Economics

During dry season (November to April) in Metro Manila, the demand for electricity keeps on increasing because most of the household are using air-conditioned unit to help them cope up with the heat. Which factor of determining economic needs is being pertained in the situation?

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• Income

• Physical Location

• Preference

Which of the following needs pertain to Abraham Maslow's love and belonging?

• Buying descent clothes for face-to-face classes

• Availing a health insurance plan

• Attending a family reunion and bond with relatives every Christmas

• Buying a luxurious car and expensive watch

• Providing a scholarship program for the students who need financial assistance

Abraham Maslow encourages the people to increase their allocated budget for food once their income has increased as food is one of our Physiological needs.

• True

• False

Park Seo Joon has been an endorser of a make-up brand in the Philippines last 2020. This situation has somehow influence the Philippine market to develop a make-up product that is also suitable for men. Which factor of identifying needs is being pertained in the situation?

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• Income

• Physical Location

• Preference

Barter system was the prominent method of the traders during pre-colonial period in determining the value of their goods and services. Which economic system is being pertained to this?

• Command

• Market

• Mixed

• Traditional