BASIC MICRO ECONOMICS

NAME: JOHN ERIK ESPILOY PROFESSOR: MARIA

ROBELITA V. AMAR

Activity/Assignment
1. Briefly explain how you can apply economics in your
daily life. Cite an example or situation of your own?
For me Economics can be applied in daily life by buying and selling
goods and they helps us in identifying the opportunity costs, how
inflation and deflation affect the economy, how to maximize utility
and the impact of market externalities. Economics helps us in
studying the past, future, and current models and apply themes to
societies, government, businesses, and individuals.

2. Based on your personal observation, make a short

discussion of the current status of the Phil. Economy.
Give example. Coordinate with the class to avoid
duplication.
Poor Quality of Education

Lack of education has serious effects on everyone, not only people who are under-
educated. People who lack education have trouble getting ahead in life, have worse
health and are poorer than the well-educated. Major effects of lack of education
include: poor health, lack of a voice, short r lifespan, unemployment, exploitation
and gender inequality.

Example: Lifelong Effects of Lack of Education

>Poor Health
>Lack of a Voice >Shorter
Lifespan >A
Poverty Trap Poverty
Trap: The inability to escape poverty due to lack of resources.
>Unemployment
>Exploitation

People who have not been educated may have to resort to terrible types of
work just to survive. In a world of limited jobs, those with an education get
first pickings of the safer and more secure work.
>Gender Inequality > A
Brake On Economic Growth Inability To Make Smart Political Decisions

If too many people in a society lack the ability to think critically about the big
challenges of the future, we won’t collectively make smart political decisions.

Gender inequality can be a massive barrier to education for women.

>It’s Harder to Raise Children If you lack an education yourself, raising
children becomes more difficult. and not just because you’re more likely to be
poor.

1. Describe the environmental status of your local

community based on economic condition.

Our environmental status in our community are air

pollution, Stray animal's nuisance, mobile phone masks,
noise, pest control, waste disposal, etc.