Full Name: Lozano, Justine S.

Year and Section: BSEE-2B

ACTIVITY # 2

Answer the following questions in the answer sheet provided. State your point and
reason in not less than five (5) sentences.

1. How does entrepreneurship contribute to the economy of a country?

There are several concepts that explain how entrepreneurship helps a nation persist
over time. It creates opportunities for employment that allow individuals to select a
career path that will help them advance and become more effective. Foreign nations
recognizing and consuming local items would help the country become known for
producing high-quality goods. As it grows, more jobs mean higher revenue, which
results into a significant quantity of government taxes that are added to the national
income. Last but not least, entrepreneurship starts societal reforms that will enable
the nation to prosper in addition to concentrating on how organizations are
structured.

2. State some solutions to the three fundamental economic problems.

Scarcity is a fundamental economic problem in our society, and it is caused by

a variety of circumstances, including misuse of renewable natural resources, rising
demand, insufficient supply, and the ensuing economic shortfall, economic or
environmental causes cause a reduction in supply. However, scarcity may be
alleviated by ensuring appropriate production and distribution lines in our nation, as
most distributors hoard their commodities in order to control the pricing of the items
they distribute. Another alternative is to encourage the government to take action to
put an end to this type of unlawful stockpiling of products.
Unemployment is a huge issue in our country, and it affects all of its residents.
People generally find job seeking tough due to their socioeconomic situation, a lack
of skills and experience, a lack of understanding about job applications, and a
shortage of qualified graduates. The most effective approach involves open
education and more initiatives that force or urge individuals to learn about our new
circumstances. Community initiatives should be created to help people broaden their
knowledge and improve their abilities.

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Full Name: Lozano, Justine S. Year and Section: BSEE-2B

Poverty is all around us, both in our own country and in other countries. Poverty
leads most people to lack housing, having no clean water resources, making their
health worse all the time, and there are also those with impairments who find it
difficult to obtain work to generate money. One of the most serious causes of this is
government corruption, in which money meant for the population of the country is
corrupted or government officials hoard money for themselves. A possible solution to
poverty would be to deepen the remedies to the two major economic problems and to
develop a work diversification program for the lower class.

REFLECTION

Based on the discussion of Lesson 2 – The Philippine Economy, what part did you
enjoy the most? What are your learnings? Is there anything in the lesson that you
could apply or use in your life?

Studying this module made me realize a lot of about are country. I learned
the country’s economy is a wide range of learnings and problems to be
studied, by researching more about the economy of our country the
Philippines it made me wondered is it always like this.
Entrepreneurship is a wide range of changing and making progress in our
society, it fuels growth in the country as a whole because of the people
making progress everyday. Day by day many problems arise in our country
many factors involving the three fundamental economic problems. Just by
these three problems I learned a lot about our country, about how our
country is facing more problems than we see in our everyday life. These
problems we see, we experience everyday is getting worst day by day.
Solutions to this kind of problem as I stated above are not that easy as we
say it involves a lot of work, a huge amount of time needed to be fix as for us
students we can’t really do anything about this problems as we experience it
in our everyday lives from waking up then going to school to going home we
experience and see this kind of problem in our environment. Solution to
these problems are difficult to obtain if the upper class is the cause, but this
is the world we live in, so we should help ourselves and develop solutions
that can help people that are experiencing this problem even ourselves, it
can be either big or small, nevertheless helping them is a step forward.