Students’ Activity Sheet in Applied Economics

SAS #2
Week 2
Controlled Activity 2.1
• Economics is regard to as Social Science because it attempts to explain economic behaviour
of individuals, groups and organizations. Meanwhile, it is regard as Applied Science because
of the application of economic principles and theories to real life situations.

Controlled Activity.2.2
• Since chairs are already a scarce resource, we will have a hard time on allocating them with
the 30 students. I am going to apply the concept of equity to this. I suggest we should prioritize
those students with disabilities (give it to them)
Meanwhile the other chairs should be allocated to the remaining students with regards to a schedule
so that everyone could sit on a chair. Moreover, if a student can bring his/her own chair that, would be
great.

Controlled Activity 2.3

1. Social
2. Applied
3. Needs
4. Wants
5. Normative
6. Subjective
7. Factors of Production
8. Microeconomic
9. Macroeconomic
10. Econometrics
11. Infinite/Renewable
12. Scarcity
13. Decision making
14. Limited
15. Finite/Non-renewable

Guided and Controlled Activity 2.4

ScenAlysis

Scenario 1: 
A factory has a large need for highly skilled workers; however, most applicants do not have any
work experience.
 This scenario portrays the importance of having knowledge and skills to a specific
role or job in the society. This also shows that scarcity on the job employees were
because they weren’t skilled enough to do a certain job.
 Scarcity on Human resource
 Scenario 2:  
There is a special offer for Samsung A series of phones, a big discount although I still have one, I
could give it to my nephew as a gift for his birthday. I will but it along with a laptop that I badly needed
for work. Since I will buy a cellphone, I will just buy a tablet instead. 
 This scenario shows the importance of prioritizing what is important or what is highly needed in
order to do a certain task. The scenario emphasizes the importance of choosing needs over
wants. Thus, we should consider the necessities before buying a certain product.
Scenario 3: 
The Invention of Electric Vehicles (EVs). 
 This only shows that humans were consistently looking for an alternative, in order to achieve their
main goal which is the convenience in life. To avoid scarcity, we should look for alternative ways
to save it just like by inventions.
Scenario 4: 
Massive tree-planting programs are to diminish the unfavorable effects of climate change
 Since humans were continuously living there are improvements that should be
done in order to achieve convenience. However, nature and environment has
been destroyed. Thus, they should do things that might at least lessen the
negative effects of their way of living.
Scenario 5:  
I want to go shopping today or watch a movie today.  
 This scenario is a big NO-NO for those people who have shortages in budget. Before doing those
shopping activities they should make sure that they have enough income to suffice their needs
and their wants. They can also look for alternatives such as watching movies online and buying
on ukay ukay shops to lessen the expenses

Controlled Activity 2.5

1. Restate
a. Insufficiency of the natural resources to provide the unlimited needs and wants of people.
b. Aside from being one of the main conflicts of the issue it is also important because it is one of
the main factors to be considered in the economic decisions that the country’s economy should
take.
c. Scarcity of resources affects life because it dictates what should we have and what should we
prioritize in buying or needs and wants.
2. If I am going to assess it, I will rate it 10/10 since it is also my favorite subject and topic way
back Junior High School.
3. I have learned the two types of resources. I honestly got confused with it when I was in grade
9.
Controlled Activity 2.6
1. Decipher the following.
a. Decision making
 Rational People think at the margin.
 People respond to incentives
 The cost of something is what you give up, to get it
 People face tradeoffs
 Society faces a short run tradeoff between inflation and unemployment.
b. Interactions
 Trade can make everyone better off.
c. Economy as a whole
 Markets are usually a good way to organize economic activity.
 Government can sometimes improve economic outputs.
  The standard of living depends on a country’s production
 Prices rise when the government prints too much money.
2. The groups in letter A were for decision making of people and how are they going to think.
Letter B shows how they interact. Trading is one of its main example. While letter C is for the
overall economy.
3. Letter A because its focusing on decision making of people.
4. It is significant because it contains one of the main factors in making an excellent economic
decision. These are opportunity cost, tradeoff, marginal thinking and incentives.
5. Yes, if it is properly followed it will lead to good economic decisions.

Guided Activity 2.7

Case Analysis Format
Problems:
 Proper allocation of funds in the scenario.
 How are you going to budget for the external fees that are not included in the budget
allocation?
 Payment for loans.
State your point of view (POV) about the case 
 I think that there will be scarcity of funds specially because of unexpected fees. He should
also get ready of it.
Formulate statement of the problem (SOP) 
 How are you going to budget your allocated funds in college?
Formulate Areas of Consideration (AOC)  
 I recommended that the student should prepare savings for unexpected fees
Formulate alternative courses of action (ACA) 
 I recommend that the student should look for other resources of income such as part time
job or any small time business.
State your Conclusion  
 I therefore conclude that budgeting which is a main skill in Economics should be
addressed. I also realized that Economics is really a part of our daily life.

Guided Act 2.8

A. Community issues and concerns
B. Environmental Issues and concerns
C. School Issues and Concerns
D. Personal Issues and Concerns
E. Family Issues and Concerns
F. Social Issues and Concerns
Guide Question
 There were many issues and problems in the society that needs focus and should be
addressed.
Guided and Controlled Activity 2.9
1. Scarcity is a fundamental problem in the society because it deals with human needs and
wants. Thus, for the goal of economics, which is a fundamental aspect of the society.
2. No. If many of us continuously waste the resources and failed to protect the environment, we
can never solve scarcity.
3. The effect of scarcity is the limited things that people want and need to get but they couldn’t
have it.
CONTROLLED ACTIVITY 2.10: (15mins)
 From the case study, how are wants and needs related to SCARCITY?
Needs and wants are related to scarcity because it is the main problem. Scarcity occurs when the
resources aren’t enough to human needs and wants.
 What should people do with their unlimited resources to live decently?
People should learn how to be thrifty and how to save the resources. In addition, they can also look
for alternative resources.
 When you choose to purchase a product or service, what are you losing beside the money
required to purchase the item?
The decision as to whether to make vs. buy a product is based on a variety of factors, including the
cost of either option, whether the product is available from other vendors, the expertise and resources
your business has when it comes to manufacturing, and whether you have enough cash in place to
make a purchase.
 How does scarcity affect your household budget?
The scarcity of money affects the decision to spend that money on the urgent needs while ignoring
the other important things. Thus, budget also depends on scarcity.

CONTROLLED ACTIVITY 2.11: (15mins)

MAIN PROBLEM CONCEPTS
 Shortage on daily  Shortage is temporary. It could be easily solved through
budget. saving money. It can also be solve through preparing
back up budget.
 Due to unexpected shortcomings, shortage occurs. Thus
you should prepare for it. If there are instances that you
were not prepared, try to change your budget plan.
 Look for alternative products with lower price that could
satisfy you. For example, instead of looking for an
iodized salt, look for a table salt.
 Learn the importance of marginal thinking. Look for other
alternative solutions to avoid shortage or scarcity.

PROCESSING QUESTION:
1. What have you realized in performing this task?
I realized it is significant to have at least few of the fundamental skills on creating graphic organizers. This
could help specially in solving a certain problem.
GUIDED ACTIVITY 2.12: (15mins)
Main Problem Concepts/ Steps to solve
Unemployment/Underemployment
  Make sure of your designated course. Avoid misplacements
 Choose course depending on interest, skills or wages.
 Look for some connections specially in looking for a job.
 If jobs weren’t available, try to put up a small business for source
of income.

PROCESSING QUESTION:
1. What have you realized in performing this task?
I realized that the career path that we are going to take plays a very vital role in Economics.

GUIDED ACTIVITY 2.13: (15mins)

3-2-1 Count Down: Answer the following
3 – give three insights you learned from the topic
2 – give two insights you need clarification on
1 – give one idea you would wish to discuss but not in the lesson
3
I've learned that it is important to give care for our economic problems
I've learned that as a student or people of our country we must need to contribute any ideas on how
we can survive on the problem
Also, I've learned that we must prioritize our needs before our wants and think wisely.
2
I need to clarify the principles of release economy
And the importance of scarcity in our lives
1
I wish that they will discuss on how can we make economy better.

GUIDED ACTIVITY 2.14: (15mins)

3-way summary: DO the following:
1 – Choose a graphic organizer
2 – Conceptualize a visual representation of the ten economic principles
3 – Make a narrative explanation in 300 words. Utilize terminologies learned in lessons 1 and 2.
Ensure that concepts learned are mentioned. Vague explanation without concepts learned is
unacceptable.
 10 Principles 1. People Face Tradeoffs 
of
2. The Cost of Something is What You
economics Give Up, to Get It 
3. Rational People Think at the Margin 

4. People Respond to Incentives 

5. Trade Can Make Everyone Better Off 

6. Markets Are Usually a Good Way to Organize

Economic  Activity 

Governments Can Sometimes Improve

7.
Economic    
. The Standard of Living Depends on a
8
Country's Production 

. Prices Rise When the Government

9
Prints Too Much Money 

10.Society Faces a Short-Run Tradeoff

Between Inflation and Unemployment

Since Economics is important aspect of the society the following concepts should be given
focus as it will definitely help on solving the society’s fundamental problem which is Scarcity. Through
the activity sheets I have learned the connection of Social and applied Science to Economics. I have
learned that knowledge on the two Sciences will greatly help on the main goal of economics which is
to suffice the unlimited needs and wants of the people.
Meanwhile the ten principles of economics which plays a vital role in the success of economy
and how will economy run should also be addressed. It has something to do with the government
which is the leaders of the society and also the each one of us that are part of the society.
The key role of each one of us is to be responsible of our deeds and way of living we should
also learn how to consider the limited resources that we currently have. Let us work as one. Lead the
society, end scarcity.
Reflection
GUIDED ACTIVITY 2.15:
To exit this session, you should be able to bridge or relate or connect what you learned from lessons
1 and 2 on a personal level. Utilize terminologies learned in lessons 1 and 2. Ensure that concepts
learned are mentioned while explaining your points of view. Vague explanation without concepts
learned is unacceptable.
 I have learned that scarcity plays a very vital role in economics and it should be given focus
and should be addressed as soon as possible. I also observed that there is a direct impact on
the everyday living of all the people in the society. Thus, we should be able to at least solve or
lessen these scarcities and shortages in the resources through being responsible of our deeds
as well as being informed of the importance of being mindful of it.