Microeconomics: Supply and Demand and Price

Topics: Supply and demand, Economics, Microeconomics Pages: 22 (5558 words) Published: January 21, 2013
CHAPTER 1: Resource Utilization & Economics
Part I: Identification
Directions: Fill in the blanks.
____________________ 1. Refers to the scarce resources in demand. ____________________ 2. Considered the father of economics.
____________________ 3. The Greek word for economics.
____________________ 4. Developed the theory of political economy. ____________________ 5. Considered as the bible of economics. ____________________ 6. Developed the concept of IS-LM model. ____________________ 7. Refers to economics “as it is”.

____________________ 8. Science that manages limited resources in demand. ____________________ 9. Developed the theory of money, employment and interest. ____________________ 10. Refers to economics “as it should be”. ____________________ 11. A science related to economics, which deals with money. ____________________ 12. Denotes being productive.

____________________ 13. Refers to the creation of utility.
____________________ 14. Branch of economics that studies the behaviour of the economy as a whole. ____________________ 15. The foregone value of what you give up when you make choices. ____________________ 16. Refers to human effort exerted in producing goods. ____________________ 17. It means justice or fairness.

____________________ 18. A type of economic system wherein the production and distribution of commodities are owned and controlled by the government. ____________________ 19. Branch of economics concerned with individual decision making. ____________________ 20. Refers to man-made goods used in the production of other goods and services.

Part II: Research Analysis
1. Based on your personal observation, make a short discussion on the current status of the Philippine economy. Guidelines:
* Government system and its performance
* Various social unrest and crimes
* Environment status
The country’s local government code mandated significant devolution to local governments while local governments in the Philippines are tasked with bearing much of the burden of public administration and service provisions. The vast majority of localities are unable to effectively do so. We know that the Philippines is a good country and our performance has also increased; meaning, we are doing fine thanks to our politicians. The Philippine economy has experienced repeated 300M-AND-BUST cycles in the 5 decades since the nation achieved independence from the United States in 1946. During the 1950’s, during the presidency of Ferdinand Marcos, the nation experienced economic problems and social unrest; especially from the 1970’s during the dry season in the Philippines, they burn off the grass and fields. Roads are an insult with usually open sewers on the side and with only one decent highway from south to north. Lastly, the garbage disposal is only partly effective.

2. Briefly explain how you can apply economics in your daily life. Guidelines:
* Use of daily or weekly allowance
* Time management
* Chosen school and course.
My parents give an allowance of 2000 per week, plus 1000 per week for gas. I am able to save money when I bring my own food at school or when I eat cheap foods that cost only 40-60 pesos. I also bring my own container for my beverage, which helps me save more money than usual. It is great that my class every Monday and Friday is from 7:30-1:30 straight; this helps me save because I noticed that when having more breaks in school, one will tend to buy food or spend money on useless things. I can apply economics in my life by being able to save more money than usual and by being able to calculate how much I spend in my daily school life. I am currently studying in Mapua Institute of Technology. As to why I chose the school, I chose Mapua because of the schools excellence in the field of engineering. My course is also related to my parents business, which is a construction company. I want to someday, help my parents manage the...
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