Applied Economics

Quarter 1 – Module 1
Economics as a Social Science and Applied Science in Terms of Nature and
Scope

What I Know
1. Microeconomics
2. Tangible Goods
3. Scarcity
4. Luxury Goods
5. Capital Goods
Assessment
1. C
2. D
3. C
4. D
5. A
What’s In
1. D
2. D

What’s More
Activity 1
1. Essential goods: Canned goods; bread; sacks of rice; meat; vegetables
2. Consumer goods: toothpaste; bath soaps
3. Luxury goods: perfumes; wristwatch
4. Industrial goods: coffee maker
5. Economic goods: unit of air-conditioning
Assessment
1. Land
2. Labor
3. Capital
4. Entrepreneurship
What I Have Learned
1. Microeconomics; Macroeconomics
2. Productions; standard of living, employment, and inflation
3. Land; labor; capital; entrepreneurship
4. Unlimited; limited
What I Can Do
Activity 1
1. Land – Space
2. Labor – Manpower
3. Capital – Computers
4. Entrepreneurship – Great Ideas
Activity 2
1. Capital
2. Capital
3. Entrepreneurship
4. Land
Assessment
1. A
2. B
3. C
4. D
5. B
6. C
7. C
8. B
9. A
10. D
Worksheet
Activity 1
1. Land – inadequate land and natural resources; polluted areas; overcrowded
spaces
2. Labor – unskilled workforce; mismatch of jobs
3. Capital – low quality of equipment/machines; insufficient fund/capital
4. Entrepreneurship – inadequate training of entrepreneurs; no new or great
ideas
Activity 2
Microeconomics
1. Studies of markets of goods and services
2. Focuses of the behavior of individual in the market
3. Focuses on parts of economy: individuals, firms, and industries
Macroeconomics
1. Studies the economy as a whole
2. Focuses on goals like productions standard of living, unemployment, and
inflation
3. Policies are focused on monetary policy and fiscal policy