WorksheetsLesson 2: Utilization and Application of Applied Economics
Total questions: 10
Worksheet time: 5mins
In scientific way of problem solving, this stage requires observation.
Identify the problem
Gather data
Hypothesis
Test Hypothesis
Analyze the results
The universal objective of every economy.
Distribute goods and services
Growth in productive capacity
Produce goods and services
Utilize goods and services
This is the basis for deciding on what goods and services to produce?
Consumers' needs
Consumers' wants
Producers' capital
Producers' resources
This is the root of all economic problems.
Scarcity
Shortage
Surplus
This economic problem has something to do with the allocation of goods and services among the members of society.
What to produce and in what quantity?
How to produce the goods/services?
For whom shall the goods and services be produced?
How efficiently are the resources being utilized?
This is the central problem of our economic life?
Products/services
Population
Resources
Scarcity
Scarcity and ______ go hand in hand?
Choice
Solution
Problem
Resources
Which one is the factor that must be considered in identifying the goods or services to produce?
required quantity
product description
price
availability of resources
These serves as basis of deciding the right method and techniques to be used in the production.
Consumers' needs
Consumers' wants
Economic Resources
Producers' Equipment
The following describe the importance of applying applied economics in solving an economic problem, EXCEPT one.
It creates problem and solution to a given situation.
It becomes a powerful tool to reveal the true and complete situation.
It acts as mechanism to determine what steps can reasonably be taken.
It can teach valuable lesson on how to avoid the recurrence of a negative situation.
