DEN 011 Student Activity Sheet #1 PDF

Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________...

Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ Lesson title: Basic Concepts in Economics Materials: Pen and Paper, SAS References: Lesson Objectives: Samuelson (2012) Economics 1. Recognize the basic concepts in Economics Gabay, B.K, et.al. (2008) 2. Identify productive resources Health Economics in the Philippine Context. Rex Bookstore, Inc., Quezon City. Productivity Tip: Be realistic about what you can accomplish each day. A. LESSON PREVIEW/REVIEW Introduction (1 min) The study of Health Economics involves the application of various economics concepts. Thus, the foremost interest of this module is to provide an introduction to the basic concepts of economics that will help strengthen the working knowledge of the subject matter. Economics as defined by Samuelson, is the study of how people and society end up choosing, with or without the use of money, to employ scarce but productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various persons and groups in society. It analyse the costs and benefits of improving patterns in resource allocation. 1) Activity 1: What I Know Chart (Part 1) (3 min) Instructions: "In this chart, reflect on what you know now. Do not worry if you are sure or not sure of your answers. This activity simply serves to get you started on thinking about our topic. Answer only the first column, "What I know". Leave the third column "What I learned" blank at this time. What I Know Questions What I Learned ( Activity 4 ) 1. How do you classify economics as a science? 2. What are the two central problem of economics? 3. Why does making a choice is necessary? This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ B. MAIN LESSON Activity 2: Content Notes Choose an item. (13 min) Instructions: Please take note, highlight, or outline some important and striking information. BASIC ECONOMIC CONCEPTS BRANCHES OF ECONOMICS: Microeconomics – it examines the economic behavior of individual entities such as the consumer, the producer and resource owner in the view to understand decision-making in the face of scarcity and the consequences of this decision. Macroeconomics – it is concerned with the overall performance of the economy with a view to understand interaction between economic aggregates such as national income, employment and inflation. This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ ECONOMIC RESOURCES 1. Land – also known as natural resources, which are also called as "gifts of nature" as they are not man made. Owners of lands receive a payment known as rent. Example; rental payment for the building where the dental clinic is situated 2. Labor – it pertains to the physical and mental effort exerted in production. Such as the services of the front liners in the fight against COVID-19, like doctors and nurses. The factor payments for labor is wage. 3. Capital – it include all human creations used to produce goods and services. It consists of the machineries and equipment. The owner of capital earns an income called interest. Example; the use of dental X-ray machine. 4. Entrepreneur – the people that are combining the other 3 factors of production. They are regard as a specialist form of labor input. The payment for the entrepreneurs is profit. Dentists can be considered as entrepreneur as they are managing their own clinics. This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ Activity 3 Skill Building Activity (with answer key) (18 min) + 2 minutes checking A. Instruction; Identify the resources (land, labor, capital and entrepreneur ) in the situation written in the box. Write your answer on the space provided Example: physician - labor Check your answers against the Keys to Correction found at the last pages of this SAS. Write your score. 1. _________________________________________________________________ 2. _________________________________________________________________ 3. _________________________________________________________________ 4. _________________________________________________________________ 5. _________________________________________________________________ 6. _________________________________________________________________ B. Think critically. Check your answers against the Keys to Correction found at the last pages of this SAS. Write your score. 1. What is the central problem you face when you make economic decision? ----------------------------------------------------------------------------------------------------------------------------- -------------------------- 2. Why there must be an opportunity cost for every decision you make? --------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 3. Differentiate between microeconomics and macroeconomics, indicate one specific example. --------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------- Activity 4: What I Know Chart (Part 2) (2 min) Instruction: To review what was learned from this session, please go back to Activity 1 and answer the “What I Learned” column. Notice and reflect on any changes in your answers This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ Activity 5: Check for Understanding (5 mins) Instruction: Now it’s time for you to figure this one out on your own! Take time to read, analyze, and understand the following scenarios. Check your answers against the Keys to Correction found at the last pages of this SAS. Write your score A. Match each of the following terms in the box with the correct definition. Write your answer on the space before the number. Capital Land Economics Macroeconomics Entrepreneur Microeconomics Factors of production Opportunity cost Labor Scarcity ___________________________ 1. A condition facing all societies because there not enough productive resources to satisfy people’s unlimited wants. ___________________________ 2. The study of the individual parts of the economy. ___________________________ 3. The study of how individuals and society choose to use limited resources in an effort to satisfy unlimited wants. ___________________________ 4. Human-made productive resources, such as machineries that are necessary for the production of economic goods and services. ___________________________ 5. The value of the best alternative passed up for the chosen item or activity. ___________________________ 6. Physical and mental effort used to produce goods and services. ___________________________ 7. It is a study of the behavior of the economy as a whole. ___________________________ 8. Productive resources that are provided by nature. ___________________________ 9. The organizer of the other economic resources for use in the production of goods and services. ___________________________ 10. The productive resources needed for the production of goods and services. B. In your own words, how do you apply the concept of economics in easing economic difficulty due to the effect of the present global problem on the COVID-19 pandemic? This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ C. LESSON WRAP-UP 1) Activity 6 Thinking About Learning (5 min) A. Work Tracker You are done with this session! Let’s track your progress. Shade the session number you just completed. Reminder: Instructor/Facilitator. Please direct the student to mark their place in the work tracker which is simply a visual to help students track how much work they have accomplished and how much work there is left to do. P1 P2 P3 1 2 3 4 5 6 7 8 9 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ B. Think about your Learning Tell me about your thoughts! Today’s topic is all about the basic concepts in Economics. What surprised you about the lesson today? Explain why This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ FAQs 1. What are the activities in economics where satisfaction of human needs and wants can be achieved? Economics primarily involves in the following activities a) consumption – which refers to the utilization of goods and services b) production - the creation of goods and services c) distribution - pertains to the allocation of goods and services d) exchange - the trading of goods and services which has a value and a price 2. What is the difference between goods and services? Goods are intangible, something you can see, feel and touch , while service is something not physical that requires scarce resources to produce and satisfies human wants. This document is the property of PHINMA EDUCATION  Course Code: DEN 011 Student Activity Sheet: #1 Name: _________________________________________________________________ Class number: _______ Section: ____________ Schedule:________________________________________ Date:________________ KEY TO CORRECTIONS Activity 3 A. 1. hospital (land) - land or hospital (building) - capital 2. cardiologist - entrepreneur or labor 3. secretary - labor 4. stethoscope - capital 5. 2D-ECO machine - capital 6. laboratory - capital B. 1. Scarcity 2. due to limited resources we can’t have everything that we want, there is a need to forgo other things to acquire the best decision that we can make. 3. Microeconomics is the study of the individual parts of the economy such as individual households, firms and businesses, while Macroeconomics, is the study of the economy as a whole. It includes such topics as unemployment, inflation and economic growth or the entire economy. Activity 5 1. Scarcity 4. Capital 7. Macroeconomics 10. Factors of Production 2. Microeconomics 5. Opportunity Cost 8. Land 3. Economics 6. Labor 9. Entrepreneur This document is the property of PHINMA EDUCATION