Name of Student: Nono, Kenneth James G.
April 28, Adranida,

Annabel
2022 Many individuals mistakenly
Aduca, Ma.
I Frencis Lyn believe that economics is just
Aldas, Jackie about money. To some extent, this
Almeria,
Alyanna Mae is correct. Money plays a big role in
Introduction Amir, Safrea economics: how much people are
to paid; how much they spend: how
Economics much it costs to acquire various
products; how much money
corporations generate; and how
much money there is in the
economy overall. Despite the fact
that money is involved in so many
aspects of our lives, economics is
more than just the study of money.
Our daily lives are influenced by
economics in both visible and

subtle ways. Individually,
economics shapes many of the
decisions we must make regarding
job, leisure, spending, and how
much to save. Macroeconomic
patterns such as inflation, interest
rates, and economic growth can
have an impact on our lives.
Economics is concerned with
consumption and production, as I
already indicated. We can think
about it in terms of supply and
demand. It's simply the number of
good purchasers who want to buy
at every possible price.
Name of Student: Camille Kyle Peñero
April 28, 1.Scarcity Adranida People have a unending

Aduca desire and never-ending
2022
2. Economics Aldas needs and wants but it’s not
Almeria new to us that our resources
are just limited. Every people
experience shortage or
Scarcity even new born. Lack
of foods, milk and etc. We
can provide but not always.
Economics origin came in (2)
3. Origin of greek roots: OIKOS means
economics households and NOMOS
means system of
management. Economics is
4. (4) Basic study of how we use and
Amir
Economics choose limited resources in
Questions endless needs of every
people, how to maximize our
supplies. There are (4) basic
economic questions that can
help us to identify what we
need and how to start in
business: What to produce?
For whom to produce? How
to
produce it? How much to

produce?
Therefore, people has unending
problems especially when we got
in pandemic and many people
experience scarcity. I learn that we
need to be flexible in every
circumstances and limited
resources we have, to be
contented to the things we have
cause not everyone can have that
Name of Student: Diana Lyka Marie D. Perillo
April Nowadays, we are
28,  Scarcity and aware about the
2022 Economics shortage of goods and
services, that effect is
 Four Basic because of limited
Economic resources. The
Questions production cannot
Safrea produce an enough
 The Amir goods and services to
importance of provide for all people.
studying Economics is focuses
Economics on the decision of
individual or society to
compensate the
shortfall.
The central problem
faced by an economy
is made to solve the

problem of
microeconomics.
The Economics is
important for us to
know what we need to
improve from the past,
providing solutions on
present and for the
Economic
development for the
future.
In this lesson, I have

April
learned the two greek
28,
which “OIKOS” and
2022
 Origin of the “NOMOS” that means
term management of
Economics households with
growth or become
 Types of Alyanna known as State-
Economic Mae Management.
System Almeria The societies and
governments use to
organize, allocate and
distribute goods,
services and
April locations.
28, Understanding how
2022 economic systems
work can benefit
anyone in the
workforce.
 3 E’s in Jackie Economy, Efficiency
Economics Aldas and Effectiveness,
these three elements
 Important are connected to from
Economic the inputs, function,
terms outputs and outcome
The important terms
that basically found
when we studying
Economics are:
Scarcity, supply,
demand, money
inflation, needs, wants
and so on. These are
some of the word that
we categorized on
behalf of Economics.
It is the inputs that we
need for production
process to create an
output. These are
Land, pertaining to
natural resources.
Next is labor or the
work of people to
contribute on the
 Factors of production process.
April Production Third is the capital, it

Annabel
28, is money, machinery
Adranida
2022  Opportunity and so on. And lastly
Cost is Entrepreneurship or
the person that
combines this factor
all together,
organizing and
managing a business.
The opportunity-cost
is proper evaluating of
cost and benefits, to

choose alternenative
activity offering a
higher return in value
or benefit.
It shows the
continuous movement
April of output and input/

 Circular Flow
28, factors of production,
Model
2022 money payment and
Ma. Frencis Lyn
received in buying and
 Basic Aduca
selling of output and
Decision
inputs in between
Problem
producer, resource
producers and
consumers.
Name of Student: Rose Oronan, Puzon
April 29, Group 1 Because we live in an economy
2022 it is important to study
economics, simply because
economics affects everyone. We
are part of an economics

system, where every day we
engage in economic activities.
1.Economics Economics helps us to
appreciate that the earth’s
resources are limited in
comparison to human beings
want, which are infinite, and
constantly changing along with
technology and people’s taste
and preference.
This excess of wants over what
can actually be produced with
the limited resources, brings
about the basic economic
problem of scarcity. Scarcity
brings about the choice of what
to produce, how the commodity
is to be produced and who gets
to consume the finished goods
and services.
Economics is important to those
involved in economics activities
which are everyone:

individuals/households,
firms/businesses and
government when it comes to
making these choices. It helps
us when making such choices,
from the businesses trying to
make a profit to the consumers
seeking to get more for less and
the government trying to obtain
welfare for its citizens.
Economics helps us when
making decisions about the
allocation of such scarce
resources so as to best satisfy
the needs and wants of
individual within an economy.
Without going too much into it,
economics can calculate the
degree of inequality within an
economy and helps us
understand ways and measures
taken to reduce inequality. It
also addresses the problem of

poverty, how to identify types
of poverty, causes and effects of
poverty, those most susceptible
to poverty and ways to alleviate
poverty.
Name of Student: JAN PAMELA I. QUIMZON
April 28,2021 GROUP 1
INTRODUCTI Today is Thursday, April
ON TO 28th, and Group 1 is
ECONOMICS discussing economics. When
a pandemic strikes, all
businesses around the world
suffer harm, and many close
since they don't have
customers due to the
quarantine. Not only
businesses, but all of us are
affected by the pandemic.

Many of us are behind in
terms of education and
employment. When it first
started, I always wanted to
watch the news on TV and
also read or watch on social
media to stay up to date on
what was going on in our
world.
It's extremely difficult to make
money during a pandemic, so
we try to sell foods online.
There's a risk when you
deliver the food to their
house, but we do it anyway
because we need to survive
every day. You must save
both money and food.
scarcity during pandemic
times in the home and in our
country. Make a wise
decision; if you must make a
choice, always choose your
needs over your wants. You
benefit from this. They have a
quote in their report that

says, "You can't always get
what you want." This quote is
correct. All of the things we
want to achieve require
sacrifice, and God always
gives us something with a
purpose. They will give you
something you don't want
before he gives you what you
want.


Name of Student: Karynne Faith F. Remollena

1. Scarcity It states that Scarcity is one of
and the fundamental economic
Economics notions. So, we must decide.
We must make compromises.
2. Origin of We must deploy resources
the term effectively. We must do so
Economics because resources are limited,
and we cannot meet our own
3. Four Basic unending wants. Without

April 28,
Economic Group 1 scarcity, the science of
2022
Questions economics would not exist.
Economics allow us to apply

4. Importance
past, future, and current models
of Studying
to society. It plays a part in our
Economics
daily lives.
5. 3 Es in
Economics The origin of the term
economics, the “eco” and
“nomos”. It has linguistic

Taguig
RepublicCity University
of the Philippines
College Business Administration

in
roots, grammatical norms, good
6. Important
and bad constructions, dialects,
Economic
and a large vocabulary that
Terms
evolves with time.
7. Factors of
Production
In a free market, goods are
8. Circular
produced depending on what
Flow
the owners of the means of
Model
production find to be the most
9. Basic
profitable. The owners have
Decision
their workers make these things
Problem
out of whatever is cheapest but
10. Types of
nevertheless of sufficient
Economic
quality for buyers to buy.
System
Anyone with sufficient funds
can purchase the things. To
summarize, the profit motive
and competition drive the
market economy.
The significance of studying
economics, it helps everyone

Taguig City
Republic of theUniversity
Philippines
College Business Administration

in
to understand how the world
functions. We will understand
the world we live in. it helps us
to be better decision maker in
both personal and professional
life. Allows us to comprehend
how people, families,
businesses, and even
civilization allocate finite
resources to meet their needs
and desires.
This means that program
managers and authorities in
charge of public resources must
carry out functions and provide
services to the public in a way
that is effective, efficient, and
cost-effective.
Important Economic Terms has
a lot of things that we need to
learn and that can

City Government of
Taguig

College in
Business Administration
apply to ourselves and to
the economy.
Land, labor, capital, and
entrepreneurship make up
the four production
components. These are the
supply inputs. They
manufacture all an
economy's commodities
and services. Gross
domestic product is used
to gauge this
The cyclical flow of
economic activities
demonstrates where
money moves and for what
it is traded. Families,
corporations,
and the economy. National
gover accounts and, by
nmen
ts are
all
part
of the
conc
ept.
Mone
travel
s in
the
oppo
site
way
as
good
s and
servi
ces
circul
ate
throu
gh
City Government of
Taguig

College in
Business College in Business Administration
Administration
extension, macroeconomics is built
on the circular flow approach.
The fundamental issue is scarcity.
Due to a limitation of resources, we
must prioritize which desires must
be met first.
Opportunity cost is the value of the
next-best alternative when a decision
is made. The potential gains that an
individual, investor, or organization
misses out when choosing one
option over another are known as
opportunity costs.
Opportunity costs are easy to miss
since they are invisible.
Name of Student: Rodrigueza, Germaine D.
April 29, Group 1 Economics is the study of

how we use/choose the
limited resources to meet the
satisfaction of unlimited
wants. It is also concerned
with the production,

1.Scarcity and
distribution, and consumption
Economics
of goods and services. In our
economy scarcity starts to
happen when supply of a
source cannot meet demand.
It is also a situation that
results from the fact that we

2022
don’t have the ability to
satisfy all of our wants.
Scarcity can
happen to everyone that
even a baby can experience
it.
2.Origin of
the term
Economics came from the
Economics
two Greek roots of OIKOS
that means Household and
NOMOS that means system

of management.
The Four Basic Economic

3. Four Basic
Question are (1) What to
Economic
Produce? it talks about the
Question
goods/services that wants to
produce that need to
determine the quantity
because of limited resources
we have. (2) For Whom to
Produce? It deals with the
decision the distribution of
goods / services among the
members of society. (3) How
to Produce it? It will depend
on the availability of different
factors of the production and
price. (4) How much to
produce? In producing we
have to calculate all of
goods/services because we
can use limited resources
only.
4.Importance We study Economics so that
of studying we can be aware to the
Economics status or events in our
country, not just in our
country but also to other
countries. And we should
study economics because it
is part of our daily life and as
a citizen that part of this
economy.
5.3 Es in
Economics The 3 Es in economics are
(1) Economy, it is focusing on
input that usually measured
in terms of money saved by
switching to cheaper inputs.
(2) Efficiency, it concerns with
the relationship both with
inputs and outputs. It is about
achieving the target with least
possible use of resources. (3)
Efficiency, achieved by
minimizing inputs relation to

outputs or by maximizing
outputs in relations to
outputs.
The Important economic terms
deal with the different terms that is

6. Important
Economic terms related to economics, terms that is
helpful for us to understand the
meaning of it.
The first factor of production is the
Land it is not just land but also it is
related to the natural resources.

7. Factors of
production Second is the Labor it is the actual
physical efforts in doing the
goods/services. Third is the
Capital
it is a human-created resources
that used to produced other
goods/services. The last one is the
Entrepreneurship it is a skills and

process in order to make money.
8.Circular Flow
of Model
It is a model that used to show the
continuous flow or movement of
the output and input. It defines the
flow of payments and receipts for
goods and services.
The types of economic system are

9.Types of
Economic the methods that governments use
system
to organize, allocate and distribute
goods/services and resources
across their locations.
10. Opportunity
Cost It is an act where the person could
have received but passed up in
pursuit of another option.
Name of Student: Reyna Vill N. Salomon

DATE TOPIC PRESEN- ANALYSIS
TOR
The first lesson of
microeconomics is both a
refreshment and an enlightenment to
what I have known before. The
reason is that before, for me the

INTRODUC-
word "economics" is just our
TION
"economy" and for what I have
TO
April known, it is just about the downturn
ECONOMICS GROUP
28, or the growth of the economy, like
1
2022 what we always see in the news.
This lesson leads me to understand
the basic topic of economics, which
is the most important topic to tackle
for me to thoroughly understand
economic problems and how they
affect me. Also, how this term affects
my daily
in my decision making and managing.
As I listened to the reporters, I
I realized that economics is connected
N to our daily lives, in our choices and
T our management. It is not just about
R our country’s situation but the situation
O of every household. Where economics
D tackles the scarcity of our country in a
U general way, this is also happening in
C each and every one of us. I myself

April
T GROUP experience scarcity, where I can’t
28,
I 1 have my needs or wants because of a
2022
O lack of funds. There is no exemption.
N Even a baby experiences scarcity by
TO not having its needs, such as milk. At
ECONOMICS the beginning of a pandemic, the
scarcity was noticeable in these times
where not all people received "ayuda"
from the government. I saw it all in the
news, people ranting about not
receiving financial help. This just
means that the resources are limited,
and it saddens
to know that there are families who
experience scarcity often in their
daily lives, and so some cut their
I financial budget on some things and
N focus on what is really needed. I
T learned that our decisions or choices
R are also related to economics, where
O our demands are what the
D government or economist pays
U attention to in order to provide for
April C people’s demands and to supply

GROUP
28, T needs, but still our resources are
1
2022 I limited to provide for everyone. This
O made me realize one of the
N problems of the economy really
affects people, whether it is
TO noticeable or not, and it is really
ECONOMICS serious for people who are below
average when it comes to finances.
Scarcity is a big deal to them. It is
the main problem of economics, and
economics has a big role in deciding
how to ease this problem.

April
The topics enlightened me to be
28,
aware and be sensitive about the
2022
lack of resources that some families
I can’t normally access in their daily
N lives because of scarcity. I became
T aware of the issues that we face
R throughout this lesson. It made me
O realize I should carefully choose or
D be wise in my decisions and in
U managing my daily life or what I

GROUP
C consume. The reason is that it seems
1
T the choices I make can affect the
I economy, and in reverse, the
O economy also has a big impact on
N me or in my household. Also, I felt
more responsible about these issues,
TO and while it will be difficult to solve
ECONOMICS this problem, I hope everyone will be
aware and make wise decisions
about their choices. By this it enables
people to have the ability to handle
and face scarcity in every aspect of
life, whether it is in financial or

consumption.
Name: Santiago, Van Joseph M. Student Number: 20-
01268
In the beginning the reporters
tackled about scarcity, then they
said that scarcity is human
April 28, Introduction to Adranida, wants for goods, services and
2022 Economics Annabel resources exceed what is
Aduca, available. So I learned that
Ma. Frencis Lyn scarcity is all about shortage of
Aldas, Jackie goods and resources. Also the
Almeria,Alyanna scarcity in economics may refers
Mae to resources being finite and
Amir, Safrea limited. Therefore, the desire of
peoples is unending because
we are always wanting
something better or something
new.
They also discussed the
injections in circular flow model.
First they tackled about what is
circular model and it is the
circular flow of economic

activities and defined as the
flow of payments and receipts
for goods and services. Then
Injections is may refer to an
increase in the flow of income in
the circular flow model.
Investment and exports are
considered as the form of forms
of injections. Therefore,
injections may refer to the
addition of income and
resources into the circular flow
model.
Name of Student: Tañola, Maechelle R.
DATE TOPIC PRESENTERS ANALYSIS
April 28, Introduction Adranida, The reporters had
2022 to Annabel discussed about Scarcity and

Economics, explained the
Origin of the term
Economics, identified the 4
Basic Economic Questions,
and appreciated the

Aduca, Ma.
Importance of Studying
Frencis Lyn
Economics. They also
Economics determined the 3 E’s in

Aldas, Jackie
Economics, defined the
Important Economic terms

Almeria,
and identified the Factors of
Alyanna Mae
Production. They had also
analyzed the Circular Flow

Amir, Safrea
Model, determined the Basic
decision problem, identified
the Types of Economic
System and, discussed the
Opportunity Cost.
Here in this lesson, I learned
that scarcity is one of the most
fundamental issues in economics.
We, people, have an unlimited

College in Business
desireAdministration
or wants. But unfortunately,
our resources are very limited.
Learning about economics is very
essential for us to know how to
manage wisely the scarce
resources that we have. It helps
us to make decisions on how to
allocate our resources in the most
effective and/or efficient way.
As a marketing student that has a
small business, this lesson
teaches me to be an economical
person. Knowing the issues that
all countries are facing, I should
be wise in terms of spending and
consuming.
Name of Student: Joaquin, Zylene Caryll A.
April 28, 1.Scarcity and Group 1 Every reporters discuss their
2022 Economics designated topics very well.
Adranida Discussing the definition of
2.Origin of the scarcity and economics help

me more to understand about
our subject. Identifying
scarcity and economics is
important which economics

term study of how you make a
Economics decision in the face of
Aduca scarcity. I learned that the
3.Four basic Aldas
Scarcity is one of the key
Economic Almeria
concepts of economics. It
Questions Amir
means that demand for a
good or service is greater
than the availability of the
good or service. Therefore,
scarcity can limit the choices
available to the consumers
who ultimately make up the
economy.
4.Importance of It is important to study

Studying
Economics Economics. We all know that
economics has a big role in our
lives to be succeed. Economics
is part of our life. It’s a gateway

College
5. 3 Es in
in BusinesstoAdministration
our future.
Economics
Four key economic concepts
—scarcity, supply and
demand, costs and benefits,

6.Important
Economic terms and incentives—can help
explain many decisions that
humans make.
Name of student: Jerrico G. Aberion
Economics
For me as student, the study of economics helps people to understand people, businesses,
markets and government, and better respond to the threats and opportunities that emerge
when things change. And prepares students to adjust to unexpected changes and take
advantage of unexpected opportunities. And to evaluate alternatives and make better
choices. It develops our critical thinking and problem solving skills to make good decisions.
And scarcity results in consumers having to make decisions on how best to allocate
resources in order to satisfy all basic needs and as many wants as
possible. A resource being naturally limited but not in relation to demand. The best example
of this would be time. Twenty-four hours in a day, seven days in a week, and 52 weeks in a
year. Time is an absolute scarcity.
Supply and demand is the point where producers and consumers exchange goods at a cost
and quantity that represents a balance between the consumer’s wish to pay less money and
the producer’s wish to make more money.
Capital is anything that can enhance the ability to do economically useful essentially means
anything that has value to human beings.
Markets are places where discussions can happen between people and organizations
regarding appropriate quantities and prices for their exchange of goods.
Name of Student: Lorenz Danielle S. Santos
April 28, 1.Scarcity and Adranida, First off, Economics is really

Annabel
2022 Economics important to study for. Its not
Aduca, Ma.
2.Origin of the Frencis Lyn just about how the society
term College in Business
Aldas, Jackie Administration
works under global for the
Economics Almeria, economy growth but it really

Alyanna Mae
3.Four Basic Amir, Safrea identifies things that will
Economic provide a development and
Questions improvement. The presentors
4.Importance are great reporters and did
of Studying they great to give us and help
Economics us to understand what really
5.3 Es in Economics is. It really hits me
Economics about how, for what, and for
6.Important whom the economics work
Economic about the society. I did
terms understand the where does it
from and how important
Economic to be disscussed
especially for us, who is the
future workers under
marketing of the global. I also
learned about the Economic
terms and how factors of a
production will affect the
economy. It had a great
reflection about this
knowledge that talks about
Economics that have a big

part to my future job.

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Republic of the Philippines

City Government of Taguig

Name of Student: Angel Anne D. Molo

DATE TOPIC PRESENTORS ANALYSIS

April 28, 1. Scarcity Adranida, Economics is a social science

2022 and Annabel that analyzes the production,

Economics Aduca, Ma. distribution, and consumption

2. Origin of Frencis Lyn of goods and services.

the term Aldas, Jackie Economics is a subject that

Economics Almeria, assists people in

3. Four Basic Alyanna Mae comprehending their

Economic Amir, Safrea surroundings. It enables

Questions people to get a deeper

4.Importance understanding of people,

of Studying businesses, markets, and

Economics governments, allowing them

5. 3 Es in to better adapt to the

Economics difficulties and opportunities

6. Important that occur as things change.

Economic Because scarcity is a gap

terms between the desired supply

7. Factors of and demand equilibrium, it is

Production one of the most serious

economic problems. I also

system is one of the reasons

the economy because they

are one of the factors that

can influence the country’s

Name of Student: Angelie C. Apura

Student Number: 20-01234

DATE TOPIC PRESENTORS REFLECTIVE ESSAY

familiar to us. The word scarcity and economics

1. The have different meaning but they’re connected to

Scarcity and each other, when it comes to studying economics.

Economics Because the simple and concise definition of

economics is the study of how society uses its

Economics Aduca, Ma. resources that a country or business has. Before

French Lyne the term economics, became economics now it

Economic Almeria, Alyanna meaning “Household Management”. Until it has a

Amir, Safrea explored and examined before it became the word

Importance Furthermore, there had economics is to answer

of the central problems faced by an economy and we

Studying can only use that when we

5. The 3 Es in the subject itself. We lived in a world that

Economics resources are finite not infinite and studying

economics help us to make critical thinking or

6. The should I say we need to act in a rational behavior

Important when it comes in making decision to satisfy our

Economic never ending list of wants and needs. When we

Terms say area of economics it is not only about the

economy of the country but it can also be done in

7. The Factors business entity. Also economics is the science of

of decision making, there are times when the

Production opportunity cost is applied and this means that it

refers in economics that measures the impact of

8. The selecting one option instead of another alternative

I therefore to conclude, that economic is