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Assignment No. 1 in Microeconomics

This document outlines a group activity for a microeconomics class, where students are tasked with categorizing various items into economic concepts such as wants, needs, land, labor, capital, and economic systems. It includes a list of group members and instructions for presenting their findings. Additionally, it provides a definition of economics, emphasizing the study of resource allocation and the impact of decisions on production, distribution, and consumption.

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jayamabapiamonte
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271 views2 pages

Assignment No. 1 in Microeconomics

This document outlines a group activity for a microeconomics class, where students are tasked with categorizing various items into economic concepts such as wants, needs, land, labor, capital, and economic systems. It includes a list of group members and instructions for presenting their findings. Additionally, it provides a definition of economics, emphasizing the study of resource allocation and the impact of decisions on production, distribution, and consumption.

Uploaded by

jayamabapiamonte
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SEAT WORK (MICROECONOMICS)

GROUP ACTIVITY: This is a group activity. Each group should have at least 5
members. Write your answer in 1 WHOLE SHEET OF PAPER . Each group will present
its output for this task next meeting. All members of the group should be able to explain
the output in this task in front of the class.

Member:
Piamonte, Jay Elmar A.
Robles, Regene L.
Mendez, Kemberly C.
Gabutero, Francine Claire A.
Ylarde, Jenelyn T.

Group the following bulleted words based on the ECONOMIC CONCEPTS in which
they belong. Write the bulleted words on the table below:
 Clothing
 Forest
 Conveyor Belt
 Healthcare
 Construction Worker
 Command Economy
 Shelter
 Entertainment
 Machinery
 Market Economy
 Forklift
 Software Engineer
 Netflix
 Crude Oil
 Mixed Economy
 Pizza
 Copper

WANTS NEEDS LAND LABOR CAPITAL ECONOMI


C SYSTEM
• Entertai • Clothi • Fo • Constr • Conv • Com
nment ng res uction eyor man
• Netflix • Healt t Worke Belt d
hcare • Cr r • Mac Econ
• Shelt ud • Forklift hiner omy
er e • Softwa y • Mark
• Pizza Oil re et
• Co Engine Econ
pp er omy
er • Mixe
d
Econ
omy

PART II.
1. In 3-5 sentences, please define and explain the meaning of “ECONOMICS”
Answer:
Economics studies how people in a society share limited resources to
meet everyone’s desires and requirements. The important decisions
concerning the production, distribution and consumption of goods and
services are extensively examined, as they are made by people,
businesses and governments. Economic principles are used to analyze
the forces of supply as well as demand, many market structures, along
with the effect of a large number of government policies on economic
activity. Resource allocation efficiency and equity are goals that are sought
to be understood by economics.

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