APPLIED ECONOMICS

​Direction: Write MICRO or MACRO if the words or phrase refers to microeconomics or macroeconomics.

​ 1. Identify the economic resources;

2. Enumerate the basic economic questions;

3. Discuss how to address problems using the basic economic questions.

Multiple Choice

1. It refers to the resources found in nature.

• a. land

• b. labor

• c. capital

• d. entrepreneurship ability

Multiple Choice

2. This economic resource refers to human capital.

• a. land

• b. labor

• c. capital

• d. entrepreneurship ability

Multiple Choice

3. It refers to the man-made materials used in production.

• a. land

• b. labor

• c. capital

• d. entrepreneurship ability

Multiple Choice

4. This economic resource refers to an

individual who has the special skills needed to produce goods and services.

• a. land

• b. labor

• c. capital

• d. entrepreneurship ability

Open Ended

Activity 1: Economic Resources

Directions: Think of a product that you have seen in the market and list all the

economic resources needed from the production up to the selling of the product to consumers.

Product:____________________

Land___________________

Labor__________________

Capital__________________

Entrepreneurial Ability______________

Open Ended

Activity 2: Economic Questions

As an entrepreneur how will you address these three economic questions.

What to produce__________________________

How to produce___________________________

For Whom to produce_______________________