APPLIED ECONOMICS

LESSON 1-QUIZ
Identify what the statement is referring to.
1. A condition where there are insufficient resources to satisfy all the needs and wants of
a population.
2. The value of the best forgone alternative.
3. Also known as the factors of production.
4. A branch of economics that deals with what is the actual happening in the economy.
5. Is the market value of final products, produced by the resources of economy in a given
period.
6. The market value of final products produced within the Philippines.
7. Is the application of economic theory and econometrics in specific settings with the
goal of analyzing potential outcomes.
8. The longest prime minister in history.
9. Division of economics that is concern with overall performance of the entire economy.
10. Is the means through which society determines the answer to the basic problems in
the economy.
What economic system characterized in each of the following sentences. (
Market, Command or Traditional)
1. Prices are based on demand and supply.
2. The government decides on what goods should be produced.
3. Ancient methods are used in deciding what goods to produced.
4. People enjoy freedom of choice in arriving at decisions on what to buy.
5. People have no freedom of choice in arriving at decisions on what to buy.
6. Economy is stagnant, making use of practices in the olden times.
7. Economy is backward because no new technology or production
methods are introduced.
8. It is the most democratic form of economic system.
9. People’s preference are reflected in the prices they are willing to pay in
the market.
10. It exists in primitive and backward civilizations.
Identify which resource is referred to by the following
words.
1. Entertainers
2. Minerals
3. Forest
4. Marine Resources
5. Teachers
6. Technology
7. Production Equipment
8. Engineers
9. Call center agents
10. Business proprietor
 Essay

1.Why is economics deeply rooted in

the concept of scarcity?
2.In what way is applied economics
important in tackling economic
issues or problems of the society?
APPLIED ECONOMICS
LESSON 1-QUIZ
 Identify what the statement is referring to.
1. A condition where there are insufficient resources to satisfy all the needs and wants of a
population. SCARCITY
2. The value of the best forgone alternative.- OPPORTUNITY COST
3. Also known as the factors of production.-ECONOMIC RESOURCES
4. A branch of economics that deals with what is the actual happening in the economy.-
POSITIVE ECONOMICS
5. Is the market value of final products, produced by the resources of economy in a given
period.-GNP
6. The market value of final products produced within the Philippines.-GDP
7. Is the application of economic theory and econometrics in specific settings with the goal of
analyzing potential outcomes.-APPLIED ECONOMICS
8. The longest prime minister in history.-LEE KUAN YEW
9. Division of economics that is concern with overall performance of the entire economy.-
MACROECONOMICS
10. Is the means through which society determines the answer to the basic problems in the
economy.-ECONOMIC SYSTEM
What economic system characterized in each of the following sentences. (
Market, Command or Traditional)
1. Prices are based on demand and supply.-MARKET
2. The government decides on what goods should be produced.-COMMAND
3. Ancient methods are used in deciding what goods to produced.-TRADITIONAL
4. People enjoy freedom of choice in arriving at decisions on what to buy.-MARKET
5. People have no freedom of choice in arriving at decisions on what to buy.-
COMMAND
6. Economy is stagnant, making use of practices in the olden times.-TRADITIONAL
7. Economy is backward because no new technology or production methods are
introduced.-TRADITIONAL
8. It is the most democratic form of economic system.-MARKET
9. People’s preference are reflected in the prices they are willing to pay in the
market.-MARKET
10. It exists in primitive and backward civilizations.-TRADITIONAL
Identify which resource is referred to by the following
words.
1. Entertainers-LABOR
2. Minerals- LAND
3. Forest-LAND
4. Marine Resources- LAND
5. Teachers- LABOR
6. Technology- CAPITAL
7. Production Equipment- CAPITAL
8. Engineers- LABOR
9. Call center agents- CALL CENTER AGENTS
10. Business proprietor- LABOR
 Essay
1. Why is economics deeply rooted in the concept of scarcity?
Because economics, as a study, is the social science that
involves the use of scarce resources to satisfy unlimited wants.
2. In what way is applied economics important in tackling
economic issues or problems of the society?
Applied economics is important in tackling economic
issues or problems of the society because it applies economic
theory and econometrics in specific setting with the goal of
analyzing potential outcomes.