APPLIED ECONOMICS Q2- MODULE 5 and 6

Evaluate the viability and impacts of business on the community

Writer- Perlita B. Ariota

*Europe, S. F. C. (n.d.). How to train staff on good customer service: Tips for managers. Retrieved June 17, 2020, from
https://blog.sfceurope.com/how-to-train-staff-on-good-customer-service-tips-for-managers

*Retail Store Manager Perspective. (2019, November 14). Retrieved June 17, 2020, from https://www.blueday.com/retail-notes-
from-the-field/
 Q2- MODULE 5 and 6
Evaluate the viability and impacts of business on the community

Competency

Evaluate the viability and impacts of business on the community.

To the Learners

This last module is an application on the previous topics that you have learned. You

may not be answering more activities, instead you are going to prepare some questions to

the following sectors: consumer, supplier and investors, government, households, and

international trade.

Expectations

You are expected to prepare some questions to the different sectors on the different

impact of business in relation with the pandemic. 1 -2 questions will be fine for each sector.
 Pre-test
Please read the question and write the letter of the correct answer. Don’t forget to write

your name.

1. According to the news, online sellers, don’t have any license to operate a business. What

will be affected if most of us are on online business and we don’t have any license?

A. the revenue B. the riders and the sellers

C. the community D. the households

2. The following are considered government impact on service except:

A. Poor road condition B. High costs of electricity

B. Slow internet D. Adequate infrastructures

3. Which of the following instances explain household impacts on business during and

after the pandemic?

A. The purchasing power of consumer declined.

B. Revenues also declined

C. Branded stuff sales increased

D. Suppliers of different products increased

4. Another strategy to get customer from your competitor aside from innovating your

product or service.

A. Better quality and more options for the consumers

B. Big tarpaulins

C. Numerous advertisements

D. Take artists as your endorser

5. During the pandemic, many business establishments stopped, as a result many lost their

jobs. Their families suffered a lot, especially the children. This explains the:

A. Impact to the community B. Impact on Households

B. Impact on suppliers D. Impact on the Consumer

6. Vegetables such as tomatoes, cabbages were just thrown away along the highway. This

has a great impact to

A. Government B. Farmers

C.Community D. International Trades

7. According to the news, online sellers, don’t have any license to operate a business.

Who were affected?

A. the revenue B. the riders and the sellers

C. the community D. the households

8. The following are considered government impact on service except:

A. Poor rood condition B. High costs of electricity

C. Slow internet D. Adequate infrastructures

9. Which of the following instances explain household impacts on business during and after

the pandemic?

A. The purchasing power of consumer declined.

B. Revenues also declined

C. Branded stuff sales increased

D. Suppliers of different products increased

10. Which of the following instances explain household impacts on business during and

after the pandemic?

A. The purchasing power of consumer declined.

B. Revenues also declined

C. Branded stuff sales increased

D. Suppliers of different products increased

11. Another strategy to get customer from your competitor aside from innovating your

product or service.

A. Better quality and more options for the consumers

B. Big tarpaulins

C. Numerous advertisements

D. Take artists as your endorser

 Looking Back

Impact on the Consumer

If the new product has the following. For sure there is big impact on the Consumer

1. An innovative product that comes with new features that cannot be found in the

existing competing goods. It can be in the form of better appearance, new

ingredients, and new convenient way of making the product available. In short, a

new product or service that consumers will be happy and satisfied.

2. Introduce the product or service with a lower price. This is an advantage to the

consumers/buyers who have limited budgets.

3. All goods and services with better quality.

Impact on the Suppliers and Investors

A new business means another opportunity for other business. Example an online

business needs suppliers for the different goods they are going to sell. At the same time,

they also need the transport services that will deliver their goods.

Demand for goods provided by the supplier will increase and need to produce more, as

a result they need more sellers, more transport services. More capital will be needed for the

production of goods.
 Impact on Households

New business means a lot. An opportunity for those who are looking for a job. For

those who are earning low income may find higher paying jobs with the new companies.

Unemployment will decrease. If most of us has a job or a better high paying job, standard of

living will definitely improve.

Impact on the Community

Communities benefits from businesses. There are many programs sponsored by

local businesses and stakeholders for the community like sports fest, wellness program,

livelihood projects and sometimes, medical and dental mission. These activities are

sponsored by the local businesses.

Brief Introduction

As I have said, this last module is an application on the things that you learned from

the previous lessons. You are not going to answer many activities to have a mastery on the

topics, instead you are going to conduct a socioeconomic impact study on the following

1. Consumers ( new product and services)

2. Suppliers and Investors ( capital and income)

 Activities

Prepare questions for each sector that you want them to answer. To a consumer, you

can ask your parents or any friend. To Suppliers and investors, you may want to search who

are the supplier of popular fast food chains. To the government, you may visit their website

and send your question through email. To households, your own family or any in your area.

If you are hesitant to ask, you may observe them. To international trade, you may visit the

website of industry who are engage in International trades, and send your queries to them.

Please submit first your letter to your teacher so she may check if your questions are good

enough for you to understand and apply your lessons in Reading and Writing Skills. Good

luck then. By the way, if you have some doubts, send message to your teacher.

Remember

Business has a great impact on the consumers, suppliers, investors, government,

and international trade.

Check your understanding

Proofread all your questions before you submit them. By the way, this last

lesson is also related to your language subject wherein your skill in writing is

tested. Remember the rules in grammar and the correct way in doing a business letter.
 Post test
Your performance task will serve as your post-test.

Reflection:

The primary objective of this module is to explain various Socio-economic impacts

of business on the following sectors: consumers, supplier, investors, government, households,

facilitator, it is expected that:

1. I will guide them by answering their questions.

2. Give feedback on their different activities to check if they have mastery on the

topic.

3. Be able to supervise and evaluate their tasks by giving them clear directions.

Reference

*Dinio, R. P., & Villasis, G. A. (2017). Applied Economics (First). Manila: Rex Bookstore.