NAME: _________________________________________ DATE: _______________________

GRADE & SECTION: _____________________________ ACTIVITY #: __________________

1.1.
ENGAGE Let’s do a memory recall first!

I. Directions: Indicate whether statements below fall under Applied or Social

Economics.

1. This is economics that look in everyday life. ____________________

2. It is the economics that study the individual behavior and how it is affected by the group-level
influences. ____________________
3. “Real life applications of economic concepts with an attempt to forecast the result of the
decision ____________________
4. “It investigates social norms, ethics, popular beliefs and philosophies that may affect consumer
behavior which results to buying trends in the market. ____________________
5. “It is a field where theories are studied and observed how they are used in real life situations.
This study is used at microeconomic and macroeconomic level”. ____________________

II. Directions: “Write the economic system that is described in the statements below.”

____________________1. It exists in primitive and backward civilizations.

____________________2. Prices are based on demand and supply.

____________________3. The choice of the consumers is manifested in the level of prices that
they would like to pay in the market.
____________________4. “The government controls and sets the type of commodities to
produce.

____________________5. “It is the most democratic form of economic system.

____________________6. “Old and classic methods are employed in production”

____________________7. “There’s stagnant economy because technology is not improved, and

the production methods are ancient.”
____________________8. “People are free to decide on the items that they want to purchase.”

____________________9. “Economy is stagnant for they still employ old practices in

production.”

____________________10. “People are not free to choose the goods that they want to buy.”
NAME: _________________________________________ DATE: _______________________

GRADE & SECTION: _____________________________ ACTIVITY #: __________________

1.2. EXPLORE YOUR KNOWLEDGE

I. “In your observation in your environment, identify if the following resources are scarce
(may it be relative or absolute scarce), or abundant in the Philippines:
1. Oil = _________________________________
2. Banana plants = _________________________________
3. Rice = _________________________________
4. Carbon Minerals = _________________________________
5. Diamonds = _________________________________
6. Marine resources = _________________________________
7. “Human resources with technical know-how” = _________________________________

II. “Give more examples of Philippine resources that are scarce and abundant in nature.”
ABUNDANT IN THE PHILIPPINES SCARCE RESOURCES IN THE
PHILIPPINES

III. Now, based on your observation, what is the comparative advantage of the Philippines
over other countries, and what are our problems with resources? Explain briefly.
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NAME: _________________________________________ DATE: _______________________

GRADE & SECTION: _____________________________ ACTIVITY #: __________________

Let’s check your understanding!

1.3. EXPLAIN

1. “Do you think the increasing population in the Philippines has an impact on the resources of
the country?” “Why do you think so?” Explain. (minimum of 5 sentences)
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2. “In your opinion, what do you think is the best form of economic system? Explain and give an
example.” (minimum of 5 sentences)
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NAME: _________________________________________ DATE: _______________________

GRADE & SECTION: _____________________________ ACTIVITY #: __________________

Augment your learnings

1.4. ELABORATE

Since we experienced in the Philippines the Traditional, Command and Market economy,
compare the three, specifically, in the availability of resources in our country during these
periods. (minimum of 8 sentences)
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NAME: _________________________________________ DATE: _______________________

GRADE & SECTION: _____________________________ ACTIVITY #: __________________

Go beyond walls: Apply it in real life!

1.5. EVALUATE

I. “Cut out a news item that is related to any economic issue. Attach it on the space provided
then answer the questions that follow.”
Guide questions:

1. “How is the news related to problem of scarcity?” Explain. (minimum of 3 sentences)

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2. “How do you relate the concept of trade off or opportunity cost to the news clip? ” Explain.
(minimum of 4 sentences)
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1. In your opinion, how should the government deal with this problem? How should the Filipinos cope in
“

this issue of scarcity and improve the lives of the people? (minimum of 8 sentences)
”
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You will be graded based on the following rubrics :
”