Applied Economics Past Paper - Aliaga Senior High School 2024-2025 PDF

ALIAGA SENIOR HIGH SCHOOL APPLIED ECONOMICS  RESOURCES AND COMMODITY Economic resources are the factors used in producing goods or providing services. Examples. Labor, Land, Assets, Capital A commodity is a economic goods and are most often used as inputs in the...

ALIAGA SENIOR HIGH SCHOOL APPLIED ECONOMICS  RESOURCES AND COMMODITY Economic resources are the factors used in producing goods or providing services. Examples. Labor, Land, Assets, Capital A commodity is a economic goods and are most often used as inputs in the production of other goods or services.  Human Needs and Wants A human needs are something that you must have in order to live. Human wants are something that you wish to have to add comfort to your life.  ALIAGA SENIOR HIGH SCHOOL APPLIED ECONOMICS Topic: INTRODUCTION TO ECONOMICS (Economics as a Social Science and Applied Science in Terms of Nature and Scope ) DAY 1 Objectives: Understand the basic economic concepts. Differentiate Macro and Micro Economics. Appreciate the importance of studying Economics. The Philippines will next import rice/ sugar to stabilize domestic prices that have shot up despite stable local production. What do you think are the reasons? Economics refers to the effective management of scarce resources to satisfy unlimited human wants and needs. Economic Resources, also known as factors of production, are resources used to produced goods and services.  Land Labor Capital Entrepreneurial Ability The resource payment associated with each resource is listed in the table below: Resource Economic Resource Payment LAND rent LABOR wages CAPITAL interest ENTREPRENEURIAL ABILITY profit Land is natural resources that can be used for production. Labor input consists of the physical and intellectual services provided by human beings. Capital consists of the machinery and equipment used to produce output. Entrepreneurial ability refers to the ability to organize production and bear risks. Entrepreneurial ability refers to the ability to organize production and bear risks. Yes, Land includes all natural resources "free gifts of nature". Resources that exists independent of human action. Does LABOR input consist of the physical and intellectual services provided by human being? Yes, LABOR input consists of the physical and intellectual services provided by human being. LAND CAPITAL ENTREPRENEURIA LABOR L ABILITY