SDO MALABON CITY

12

Self-Learning Modules in
Applied Economics
First Quarter
 Lesson Nature and Scope of Economics as Social Science and Applied
1 Science

What I Need to Know

This module was designed and written with you in mind. It is here to help you master
the subject, Applied Economics. The scope of this module permits it to be used in
many different learning situations. The language used recognizes the diverse
vocabulary level of students. The lessons are arranged to follow the standard
sequence of the course. But the order in which you read them can be changed to
correspond with the textbook you are now using.

The module is divided into six (6) lessons, namely:

 Lesson 1 – Economics as a social science and applied science in terms of
nature and scope
 Lesson 2 – Utility and application of applied economics to solve economic
issues and problems
 Lesson 3 – Market demand, market supply, and market equilibrium
 Lesson 4 – Implications of market pricing on economic decision-making
 Lesson 5 – Various market structures
 Lesson 6 – Effects of contemporary economic issues affecting the Filipino
entrepreneur

Week 1 MELC Differentiate economics as social science and applied

science in terms of nature and scope.

After going through this module, you are expected to:

1. reflect on how knowledge in economics as social science and applied science
help in decision-making by creating a doodle; and
2. apply “opportunity cost” and decision-making by showing your regular
allowance for the week and how you budget this for your school and personal
expenses.
What I Know
MULTIPLE CHOICE
Directions: Read the sentences carefully. Choose the letter of the correct answer
and write your answers in a sheet of paper.
1. What is a condition where there are no sufficient resources to satisfy all the needs
and wants of a population?
A. Scarcity C. Insufficiency
B. Scarce D. Limited
2. What is a study of society and how people behave and influence the world around
us?
A. Economics C. Applied Economics
B. Economic System D. Social Science

3. Which study involves the use of scarce resources to satisfy unlimited wants?
A. Economic System C. Economics
B. Applied Economics D. Social Science
4. What do you call a situation that deals with ‘what is’ and are actually happening
such as the current inflation rate?
A. Applied Science C. Normative Economics
B. Economics D. Positive Economics
5. What type of scarcity occurs when there is limit in supply?
A. Absolute Scarcity C. Economic System
B. Economics D. Relative Scarcity

What’s In

As a student, how can you help the economy of the Philippines? Write you
answers in a sheet of paper.
Answer:
______________________________________________________________

___________________________________________________________________

___________________________________________________________________

___________________________________________________________________

___________________________________________________________________

____________________________________________________.

What’s New

Directions: Take time to read and analyze the given statement below. A space is
provided for your brief explanation. Place your answers in a sheet of paper.
What do you mean by the given statement?
 Source: https://www.slideshare.net/RowenaAlarcon/introduction-
applied-economics

Your Explanation:

______________________________________________________________
___________________________________________________________________
___________________________________________________________________
_____________.
What is It?

What is Economics?
It is the study of how people choose to use scarce or limited resources to
produce commodities and distribute these goods to various units of the society for their
consumption. Also, it examines part of the individual and social action that is most
closely connected with the attainment and use of material requisites of well-being as
defined by Alfred Marshall.
Two Categories
 Positive Economics – It is an area of economics that is concerned with facts and
the relationship among them. It is concerned with “what is.”
 Normative Economics – It is an area of economics that deals with value judgments;
about whether economics policies for conditions are good or bad. It is concerned
with “what should be” or “what ought to be.”
What is Scarcity?
It is a condition where there are insufficient resources to satisfy all the needs
and wants of a population.
 Relative Scarcity – It happens when a good is scarce compared to its demand.
It occurs not because the good is scarce per se and is difficult to obtain but
because of the circumstances that surround the availability of the good.
 Absolute Scarcity – It occurs when supply is limited.
ECONOMICS IN PROCESS

Unlimited
Scarcity Make Choices
Wants

Economics as a Social Science

A social science that involves the use of scarce resources to satisfy unlimited
wants. Part of human behavior is the tendency of man to want to have as many goods
and services as he can. However, his ability to buy goods and services is limited by
his income and purchasing power.
Economics is a social science because it studies human behavior just like
psychology and sociology. As social science, economics studies how individuals make
choices in allocating scarce resources to satisfy their unlimited wants. It is the study
of society and how people behave and influence the world around them. As a social
science, economics studies how individuals make choices in allocating scarce
resources to satisfy their unlimited wants.
Economics as an Applied Science
As an applied science, it is a discipline that is used to apply existing scientific
knowledge to develop more practical applications. Also, what makes economics an
applied science is the formulation of general theories through testing, mainly using
data from the past.
Choice and Decision-Making
Because of the presence of scarcity, there is a need for man to make decisions
in choosing how to maximize the use of scarce resources to satisfy as many wants as
possible. Without scarcity, a person does not need to make choices since he/she can
have everything he/she wants.
 Opportunity Cost – It refers to the value of the best-foregone alternative. In
making a choice, trade-offs are involved. For example: Giving up work in favor
of a recreational activity, say you go on a week’s stay in Boracay on leave
without pay.
 What’s More

Activity 1.1 Enriching the Mind

Directions: Observe and analyze the given graphic organizer. Answer the questions
indicated below the graph. Put your answer on a separate sheet of paper.
Limited Resources Unlimited Wants

Scarcity

Choices and Decision-Making

Questions:
1. How scarcity affects choices and decision-making?
2. How economics as a social science and economics as applied science
described in the given graph?

What I Have Learned

Directions: Read the statements and write your answers in a sheet of paper.

1. Differentiate between economics as a social science and economics as an

applied science based on its nature and scope.

______________________________________________________________
______________________________________________________________
______________________________________________________________
_______________________________________________________.
2. Give at least two examples of positive economics and normative economics.

Positive Economics
1. ___________________________________________________________
___________________________________________________________
2. ___________________________________________________________
___________________________________________________________
Normative Economics
1. ___________________________________________________________
___________________________________________________________
2. ___________________________________________________________
___________________________________________________________
3. Give an example showing “Economics in Process.”
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________.
4. Give an example of economics as a social science.

______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________.
5. Give an example of economics as an applied science.

______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________.

What I Can Do

Activity 1.2 Applying what you have learned

Directions: Using a pie-chart, apply “opportunity cost” and decision-making by showing
your regular allowance for the week and how you budget this for your school and
personal expenses. Put your answer on a separate sheet.
Assessment

Directions: Read the following statements carefully. Identify what is being described in
the statement and write your answer on the space provided before the number.
Provide a sheet of paper for this.

_________________________ 1. It involves the use of scarce resources to satisfy

unlimited wants. Part of human behavior is the tendency of man to want to have as
many goods and services as he can.
_________________________ 2. It examines part of the individual and social action
that is most closely connected with the attainment and use of material requisites of
well-being.

_________________________ 3. It is an overview of what is happening in the

economy that is possibly far from what is ideal.

_________________________ 4. It occurs not because the good is scarce per se and

is difficult to obtain but because of the circumstances that surround the availability of
the good.

_________________________ 5. It refers to the value of the best-foregone

alternative. In making a choice, trade-offs are involved.

Additional Activities

Activity 1.3 Let’s do the challenge!

Directions: In this portion, another activity will be given to you to enrich your knowledge
or skill of the lesson learned. Create a doodle showing economics as a social science
and economics as an applied science in terms of its nature and scope. Put this into a
separate sheet of paper.
Criteria to be used:
Clarity of the Idea - 40%
Originality - 40%
Neatness - 20%
100%
 Utility and Application of Applied Economics to Solve Issues
Lesson 2
and Problems

What I Need to Know

In this lesson we will discuss the utility and application of applied economics
to solve issues and problems.

Week 2 MELC Examine the utility and application of applied

economics to solve economic issues and problems.
At the end of this module, you are expected to:
1. Cut out news item related to economic issue and explain.

What I Know

MULTIPLE CHOICE
Directions: Read the sentences carefully. Choose the letter of the correct answer.
Write your answers in a sheet of paper.
1. What exists when goods and services are not enough in supply for those who
want them?
A. Scarcity C. Insufficiency
B. Economics D. Limited
2. What will people be facing if scarcity exists?
A. National Crisis C. Global Issue
B. Economic Problem D. Recession
3. What basic economic question to be asked in determining how resources are
to be organized in order to produce adequate quantities of the desired goods?
A. What and how much should be produced?
B. How shall the goods be produced?
C. For whom shall these goods be produced?
D. To where it will be distributed?
4. Which implies a complex, interrelated web of decision-making and economic
activity?
A. Circular Flow Model C. Economic Activity
B. Decision-Making Process D. Scarcity Flow Chart
5. Who sell factors of production and buy products?
A. Businesses C. Households
B. Factor Market D. Product Market
 What’s In

Directions: On a sheet of paper, fill-in the missing letters using the numbers provided.
Each number represents a letter and will be provided in the box below.
1. _____ _____ _____ _____ _____ _____ _____ _____ _____
14 1 6 7 6 2 4 1 8
2. _____ _____ _____ _____ _____ _____ _____ _____
8 1 5 9 1 4 17 10

3. _____ _____ _____ _____ _____ _____ _____ _____

3 6 8 4 17 4 13 14

4. _____ _____ _____ _____ _____ _____ _____ _____

5 20 8 6 15 12 17 14

5. _____ _____ _____ _____ _____ _____ _____

5 3 3 15 4 14 18

_____ _____ _____ _____ _____ _____ _____

8 1 4 14 7 1 14

5 A 1 C 7 N 10 Y
3 P 6 O 9 R 13 V
8 S 4 I 14 E 17 T
2 M 20 B 12 U 15 L
18 D

What’s New

Directions: Observe the provided picture below. Explain what is being described by
the picture. Place your answers in a sheet of paper.

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given-6-weeks-clean-metro-manila-creeks
Your Explanation:

______________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
________________________________________________.

What is It

Why scarcity exists?

It exists because goods and services are not enough in supply for those who
want them. This situation gives rise for man to decide, thus facing the economic
problems.
Economic Problem
The problem of deciding or choosing how to satisfy unlimited wants with limited
resources. However, economic problems can also be expressed in the form of three
(3) fundamental questions.
Take note…
A consumer will have some needs and wants. Sometimes there is a surplus of the
services. Sometimes there is a scarcity of the services or the products. Production,
distribution, and nature of goods and services are the basic economic activities.

To avoid the economic problem, one must decide how to allocate the scarce
resource. One must understand how to achieve efficiency with the existing resources
Also, one has to understand that some resources are limited. One always must deal with
the scarcity and the choices. Basically, one always must decide.

o What goods and services to produce?

o Nature of the goods to produce
o Preferences and priorities of the goods
o How to produce the best services?
o For whom to produce these services
Fundamental Questions of Economics
 What, and how much should be produced?
The economic problem is in choosing the unlimited wants that are most
important, or in setting up an acceptable hierarchy of values for different goods and
services.
 How shall the goods be produced?
This is the determination of how resources are to be organized in producing
adequate quantities of the desired goods.
This is the decision on which resources or technology is to be used in the
production of the highly-desired goods.
 For whom shall these goods be produced?
Distribution of output in a private economy is accomplished simultaneously with
the determination of what/how much to produce, and how the goods shall be
produced. Also, Distribution of output depends on personal income.
Before understanding these economic problems, let us first understand what an
economic resource is.

Economic Resources
Economic resources are the factors of production that are used to produce
goods or services. The various types of economic resources are the following:

 Land: All the natural resources for producing goods and services. Examples are
rivers, forests, minerals, etc.
 Labor: The physical and mental contribution of any human towards production.
Examples are laborers, workers, etc.
 Capital: Man-made resources used for producing goods and services.
Examples are machinery, buildings, computers, etc.
 Entrepreneur: Any person who takes the risk by employing other resources to
produce goods and services. Examples are a businessman, head of the shop,
head of the factory, etc.
The Circular Flow Model
 It implies a complex, interrelated web of decision-making and economic activity.

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What’s More

Activity 1.1 Enriching the Mind

Directions: Fill-in the graphic organizer summarizing the lesson learned. Then, provide
a brief explanation about it. Use a sheet of paper to answer this.
A. Fundamental Questions of Economics
Your Explanation:
______________________________________________________________
___________________________________________________________________
___________________________________________________________________
_______________________________________.

B. Circular Flow Model

Your Explanation:
______________________________________________________________
___________________________________________________________________
___________________________________________________________________
__________________________________________.

What I Have Learned

Directions: Answer the following questions

1. Why is economics deeply rooted in the concept of scarcity?

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

.
 2. In what way is applied economics important in tackling economic issues or
problems of the country?

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

3. Are needs and wants different? How?

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

What I Can Do

Activity 1.2 Applying what you have learned

Directions: Cut out a news item that is related to any economic issue. Decide if the
issue is related to scarcity and economic problem. If so, why, and how. Put in a
separate sheet, if needed.
Why?
______________________________________________________________
___________________________________________________________________
___________________________________________________________________
______________________________________.
How?
______________________________________________________________
___________________________________________________________________
___________________________________________________________________
______________________________________.
 Assessment

Directions: Read the following statements carefully. Identify what is being described in
the statement and write your answer on the space provided before the number. Place
your answers in a sheet of paper.

________________________ 1. These are the factors of production that are used to

produce goods or services
_________________________ 2. The problem of deciding or choosing how to satisfy
unlimited wants with limited resources.
________________________ 3. The economic problem is in choosing the unlimited
wants that are most important, or in setting up an acceptable hierarchy of values for
different goods and services.
________________________ 4. This is the determination of how resources are to be
organized in order to produce adequate quantities of the desired goods.
________________________ 5. These are the natural resources for producing goods
and services, such as rivers, forests, minerals etc.
________________________ 6. Any person who takes the risk by employing other
resources to produce goods and services.
________________________ 7. It implies a complex, interrelated web of decision-
making and economic activity.
________________________ 8. Man-made resources used for producing goods and
services, like machinery, buildings, computers, etc.
________________________ 9. These are the buying factors of production.
________________________10. These are the household, which could get from
selling factors of production such as land.
Additional Activities

Activity 1.3 Let’s do the challenge!

Direction: Make graffiti on a short bond paper regarding the lesson learned in Lesson
3.
Criteria to be used:

Clarity of the Idea - 40%

Originality - 40%
Neatness - 20%
100%
 Lesson 3 Market Demand, Market Supply, and Market Equilibrium

What I Need to Know

In this lesson we will discuss market demand, market supply, and market
equilibrium.

Week 3 MELC Examine the utility and application of applied

economics to solve economic issues and problems.

At the end of this module, you are expected to:

1. analyze market demand, market supply, and market equilibrium;
2. analyze the relationship of market demand, market supply, and market
equilibrium; and
3. plot the supply and demand curve and find market equilibrium.

What I Know

MULTIPLE CHOICE
Directions: Read the sentences carefully. Choose the letter of the correct answer.
1. When willingness of consumer to buy commodity at a given price is measured?
A. Commodity C. Price
B. Market Demand D. Want
2. How demand function works?
A. The quantity demanded of a good depends on its determinants.
B. The quantity demanded of a supply depends on its determinants.
C. The quantity demanded of a good depends on its price only.
D. The quantity demanded of a supply depends on its cost of goods only.
3. Which shows the dependence of supply on the various determinants that
affect it?
A. Demand Function C. Law of Supply
B. Law of Demand D. Supply Function
4. What is a change from one point to another point on the same curve?
A. Movement along the demand curve
B. Movement along the supply curve
C. Movement along the curve
D. Movement along the curve of supply and demand
5. What refers to an implicit agreement between how much buyers and sellers are
willing to transact?
A. Equilibrium C. Equilibrium price
B. Equilibrium Curve D. Market Equilibrium
 What’s In

Direction: Highlight what is being asked in the box provided below.

Economic Resource Land Entrepreneur Household

Economic Problem Labor Circular Flow Capital
What to produce Business

What’s New

Take a guess!
In this portion, a new lesson will be introduced to you by analyzing what is being
described in the given situation of A and B. Give your thoughts about it. Write you
answers in a sheet of paper.
Situation A Situation B

During the pandemic, canned goods are sold out In summer, less people are interested to buy
since some people purchase more than what they decorative lights for their displays, although few cost
normally have at home. cheaper in this season.
Situation A:

___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________.

Situation B:

___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________.

What is It

Let’s discuss!
Demand
 It is the willingness of a consumer to buy a commodity at a given price
 It is a schedule, which shows the various amounts of a product that consumers
are willing and able to purchase at each specific price, in a series of possible
prices during a specified period of time.

Demand Function
 It shows how the quantity demanded of a good depends on its determinants,
the most important of which is the price of the good itself.
 The equation is: Qd = f (P)
 This signifies that the quantity demanded for a good is dependent on the price
of that good.

Sample demand function: Qd = 6 – P/2

Demand Schedule
 It shows the various quantities the consumer is willing to buy at various prices
EXAMPLE
Price per Bottle Number of Bottles
Php 0 6
2 5
4 4
6 3
8 2
10 1
Demand Curve
 It is a graphical illustration of the demand schedule, with the price measured
on the vertical axis (Y) and the quantity demanded measured on the
horizontal axis (X).
 It has downward slope and negative slope.

Types of Effect in Demand Curve

 Income Effect – It is felt when a change in the price of a good changes
consumer’s real income or purchasing power, which is the capacity to buy with
a given income.
 Substitution Effect – It is felt when a change in the price of a good changes
demand due to alternative consumption of substitute goods.

Law of Demand

In any market, other things being equal, an inverse relationship exists between
the price of goods and quantity of goods demanded. The quantity demanded tends to
increase as the price of goods decreases, and the quantity demanded decreases as
the price of goods increases.
Ceteris Paribus
 Using the assumption “ceteris paribus,” which means all other related variables
except those that are being studied at the moment and are held constant, there
is an inverse relationship between price of a good and the quantity demanded
for that good.
 If the ceteris paribus is dropped, non-price variables are now allowed to
influence the demand.
Demand Function will now read as: D = f (P, T, Y, E, PR, NC).
Non-Price Determinants
 Income (Y) – It is the capacity to buy decreases and the demand will also
decrease even when the price does remain the same.
 Taste (T) – It is the improved taste for a product that will cause a consumer to
buy more of that good even its price does not change.
 Expectation (E) – It refers to the consumers who tend to anticipate changes in
the price of a good.
 Price of Related Goods (PR) – It pertains to the substitutes or complements
that also determine demand. Substitute goods are those that are used in place
of each other. Complements are goods that are used together.
 Number of Consumers (NC) – It refers to the population that makes up the
group of consumers who will buy the product.
Change in Demand
It refers to a shift in the entire demand curve, to the right or to the left. The
consumer’s purchasing decision has been altered by a change in one or more of the
determinants of demand.
Changes in the Quantity Demanded
It is a movement from one point to another or from one price-quantity
combination to another (at a fixed demand curve). The change in quantity demanded
is caused by a change in the price of a product.

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demand-and-a-change-in-quantity-demanded
Market
 It is defined as an institution or mechanism, which brings together buyers and
sellers (suppliers) or particular goods and services.
 Considering only one consumer is to refer to individual demand.
 The process of adding quantities demanded by each consumer at various
possible prices is called market demand.
Supply
 The quantity of goods that a seller is willing to offer for sale.
 It is a schedule of the quantities of a good or service that people are willing to
sell at various prices. As price rises, they are willing to sell more.
 There is a positive or direct relationship between price and quantity – as price
rises, the quantity of supplied rises; as price falls, the quantity supplied falls.
Supply Function
 It shows the dependence of supply on the various determinants that affect it
Sample supply function: Qs = 100 + 5P
Supply Schedule
 It shows the different quantities the seller is willing to sell at various prices.
EXAMPLE:
Price Per Sack Quantity Supplied per Week
P 500.00 60
400.00 50
300.00 35
200.00 20
100.00 5

Supply Curve
 It is the graphical representation of the supply schedule.
 It assumes that price is the most significant determinant of the quantity supplied
for any product.
 It assumes that “other things are held equal,” those non-price determinants of
supply change, and that the location of the supply curve will be altered.
Law of Supply
It states, “as price rises, the corresponding quantity supplied rises; as price falls,
the quantity supplied also fall.” This reveals that producers are willing to produce and
sell more of their product at a high price.
Non-Price Determinants
 Resources Prices – There is a positive relationship between production costs
and supply. It follows that a decrease in resource prices will lower production
costs and increase supply.
 Technology – Technological innovation or advancement allows the producer to
manufacture more efficiently, and with fewer resources.
 Taxes and Subsidies – If the government subsidized some taxes to produce
some goods, it lowers production expense and increase supply of goods.
 Prices of Other Goods – It is a decline in the price of a good/product such as
wheat that may cause a farmer to produce and offer more corn at each possible
price.
 Future Price Expectation – Suppliers may withhold some of their outputs in
anticipation of an increase in price at a future time.
 Number of Sellers – As more firms enter the market, the greater the market
supply will become, causing the supply curve to shift to the right.
Individual Supply
 It is the supply schedule of a single firm. The higher the price, the greater the
quantity of output supplied by an individual firm.
Price Per Sack Quantity Supplied per Week
P 500.00 60
400.00 50
300.00 35
200.00 20
100.00 5

Market Supply
 It is the sum of the supply schedules of all individual firms in the industry.
Price/Sack Quantity Supplied/Week, Number of Sellers Total Quantity
Single Producer in the Market Supplied/Week
P 500.00 60 10 600
400.00 40 10 400
300.00 35 10 350
200.00 20 10 200
100.00 5 10 50

Changes in Supply
A change in supply and in quantity supplied is similar with the concepts of
change in demand and in quantity demanded. A change in supply happens when the
entire supply shifts the curve to the left or to the right. The cause of a change in supply
is a change in one or more determinants of supply, causing the entire schedule to
change, and the whole supply curve to shift. A sample graph is given below.
Market Equilibrium
 The interaction of buying decision of households and the selling decisions of
producers will determine the price of the product and the actual quantity bought
and sold in the market.
EXAMPLE
Total Quantity Price per Kilo Total Quantity
Supplied/Week Demanded/Week
12,000 P 5.00 2,000
10,000 4.00 4,000
7,000 3.00 7,000
4,000 2.00 11,000
1,000 1.00 16,000

Equilibrium Quantity
 is attained where: Qd = Qs

EXAMPLE GRAPH

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Sample Computation and plotting of curve for the following:
A. Market Demand
Directions: Compute and graph the given demand schedule for Product X using
the demand function of Qd = 60 – P/5.

Price (P) Quantity (Qd)

10
20
30
40
50
(Note: Actual computation will be provided by the facilitator as student’s reference.)
B. Market Supply
Directions: Compute and graph for the given supply schedule using the
provided supply function. Use the supply function, Qs = 50 + 5P
Price per Sack Quantity Supplied per Week
P 60.00
45.00
30.00
15.00
5.00
(Note: Actual computation will be provided by the facilitator as student’s reference.)
C. Market Equilibrium
Directions: Compute and graph market equilibrium for Product C. Use the
demand function of Qd = 60 – P/2 and supply function of Qs = 5 + 5P.
Price Demand Supply
P0
4
7
10
12
16
20

(Note: Actual computation will be provided by the facilitator as student’s reference.)

What’s More

Activity 1.1 Enriching the Mind

Directions: This comprises activities for independent practice to solidify your
understanding and skills of the topic. Compute and GRAPH the demand, supply, and
equilibrium. Put your computation and answers on a separate sheet of paper.
A. Market Demand
Demand function: Qd = 150 – P/10

Price (P) Qd
Php 50
100
150
200
250

B. Market Supply
Supply function: Qs = 80 + 5P

Price of Gasoline (per Liter) Supply (in Liter)

P 10.00
30.00
50.00
70.00
90.00

C. Market Equilibrium
Use the demand function of Qd = 40 – P/4 and supply function of Qs = 2 + 2P.
Price Demand Supply
P0
4
8
12
16
20
24
28
32
 What I Have Learned
Direction: In a sheet of paper, answer the following questions.
1. What is difference of market demand from market supply?
______________________________________________________________
______________________________________________________________
______________________________________________________________
2. How the non-price determinants of market demand affect the buying and selling
of goods?
______________________________________________________________
______________________________________________________________
______________________________________________________________
3. How the non-price determinants of market demand affect the buying and selling
of goods?
______________________________________________________________
______________________________________________________________
______________________________________________________________
4. What is market equilibrium?
______________________________________________________________
______________________________________________________________
______________________________________________________________
5. How economic issues such as global pandemic affect the economy of a
country?
______________________________________________________________
______________________________________________________________
______________________________________________________________
Activity 1.2 Applying what you have learned

Directions: Plot the supply and demand curve and find market equilibrium. Also,

What I Can Do
answer the following questions by graphing your answer. You may use a separate
sheet of paper, if necessary.

Direction: Analyze the table and answer the questions that follow in a sheet of paper.

Supply and Demand for Pizza

Price per pizza Qd Qs
10 0 40
8 10 30
6 20 20
4 30 10
2 40 0
0 125 0

1. What would happen if demand for pizza tripled at each price?

2. What would occur if the price were initially set at Php4 per pizza?
Assessment

Directions: This is a task which aims to evaluate your level of mastery in achieving the
learning competency. Read the following statements carefully. Identify what is being
described in the statement and write your answer on the space provided before the
number.

_________________1. It shows how the quantity demanded of a good depends on its

determinants, the most important of which is the price of the good itself.
_________________2. It shows the dependence of supply on the various
determinants that affect it.
_________________3. It is a graphical illustration of the demand schedule, with the
price measured on the vertical axis (Y) and the quantity demanded measured on the
horizontal axis (X).

_________________4. It is the capacity to buy decreases and the demand will also
decrease even when the price does remain the same
_________________5. It refers to a shift in the entire demand curve, to the right or to
the left. The consumer’s purchasing decision has been altered by a change in one or
more of the determinants of demand.
_________________6. It states, “as price rises, the corresponding quantity supplied
rises; as price falls, the quantity supplied also fall.”
_________________7. It is the supply schedule of a single firm.
_________________8. The quantity demanded tends to increase as the price of
goods decreases, and the quantity demanded decreases as the price of goods
increases.
_________________9. It is the interaction of buying decision of households and the
selling decisions of producers will determine the price of the product and the actual
quantity bought and sold in the market.
_________________10. It happens when the entire supply shifts the curve to the left
or to the right.
Additional Activities

Activity 1.3 Let’s do the challenge!

Directions: In this portion, another activity will be given to you to enrich your knowledge
or skill of the lesson learned. Assume that your family’s budget is equal to the minimum
wage of Php 550 a day. Then, answer the following questions. Put your answers on a
separate sheet of paper.

1. With the help of your mother, what it can buy?

2. How much is left for house rental, medical services, tuition, and other needs of
the family.
3. Is the budget enough to make both ends meet?
4. Is your family better off with its actual budget as compared with the minimum
wage?
5. Once again, ask your mother. How she allocates your family budget?
6. How much do you think a family should earn to provide at least, the most basic
needs (e.g., food, housing)?
 Lesson 4 Implications of Market Pricing on Economic Decision-making

What I Need to Learn

In this lesson, we will discuss the implications of market pricing on economic
decision-making.

Week 4 MELC Determine the implications of market pricing on

economic decision-making.
At the end of this module, you are expected to:
1. consult a member of the family regarding the assigned task; and
2. construct a budget plan for your family considering the implications of market
pricing.

What I Know?

MULTIPLE CHOICE
Directions: Read the sentences carefully. Choose the letter of the correct answer.
Write your answers in a sheet of paper.
1. What is both the money someone charges for a good or service and what the
consumer is willing to give up receiving a good or service?
A. Fund C. Price
B. Money D. Value
2. How is market price determined?
A. If there is an absolute change in supply and demand
B. If any changes occur from either side of the market, adjust things like
supplies and prices.
C. If any changes occur from both side of the market
D. If any changes occur from either side of the market, adjust things like
supplies, marketers, the government, and prices.
3. When does market pricing occur?
A. When the prices change to reflect changes in demand, supplies, costs, and
so on.
B. When the economic stability of a country increases.
C. When the government informed business owners to increase the price.
D. When there is an increase in the salary/wage of the people.
4. What is an economic system in which economic decisions and the pricing of
goods and services are guided by the interactions of a country's individual
citizens and businesses?
A. Applied Economics C. Market Economy
B. Economic System D. Social Science
 5. What is the current price at which an asset or service can be bought or sold?
A. Market C. Market Price
B. Money D. Value

What’s In
Directions: Make a graphic organizer summarizing the lesson learned in Lesson 3.
You may use a separate sheet of paper, if needed.
What’s New

Directions: Take time to observe the situation on the photo, then provide a short
explanation regarding your observation.

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arket%20forces.png
Your Explanation:

______________________________________________________________

___________________________________________________________________

___________________________________________________________________

___________________________________________________________________

____________________________________________.
 What is It

Let’s discuss!
Price
 Price is both the money someone charges for a good or service and what
the consumer is willing to give up receiving a good or service.
 Price is a momentary consensus of value of all participants.

Market Price
It is the current price at which an asset or service can be bought or sold. The
economic theory contends that the market price converges at a point where the forces
of supply and demand meet. To find market price, balance supply and consumer
demand. When supply and demand shift or fluctuate, market price can also change.

Prices measure market conditions and price changes affect and reflect market
conditions. Prices change to reflect changes in demand, supply, costs, and so on. Not
only prices, supply, demand, and cost interrelated, the prices of all goods and services
are related to each other. Prices and price relationships are constantly changing with
changes in one price affecting an indeterminate number of other prices. The pricing
process is a social process in which all members of society take part.

3 Groups of Traders

 BUYERS – They pay as little as possible. Buyers wait until prices drop or pay
a higher price.
 SELLERS – They charge as much as possible. Sellers wait until prices rise or
accept a lower offer.
 UNDECIDED – It may step in at any time.

Market Economy

A market economy is an economic system in which economic decisions and

the pricing of goods and services are guided by the interactions of a country's
individual citizens and businesses. Usually, this term refers to an economy that is more
market-oriented in general.

Take Note…

 In a market economy, most economic decision-making is done through

voluntary transactions according to the laws of supply and demand.
 A market economy is fundamentally one where entrepreneurs are free to
control and coordinate productive resources to pursue profit by creating outputs
that are more valuable than the inputs they use up, and free to fail and go out
of business if they do not.
The Importance of Price to Marketers

Since pricing has a direct impact on a company’s revenue, and thus profit,
setting the right price is essential to a company’s success.

Knowing the market price for products or services is key to know how to get a
deal, increase sales, and grow your business. And when it comes to running your
company, you likely participate in different markets to provide your goods or services.
Depending on your offerings and industry, your business’s market price may vary.

Take Note…

Employment and the wages paid to workers can also affect the equilibrium
price. A decrease in employment or wages may cause consumers to penny pinch. And
consumers might not afford to pay the same prices as before.

Factors that Impact Market Price

Although the principle of market price ultimately depends on supply and

demand, there are several factors that can also affect market price. Some things that
can affect market price are controllable, while others are out of your hands. Factors
that impact market price include:

 natural disasters,
 world events,
 number of wages paid to workers,
 decrease or increase in employment, and
 pricing of luxury items versus necessities.

Implications of Market Pricing

When there is a decrease in the availability of a good or service, consumers

tend to agree to pay more because it is in demand. Because the rarity of the product
or service increases, items become more valuable to the market and consumers.

The opposite occurs when availability increases for products and services.
When products and services are easier to obtain, consumers typically refuse to pay
higher prices for them. If consumers know they can easily access a good or service,
they will likely purchase it elsewhere at a lower cost.
Balancing Market Price

By examining market prices and by adding one's personal knowledge of his

own circumstances, individuals make decisions regarding the cost and benefits of
various courses of action. Market prices are thus instrumental in reducing the
complexity of making economic decisions in a constantly changing world.

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price/Patriot Software, LLC

The forces of supply and demand are always changing. Market price is a
constant balancing act for small business owners as well as consumers. If any
changes occur from either side of the market, adjust things like supplies and prices.

What’s More

Activity 1.1 Enriching the Mind

Directions: In this portion, you will be making an independent practice to solidify your
understanding and skills of the topic. Create an editorial cartoon discussing about the
“Implications of Market Pricing on Economic Decision-making.” Put your answer on a
separate sheet.
Criteria to be used:
Appropriateness of the
drawing to the topic - 40%
Clarity of the Idea - 30%
Originality - 30%
100%
What I Have Learned

Direction: This includes questions or blank sentence/paragraph to be filled in to

process what you learned from the lesson. Answer the following questions in a sheet
of paper.

1. What are the implications of market pricing on economic decision-making?

______________________________________________________________
______________________________________________________________
2. How these implications affect the economy of the country?
______________________________________________________________
______________________________________________________________
3. What is your proposition to the President of the Philippines about market
pricing?
______________________________________________________________
______________________________________________________________

What I Can Do

Activity 1.2 Applying what you have learned

Directions: Talk to the person who prepares the household budget for the family, it
could be your mother or your father. Make a list of all the basic expenses for one
month. Then ask the budget in percentage for these expenses. Show your
computation. Then, answer this question, “Does market pricing affects the decision-
making of your family?” Use a separate sheet of paper for this activity.
 Assessment

Direction: Fill-in the box with the missing letters to complete the crossword puzzle.

Additional Activities

Activity 1.3 Let’s do the challenge!

Directions: In this portion, another activity will be given to you to enrich your knowledge
or skill of the lesson learned. Make a graphic organizer summarizing the lesson
discussed in Lesson 4. Use a sheet of paper for your answers.
 Lesson 5 Various Market Structures

What I Need to Know

In this lesson we will discuss the various market structures.

Week 5 MELC Differentiate various market structures in terms of:

A. number of sellers,
B. types of products and its substitutes,
C. entry/exit to market, and
D. pricing power

At the end of this module, you are expected to:

1. Carefully organize your thoughts on various market structure using a table; and
2. Prepare a table of the various market structures focusing on the number of
sellers, types of products, entry/exit to market, and pricing power.
What I Know

MULTIPLE CHOICE
Directions: Read the sentences carefully. Choose the letter of the correct answer.
Write your answers in a sheet of paper.
1. What is a situation of diffused, impersonal competition among sellers who compete
to sell their goods and among buyers who use their purchasing power to acquire
the available goods in the market?
A. Convenience Store C. Market
B. Grocery Store D. Supermarket
2. What do you call a rivalry among various sellers in the market?
A. Argument C. Conversation
B. Competition D. Negotiation
3. Which refers to structural variables such as number of firms, barriers of entry and
exit, product differentiation, etc.?
A. Business Entity C. Market Structure
B. Market D. Perfect Competition
4. Which describes a market structure dominated by only small number of firms?
A. Competition C. Oligopoly
B. Monopoly D. Venture
5. How many numbers of firms are there in a monopoly?
A. Four C. Three
B. One D. Two
 What’s In?
Let’s review!

Directions: On a sheet of paper, fill-in the missing letters using the numbers provided.
Each number represents a letter and will be provided in the box below.
1. _____ _____ _____ _____ _____ _____ _____ _____ _____ _____
14 2 3 17 13 10 2 14 7 6

2. _____ _____ _____ _____ _____

20 12 10 14 9

3. _____ _____ _____ _____ _____

3 9 4 1 14

4. _____ _____ _____ _____ _____ _____

2 5 9 18 14 6

_____ _____ _____ _____ _____ _____ _____

3 9 4 1 4 7 8

5. _____ _____ _____ _____ _____ _____

2 5 9 18 14 6

_____ _____ _____ _____ _____ _____ _____

14 1 13 7 13 2 10

5 A 1 C 7 N 10 Y
3 P 6 T 9 R 13 O
8 G 4 I 14 E 17 L
2 M 20 B 12 U 18 K

What’s New

Directions: Observe the market in your area and list down your observation regarding
the goods sellers are offering. Then, answer the questions being asked in a sheet of
paper.
Local Market Observation:

1. ______________________________________________________________
______________________________________________________________
2. ______________________________________________________________
______________________________________________________________
3. ______________________________________________________________
______________________________________________________________
 4. ______________________________________________________________
______________________________________________________________
Question 1: What are the similarities of the goods offered in the market?
______________________________________________________________
___________________________________________________________________
___________________________________________________________________
_______________________________.

Question 2: Is there any difference in their goods? Why?

______________________________________________________________
___________________________________________________________________
___________________________________________________________________
_______________________________.

What is It

Let’s discuss!

Competition
o It refers to a rivalry among various sellers in the market.
o It is a condition where different economic firms seek to obtain a share of a
limited good by varying the elements of the marketing mix: price, product,
promotion, and place.
Market
o It is a situation of diffused, impersonal competition among sellers who compete
to sell their goods and among buyers who use their purchasing power to acquire
the available goods in the market.
Market Structure
o It refers to structural variables such as number of firms, barriers of entry and
exit, product differentiation, etc. which determine the level of competition in a
market.
Determinants of Market Structure
1. Number of Firms – The
number of firms selling a
particular product on the
market determines the
level of competition,
ultimately choosing the
structure of the market for
that specific product. The
number of firms competing
in a market is arguably the
single-most important
determinant of profitability
of each firm in the market.
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market-structure

2. Nature of Product and its Substitutes – Whether a firm sells a differentiated

product is very important in determining the firm’s ability to change a price
higher than the market price. If the product is standardized, it has multiple
substitutes, which eliminates a firm’s ability to charge premium for it. However,
if the product is differentiated, to which the consumers attach some additional
value, the firm may be able to charge a little more of it. The product features
determine the type of market structure to which it belongs. If the products
offered different sellers homogeneous, it lies in a perfect competition market. If
it is unique and has no other substitute, it creates a monopoly in the market.

3. Entry and Exit Barriers – They refer to the extent to which existing firms in a
market can restrict new firms from entering the market which is an indicator of
market power. The barriers to entry may arise either from patents, copyrights,
economies of scale, etc.
 4. Pricing Power (Market Power) – It is the ability of a firm to affect the market
price of a good to their advantage in declining order.

Analyze the given table.

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market-structures_tbl2_343270111
Based on the above determinants, the market structure can be classified into
four broad categories.
Perfect Competition
o It is a market in which many sellers are present to sell the same kind of products
at the same market price to a large number of buyers.

For Example: The farmers’ market can be the most common example of a perfect
competition market. Here, all the sellers are engaged in selling identical products at a
single price.

Monopolistic Competition
o A market where a large number of sellers trade in differentiated products to
meet the requirement of many buyers is known as a monopolistic competition
market.
o It is a combination of perfect competition and monopoly and depicts the real
market situation of the present era.

For Example: A company producing cooking oil has a differentiated product which it
must sell at a competitive or reasonable price to the buyers.

Oligopoly
o Oligopoly is a market where there is a limited number of sellers who are
engaged in selling similar or distinct products. The firms that deal in identical
products are termed under homogeneous oligopoly.
 o Whereas, the firms deal in products that differ in one or the other way from its
substitute, lie under the heterogeneous oligopoly.

For Example: The cement industry is a homogeneous oligopoly market. However, the
firms manufacturing mobile phones are stated under heterogeneous oligopoly market.

Monopoly
o The market which is solely occupied by a single seller offering products which
have no other competitive product.

For Example: Reliance Jio is ruling the Indian telecom industry solely because of its
affordable plans and idea of a digital revolution.

What’s More

Activity 1.1 Enriching the Mind

Direction: This comprises activities for independent practice to solidify your

understanding and skills of the topic. Using recycled materials, make an example of
any of the forms of market structure.
Criteria to be used:
Originality - 30%
Resourcefulness - 30%
Neatness - 20%
Relatedness of the
work to the lesson - 20%
100%
What I Have Learned

Directions: This includes questions to be filled in to process what you learned from the
lesson. On a sheet of paper, carefully answer the following questions:
1. What is a market structure?
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________.
2. How entrepreneurs control pricing power of goods and services?
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________.
 3. What is the best market structure for you? Why?
______________________________________________________________
______________________________________________________________
______________________________________________________________
________________________.

What I Can Do

Activity 1.2 Applying what you have learned

Directions: Prepare a table of the various market structures focusing on the number of
sellers, types of products, entry/exit to market, and pricing power, and its examples.
You may use a separate paper, if necessary.
Assessment

Direction: This is a task which aims to evaluate your level of mastery in achieving the
learning competency. Complete the missing letters of the crossword puzzle. You may
find clues, which are provided by the numbers, ACROSS and DOWN.
 Additional Activities

Activity 1.3 Let’s do the challenge!

Directions: In this portion, another activity will be given to you to enrich your knowledge
or skill of the lesson learned. Choose one of the forms of market structure, then draw
a situation explaining how it works. Put in a short bond paper, if necessary.
 Effects of Contemporary Economic Issues Affecting the
Lesson 6
Filipino Entrepreneur

What I Need to Learn

In this lesson we will discuss the effects of contemporary economic issues
affecting the Filipino Entrepreneur.

Week 6 MELC Analyze the effects of contemporary economic issues

affecting the Filipino entrepreneur.

At the end of this module, you are expected to:

1. reflect on how contemporary economic issues affecting Filipino entrepreneurs

through editorial cartooning; and
2. demonstrate how contemporary economic issues affects Filipino entrepreneurs
using an editorial cartooning.
What I Know

MULTIPLE CHOICE
Directions: Read the sentences carefully. In a sheet of paper, choose and write the
letter of the correct answer.
1. What do you call a number of living people that live together in the same place?
A. Human Being C. Populace
B. People D. Population
2. What is the monetary compensation paid by an employer to an employee in
exchange for work done?
A. Coin C. Value
B. Money D. Wage
3. How unemployment occurs?
A. This occurs when workers who want to work are unable to find jobs, which
means lower economic output, while still requiring subsistence.
B. This occurs when workers who want to work are unable to find jobs.
C. This occurs when workers are not qualified for the job being offered by the
company.
D. This occurs when there is no available employment in a city or locality.
4. What do you call a property, land, buildings, air rights above the land?
A. Investment C. Real Estate
B. Property D. Resources
5. What is the meaning of high rates of unemployment?
A. Economic Distress C. Recession
B. Low Government Leadership D. Social Issues
 What’s In
Direction: Highlight the word/s being asked.

What’s New?

Direction: In this portion, the new lesson will be introduced to you through this photo.
Analyze what is being described by the given photo.

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population-please-explain700x400.jpg
Your Analysis:
______________________________________________________________

___________________________________________________________________

___________________________________________________________________

___________________________________________________________________

_________________________________________________.

What is It

Let’s start with Population!

Population
 It is the number of living people that live together in the same place.

Taxes
Paying taxes for government helps to provide public goods and services that
empower and enable individuals and institutions alike such as school, business
corporation to pursue their dreams.
SOME CONTEMPORARY ECONOMIC ISSUES
Philippine Wage
It is a monetary compensation or renumeration, personnel expenses, labor paid
by an employer to an employee in exchange for work done. The setting of minimum
wages by the government assures protection for workers that employers do not
underpay them and gives the guarantee of a sufficient income to meet their basic
needs.
Unemployment
This occurs when workers who want to work are unable to find jobs, which
means lower economic output, while still requiring subsistence.
High rates of unemployment are a signal of economic distress, but extremely
low rates of unemployment may signal overheated economy.
Labor Migration
 Migration – It is the movement of people, especially workers, between
countries.
 Labor migration – It refers to migration for the main purpose of employment.
Real Estate
It is the property, land, buildings, air rights above the land and underground
rights below the land. There are four types of real estate namely: residential,
commercial, industrial, and land.
Types of Real Estate
 Residential – It includes both new construction and resale homes. This
includes single-family homes, condominiums, and townhouses.
 Commercial – This includes shopping centers and strip malls, medical and
educational buildings, hotels, and offices.
 Industrial – This includes manufacturing buildings, property, as well as
warehouses.
 Land – This includes vacant land such as undeveloped land, early development
or use, working farms, and ranches.

Savings and Investment

Saving and investments are necessary to build the future. Savings refer
investment as food is to the body nourishment process. As food and nourishment
process and sustain body growth, so do savings an investment to the growth of the
economy’s productive capacity.
Investment is defined as building up the capital stock for more future production
and consumption. It is the purchase of goods that are not consumed today but are
used in the future to create wealth.
Types of Investments
 Stocks – They represent ownership shares.
 Bonds – They refer to a loan in investor that makes to a corporation,
government, or other organization in exchange for interest payments over a
specified term plus repayment of principal at the bond’s maturity date.
 Bank Products – Banks and credit unions can provide a safe and convenient
way to accumulate savings and some bank offer services.
 Retirement – This refers to the saving for retirement and managing income
once you retire.
 Insurance – Life insurance products are often a part of an overall financial plan
such as long-term care insurance.
Fluctuations in the Exchange Rate
 Exchange Rate – It refers to the value of one currency for the purpose of
conversion to another. Exchange rates float freely against one another, which
means they are in constant fluctuation.
 Fluctuation – It pertains to irregular rising and falling in number or amount.

Oil Price
It refers to the spot price of one barrel of the benchmark crude oil. The price
depends upon its grade, location, and the content of sulfur present in it. The price of
oil can be determined with the help of balance between its demand and supply.
What’s More?

Activity 1.1 Enriching the Mind

Directions: This comprises activities for independent practice to solidify your

understanding and skills of the topic. On a sheet of paper, you will choose at least two
(2) of the contemporary economic issues and provide strategic resolution.

Contemporary Resolution:
Economic Issue #1

Contemporary Resolution:
Economic Issue #2
What I Have Learned
Directions: In this part, fill in what you learned from the lesson by answering the
following questions. Write your answers in a sheet of paper.

1. How the population of a country affects entrepreneurs in their business?

______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
2. Why savings and investment are very important factors to Filipino
entrepreneurs?
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
3. Why does paying taxes an integral role to a country?
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
4. How Filipino entrepreneurs help in solving unemployment in the country?
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
 What I Can Do

Activity 1.2 Applying what you have learned

Directions: This section provides an activity which will help you transfer your new
knowledge or skill into real life situations or concerns. Demonstrate how contemporary
economic issues affect Filipino entrepreneurs through an editorial cartooning. Put it in
a short bond of paper.
Criteria to be used:
Appropriateness of the
drawing to the topic - 40%
Clarity of the Idea - 30%
Originality - 30%
100%

Assessment

Directions: Read the following statements carefully. On a sheet of paper, identify what
is being described in the statement and write your answer on the space provided
before the number.

_________________1. This is what we pay for government to provide public goods

and services that empower and enable individuals and institutions alike
_________________2. This is the property, land, buildings, air rights above the land
and underground rights below the land.

_________________3. It is necessary to build the future of the country.

_________________4. An irregular rising and falling in number or amount.
_________________5. It refers to migration for the main purpose of employment.
 Additional Activities

Activity 1.3 Let’s do the challenge!

Directions: In this portion, another activity will be given to you to enrich your knowledge
or skill of the lesson learned. You will be asked by the following questions. You may
use a separate sheet, if needed.
1. If you were to advise the President of the Philippines on how to cope with
this COVID -19 pandemic, what would you tell him and why?

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

_______________________.

2. If you will be the President of the Philippines, how will you solve the issues
on poverty and unemployment in the country?

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________

___________________________________________________________
References

Almina-Mutya, R. (2019). Economics with Agrarian Reform and Taxation. Publisher,

pp. 5-7
Choppelow, J. (2020). Market economy. Retrieved from
https://www.investopedia.com/terms/m/marketeconomy.asp
Dinio, R. and Villasis, G. (2017). Applied economics. Rex Bookstore Inc., Sta. Mesa
Heights, QC.
Google images (n.d.). Economic problem images. Retrieved from
https://www.google.com.ph/search?q=economic+problems+images&tbm=isch
&ved=2ahUKEwjY9rCEg-XpAhUUA5QKHRNWDzgQ2-
cCegQIABAA&oq=economic+problems+images&gs_lcp=CgNpbWcQAzICCA
A6BggAEAcQHjoICAAQBxAFEB46CAgAEAgQBxAeUL_3A1iwggRgqoUEaA
BwAHgAgAF7iAGdBpIBAzQuNJgBAKABAaoBC2d3cy13aXotaW1n&sclient=i
mg&ei=8kPXXti1I5SG0ASTrL3AAw&bih=663&biw=1280#imgrc=u_citc8ueFkv
NM
Google images (n.d.). Circular flow of economic activity. Retrieved from
https://www.google.com.ph/search?q=circular+flow+of+economic+activity&bih
=663&biw=1280&hl=en-
GB&sxsrf=ALeKk02VtYluoxatU4UyBhhLyhhsGfsEig:1591171144034&tbm=is
ch&source=iu&ictx=1&fir=yM6SFeL-
jOM1xM%253A%252CBn9vGZ1mrhVbFM%252C_&vet=1&usg=AI4_-
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