APPLIED ECONOMICS

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

Fill in the Blanks

1. Household management

Fill in the Blanks

2. Rice production

Fill in the Blanks

4. Decrease in lending rate

Fill in the Blanks

5. Public Infrastructure

Fill in the Blanks

6. Trade agreement among Southeast Asian countries

Fill in the Blanks

8. Rising unemployment rate due to pandemic

Fill in the Blanks

9. High demand for flagship mobile phones

Fill in the Blanks

10. Barter of goods in rural areas

Fill in the Blanks

I C O M N O E C S E C R E U O R S

​ 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_______________________