Applied Economics Week 3 With Worksheet
Applied Economics Week 3 With Worksheet
GRADE 12
LEARNING PLAN
Applied Economics
KATE D. PAGLINAWAN
ABM TEACHER
INTRODUCTION
Last module, we discussed the issues on the factors of production and how these affect
the economy, the basic problems facing the local and global economics, and the roles of
economics in solving these problems.
Economics helps us solve the problem on excess supply and excess demand, and lead it
to a balanced supply and demand. In our needs, we do not want oversupply. It means wastage of
income. For entrepreneurs, it is not efficient if their stocks or supplies are greater than the actual
demand. It is a loss not revenue.
In economics, there are terms that you must learn to understand the better market
situations. A demand or the amount of good or service consumers are willing to purchase at each
price. If customers cannot pay for it, there is no effective demand. Price is what a buyer pays for
a unit of the specific good or service. The total number of units purchased at that price is called
the quantity demanded.
Before starting the module, I want you to set aside other tasks that may disturb you while
enjoying the lessons. Read the simple instructions below to successfully enjoy the objectives of
this kit. Have fun!
1. Follow carefully all the contents and instructions indicated in every page of this module.
2. Write on your notebook the concepts about the lessons.
3. Writing enhances learning that is important to develop and keep in mind.
4. Perform all the provided activities in the module.
5. Let your facilitator/guardian assess your answers using the answer key card.
6. Analyze conceptually the posttest and apply what you have learned. Enjoy studying!
EXPECTED SKILLS
To do well in this module, you need to remember and do the following.
1. Read the instructions carefully before starting anything.
2. Compare all the activities and worksheet. Follow instructions on how to submit them.
3. Look up the meaning of words that you do not know.
4. You will frequently come across process questions as you go through different lessons.
Keep a notebook where you can write your answers to these questions. Use also the
notebook to note down short notes, draw diagrams, and summarize what you have just
read.
5. For worksheets and reports that need to be submitted, use the provided checklist and
rubric to evaluate your work before submission.
6. Allow time for relaxation and recreation when you are mentally tired. Make a time table
to schedule your study and recreation.
PRE-ASSESSMENT
Before you equip yourself with a new set of knowledge, let us check your understanding
about the topic. Enjoy answering!
EXPLORE
Law of Supply and Demand
The law of supply and demand explains the interaction between the sellers of a product
and the buyers. It shows the relationship between the availability of a particular product and the
desire (or demand) for that product has on its price.
The Law of Demand
1. Under the dowry system in India, a market with more women seeking partners, the trade shift
favors the men. What law or economic principle is applicable?
2. In the same system, men with better jobs receive larger payments. What economic principle is
applicable to this situation? Justify your answer.
FIRM UP
Activity 1.2: The Law of Demand and Supply
Directions: Analyse this problem. The following data were taken from an invoice of Company X. The
company imports gasoline from other country.
A.) Plot or graph the data. Interpret the results.
B) Analyze data and describe the curve.
PROBLEM SOLVING
TRANSFER
Activity 1.5: True or False
Directions: Write TRUE if the statement is correct and FALSE if incorrect. Write your answer
before the number.
________1.The upward slope of the supply curve illustrates the law of demand— ―higher price
leads to a higher quantity supplied, and vice versa.
________2.The downward slope of the demand curve illustrates the law of supply—the inverse
relationship between prices and quantity demanded.
________3.Time is important to supply because suppliers must react quickly to a change in
demand or price.
________4.A shift in a demand or supply curve occurs when quantity demanded or supplied
changes even though price remains the same.
________5.The law of supply says that ―at higher prices, sellers will supply more of economic
goods‖.
Activity 1.6: Multiple Choice Questions
Directions: Read the sentences carefully. Encircle the correct answer.
6. An increase in the price of electricity bill will force you to:
a. increase your demand for kerosene heaters and coal.
b. increase your demand for light bulbs and aircon.
c. increase your demand for stereos and videokes.
d. increase your demand for TVs and use of gadgets.
10. If Toyota firm is producing a car faster than people want to buy, there is:
a. an excess supply of car and price can be expected to decrease.
b. an excess supply of car and price can be expected to increase.
c. an excess demand of car and price can be expected to decrease.
d. an excess demand and price can be expected to increase.
WORKSHEET
Name______________________________Year/Section___________________Date_____
Teacher____________________________School___________________________________
B.
REFERENCES
E-SITES
To further explore the concept learned today and if it possible to connect the internet, you may
visit the following links:
https://www.slideshare.net/lntrullin/supply-and-demand-1184484
https://www.ducksters.com/money/supply_and_demand.php
ARTICLES
Articles Amadeo, K. (2020) Elastic Demand: Definition, Formula, Curve, Examples. Retrieved
on Jun 03 2020 from https://www.thebalance.com/elastic-demand- definition-formula- curve-
examples-3305836; https://www.thebalance.com/inelastic-demand- definition- formula-curve-
examples-3305935
Buensuceso, N. (2011)Demand Supply and Market Equilibrium. Retrieved on June 3 2020
fromhttps://www.slideshare.net/opaprb/demand-supply-and-market-equilibrium- 8463331
Chappelow, J (2019) Law of Supply and Demand. Retrieved on June 03 2020 from
https://www.investopedia.com/terms/l/law-of-supply-demand.asp
Danabalan, K. (2014) The Price System. Retrieved on Jun 03 2020 from
https://www.slideshare.net/kalaiyarasidanabalan/a-level-economics-chapter-2-core
Patindol J L (2012)The Law of Supply and Demand . Retrieved on Jun3 03 2020 from
https://www.slideshare.net/shufflejoy000/the-law-of- supply-and-demand
WEBSITES
https://opentextbc.ca/principlesofeconomics/chapter/3-1-demand-supply-andequilibrium-in-
markets-for-goods-and-services/
https://www.investopedia.com/ask/answers/041615/what-are-some-examples-lawdemand-real-
markets.asp
https://www.ducksters.com/money/supply_and_demand_examples.php
https://www.thebalance.com/shift-in-demand-curve-when-price-doesn-tmatter-3305720
https://www.investopedia.com/ask/answers/012915/what-difference-betweeninelasticity-and-
elasticity- https://www.sparknotes.com/economics/micro/elasticity/problems/
https://int.search.myway.com/search/AJimage.jhtml
https://global.oup.com/us/companion.websites/9780199811786/student/chapt2/m ultiplechoice/
https://www.nytimes.com/2011/08/07/business/economy/marriage-and-the-law-ofsupply-and-
demand.html
https://www.majortests.com/essay/Supply-And-Demand-571384.html
https://study.com/academy/popular/supply-and-demand-activities-for-kids.html
https://www.slideshare.net/shufflejoy000/the-law-of-supply-and-demand
https://www.thoughtco.com/supply-and-demand-practice-questions-1146966