WorksheetsApplied Economics
Total questions: 42
Worksheet time: 37mins
What is the primary goal of the lesson on environmental analysis?
To identify ways to market a product to a new audience.
To help students discover possible business opportunities by analyzing their environment.
To explain the difference between a product and a service.
To teach how to manage finances for a business.
A business owner is considering opening a coffee shop. Before finalizing the menu, they survey local residents to learn about their favorite coffee types, preferred prices, and daily habits. What element of environmental analysis is the business owner focusing on?
Customers
Substitutes
Competition
Suppliers
Which of the following best describes the difference between competition and competitors?
Competition is a type of business, while competitors are the customers.
There is no difference; the terms can be used interchangeably.
Competition refers to pricing strategies, while competitors refer to the quality of products.
Competition is the concept, while competitors are the actual businesses you are up against.
A new movie theater is opening, and they notice a nearby cafe has started offering extended hours and a 'movie-goer' special on snacks. This cafe is most likely a:
Customer
Competitor
Substitute
Supplier
Why is it important for a business to study its competitors?
To find out their pricing so you can always set your prices lower.
To form a partnership with them and share customers.
To understand what they do well and poorly, so you can improve and stand out.
To copy their business model exactly to ensure success.
WRONG SPELLING IS WRONG
What is the term for a different product that a customer might choose instead of yours, even if they aren't exactly the same?
(a)
Understanding your customers is important because...
It helps you find a better location for your business.
It is the only way to get a loan to start your business.
It ensures you never face any competition.
The better you know your customers, the more successful your business will be.
WRONG SPELLING IS WRONG
A business selling burgers gets its buns from a local bakery and its meat from a nearby market. What are the bakery and the market considered in this scenario?
(a)
WRONG SPELLING IS WRONG
If you are selling milk tea and there are five other milk tea shops on the same street, this situation is an example of:
(a)
WRONG SPELLING IS WRONG
What is the term for the "race to win customers" between different businesses?
(a)
WRONG SPELLING IS WRONG
What are the people or companies that provide you with the materials you need to run your business called?
(a)
WRONG SPELLING IS WRONG
What is the term for other businesses that sell the same or a similar product as yours?
(a)
What does the term 'industry' refer to?
A method of international trade
A type of agricultural practice
A group of businesses producing or selling related goods and services
A group of unrelated businesses
Which of the following is an example of agribusiness?
A factory producing electronics
A company that grows and sells organic vegetables
An online retail shop
A transportation service
Which of the following best describes retail?
Selling products directly to consumers
Providing services for payment
Selling products to other businesses
Manufacturing goods from raw materials
Which of the following is a characteristic of the retail and services industry?
Requires high capital investment
Responds to local community needs
Is difficult to enter
Focuses solely on manufacturing
How can small-scale manufacturers find business opportunities?
By investing in large factories
By exporting goods internationally
By providing services for payment
By focusing on local demand
What is a strategic opportunity for entrepreneurs in international trade?
Providing services for local consumers
Focusing solely on local markets
Acting as middlemen for imported goods
Manufacturing goods without exporting
What is the role of international trade?
To sell goods and services locally
To provide services for payment
To manufacture products from raw materials
To buy and sell goods and services between countries
What is an example of an export?
Selling dried mangoes to Japan
Buying agricultural products locally
Importing cosmetics from Korea
Manufacturing school uniforms
Write TRUE if the statement is correct and FALSE if not.
Economics is only about money and finance
(a)
Write TRUE if the statement is correct and FALSE if not.
Applied economics is the use of economic theories to solve abstract, theoretical problems.
(a)
Write TRUE if the statement is correct and FALSE if not.
One of the three fundamental economic questions is "What to produce?" which addresses the choice between prioritizing goods like rice versus luxury items due to limited resources.
(a)
Write TRUE if the statement is correct and FALSE if not.
Economists only use intuition and guessing to predict economic outcomes.
(a)
Write TRUE if the statement is correct and FALSE if not.
When a country's central bank raises interest rates, it generally makes borrowing more expensive and saving more attractive.
(a)
What term is defined as the study of human behavior when faced with limited resources and unlimited wants?
(a)
What is the bridge between abstract economic ideas and their use in real-world practice?
(a)
Which do not belong to the three fundamental questions that all economies must answer?
What to produce?
whom to produce?
how to produce?
what is the trend?
What is the primary reason that prices increase when there is high demand for a product but low supply?
The government raises taxes.
The cost of production goes up.
The market is unregulated.
This is a basic principle of the law of supply and demand.
A typhoon in the Philippines damages many farms. Based on the provided material, what is the most likely effect on the prices of vegetables?
Prices will decrease due to oversupply.
Prices will increase because of a decrease in supply.
Prices will remain unchanged.
Prices will only be affected by global markets.
A high supply of job seekers in cities can lead to:
Higher entry-level pay.
Lower entry-level pay.
More tech jobs.
Increased labor migration.
Which of the following is a potential negative consequence of the OFW phenomenon mentioned in the lesson?
Increased government revenue.
Brain drain and broken families.
A stronger Philippine peso.
Lower prices for imported goods.
When the Philippine peso weakens against foreign currencies, what is the effect on imported goods like gadgets and fuel?
They become cheaper.
They become more expensive.
Their prices are not affected.
They become more difficult to acquire.
What happens to businesses when interest rates are high?
They are more likely to expand.
Borrowing money becomes more expensive.
They hire more workers.
They receive government subsidies.
How does a rise in rent affect small entrepreneurs, as explained in the lesson?
It increases their profits.
It lowers their profits.
It has no effect on their business.
It allows them to expand more easily.
The lesson connects the fundamental economic principle of supply and demand to which of the following real-life issues in the Philippines?
Political corruption.
Student-teacher relationships.
Prices, wages, and housing.
The availability of public transport.
What is a key trade-off regarding minimum wage increases?
It helps workers but might increase costs for business owners.
It makes foreign currencies more stable.
It lowers taxes for everyone.
It reduces the need for foreign investment.
When the peso weakens, who benefits from this change?
Consumers of imported goods.
The government.
Exporters.
OFW families
what is a business opportunity?
A government program for small businesses
An idea that is guaranteed to succeed
A chance to use your knowledge and skills to create a successful venture
A way to sell products online
what is the reason a business owner should be aware of substitutes?
To find new suppliers.
To avoid losing customers unexpectedly.
To help them with marketing.
To lower their prices.
Define "industry" in your own words and explain why understanding the different types of industries is important.
What are exports and imports in the context of International Trade? Who benefits when a country's peso weakens, and why?
