SocSci 5 Economics Past Paper PDF

File Edit View SocSci 5 ECONOMICS First Quarter Week 4  File Edit View Dilemma in Making Choices  File Edit View When your alarm went off, what choice did you face this morning?  File Edit View Why did you have to...

File Edit View SocSci 5 ECONOMICS First Quarter Week 4  File Edit View Dilemma in Making Choices  File Edit View When your alarm went off, what choice did you face this morning?  File Edit View Why did you have to make this choice?  File Edit View ALTERNATIVES PERCEIVED BENEFITS ACTION TAKEN (CHOOSE ONE) ALTERNATIVE NOT CHOSEN (CHOOSE ONE) BENEFITS REFUSED  File Edit View Opportunity Cost Owner Content Product The value of the next best alternative you forgone The benefit you miss when you make a choice To evaluate options properly, their costs and benefits must be weighed and considered  File Edit View Opportunity Cost Owner Content Product Points to ponder: ⚬ How much do I value this? ⚬ What am I giving up now to have this? ⚬ What am I giving up in the future to have this now?  File Edit View GOODS SERVICES Tangible commodities produced, Intangible commodities demanded, and desired by desired by people that are individuals which are consumed performed involving innate or or used for production acquired skills by individuals  File Edit View Examples GOODS SERVICES ★ Food ★ Chef/Serving staff ★ Garments ★ Fashion Designer/ Textile ★ School supplies Technologist ★ Cars ★ Teacher ★ Machines ★ Driver/Auto Mechanics ★ Machine operators  File Edit View Review and analyze the common characteristics or behavior of the following economic goods. Sort them into four categories/groups. Label each as A, B, C, and D. plants in the dinner at a toilet paper clean water forest restaurant mineral streetlights ice cream clean air deposits fresh fish Netflix timber (sea) gadgets subscription national Skyway defense FIBA tickets Gym Golf club public health PLDT Wifi membership footbridge  File Edit View EXCLUDABILITY RIVALRY in consumption An excludable good is a good or A rival good is a good or service service to which the degree of that can only be possessed, consumption is limited to paying purchased, and/or consumed by a consumers single consumer in such a way Any good that has a price that it prevents another person attached to it from consuming the same unit of good or service Availability is reduced  File Edit View Types of Economic Goods PRIVATE GOODS COMMON GOODS CLUB GOODS PUBLIC GOODS Excludable, Rival Non-excludable, Rival Excludable, Non-Rival Non-excludable, Non- Goods Goods Goods Rival Goods  File Edit View plants in the dinner at a toilet paper clean water forest restaurant mineral streetlights ice cream clean air deposits fresh fish Netflix timber (sea) gadgets subscription national Skyway defense FIBA tickets Gym Golf club public health PLDT Wifi membership footbridge  File Edit View EXCLUDABILITY RIVALRY IN CONSUMPTION Excludable Non-excludable Rival Private Goods Non-rvial  File Edit View TYPES OF GOODS ◆ Characteristics: PRIVATE GOODS Excludable: purchase before consuming Rival: availability is reduced For personal improvement Transferable but ownership belongs to one person at a time. Excludable, Rival Goods  File Edit View plants in the dinner at a toilet paper clean water forest restaurant mineral streetlights ice cream clean air deposits fresh fish Netflix timber (sea) gadgets subscription national Skyway defense FIBA tickets Gym Golf club public health PLDT Wifi membership footbridge  File Edit View EXCLUDABILITY RIVALRY IN CONSUMPTION Excludable Non-excludable Rival Private Common Goods Goods Non-rvial  File Edit View TYPES OF GOODS ◆ Characteristics: Non-Excludable: everyone can COMMON GOODS consume the goods Rival: supply is finite Natural resources What problem could arise from having such good that everyone can enjoy freely? Non-Excludable, Rival ○ Problem: Tragedy of the Goods Commons  File Edit View plants in the dinner at a toilet paper clean water forest restaurant mineral streetlights ice cream clean air deposits fresh fish Netflix timber (sea) gadgets subscription national Skyway defense FIBA tickets Gym Golf club public health PLDT Wifi membership footbridge  File Edit View EXCLUDABILITY RIVALRY IN CONSUMPTION Excludable Non-excludable Rival Private Common Goods Goods Non-rvial Club Goods  File Edit View TYPES OF GOODS ◆ Characteristics: Excludable: consumers must pay for CLUB GOODS them Non-Rival: Supply won't diminish Being excludable, some people can be denied access or use of such goods Often offered by natural monopolies Excludable, Non-Rival Often underutilized Goods  File Edit View plants in the dinner at a toilet paper clean water forest restaurant mineral streetlights ice cream clean air deposits fresh fish Netflix timber (sea) gadgets subscription national Skyway defense FIBA tickets Gym Golf club public health PLDT Wifi membership footbridge  File Edit View EXCLUDABILITY RIVALRY IN CONSUMPTION Excludable Non-excludable Rival Private Common Goods Goods Non-rvial Club Public Goods Goods  File Edit View TYPES OF GOODS ◆Characteristics: Non-Excludable: can be consumed PUBLIC GOODS by everyone Non-Rival: won't deplete even if someone else used them Government provision through tax collections What problem could arise from having such good that everyone can Non-Excludable, Non- enjoy freely? Rival Goods ○ Free-rider problem  File Edit View Excludable Non-excludable Private Common Rival Non-rvial Goods Goods Club Public Goods Goods CONGESTION  File Edit View Types of Services BUSINESS SOCIAL PERSONAL SERVICES SERVICES SERVICES A service demanded by A service deemed A service provided business owners to beneficial to the public directly to the customers operate their businesses and is often paid for by (when consumer pay for more efficiently taxes collected from the in exchange for a direct people service)  File Edit View Factors of Production  File Edit View Factors of Production LAND LABOR CAPITAL ENTREPRENEURSHIP  File Edit View Four factors of production | AP Microeconomics | Khan Academy Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Learn how each of these are defined in this video. AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. 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Forever. #YouCanLearnAnything https://www.youtube.com/subscription_center?add_user=khanacademy  File Edit View FACTORS OF PROD'N LAND ◆Agricultural land ◆Commercial land ◆Real estate ◆Natural resources ◆Its value can be increased or can diminish  File Edit View FACTORS OF PROD'N ◆Physical and/or mental effort of an LABOR individual ◆Paid for their time and effort ◆Wage/salary depends on experience, skills, and training ◆ Types: Professional, semi-skilled, skilled, and unskilled labor  File Edit View FACTORS OF PROD'N CAPITAL ◆ Purchase of goods that facilitate actual production ◆ Capital goods: goods that are used to produce goods/services that may be utilized for the production of consumer goods  File Edit View FACTORS OF PROD'N ENTREPRENEURSHIP ◆The actual person behind the entire production process is the entrepreneur ◆Management skills that make the delivery of goods and services possible.  File Edit View In order to increase the number of commodities and/or services produced, should we just acquire more lands, hire more and more laborers, and purchase as many capital goods?  File Edit View LAW OF DIMINISHING MARGINAL RETURNS An economic theory which states that in a production process, after reaching an optimal level of capacity, adding more in the factors of production will result in a smaller increment increase in output. WATCH VIDEO  Law of DIminishing Marginal Returns States that if at least one factor of production is fixed, the total output resulting from an increase in the variable input is increasing, but the increment output produced by the additional input is diminishing  File Edit View 8 Kg of French 8 Kg of French Fries Fries  File Edit View 8 Kg of French 8 Kg of French Fries Fries  File Edit View In order to increase the number of commodities and/or services produced, should we just acquire more lands, hire more and more laborers, and purchase as many capital goods?  File Edit View Thank You! For questions and clarifications, feel free to email me at [email protected] or post your questions in our Google Classroom