June 20, 2013

     I feel so confident during Economics today. Because I did what Ms. Princess asked us to do which is do some advance reading about Economics obviously. And it was worth it. Because I got to recite so many times and I easily learned the lesson. Oohh, we had an activity where we will make our own "Plan of Activity" for our own business. Erika and I partnered. We chose a clothing store. Since we don't know what our store is called, Erika said "Mitzi's Secret" hahahaha just like Victoria's Secret. Hahaha oh come on guys, laugh with me, give me some credit here I thought it was funny "Mitzi's Secret" hahaha okay fine just humor me but I'll stop the "Mitzi's Secret" joke now. Anyways, the others chose a sari-sari store, an academy, a fast food chain etc. . We were actually the last one called to present our activity since the bell rang already. But the others still haven't so I was glad when Ms. Princess said that they'll just present it next meeting. Mwahahaha take that!  It's only fair to continue next meeting. 

   I learned that the basic economic questions are very important. Like the first question "what to produce?". We may think that this isn't important but it is! Because we must choose what to produce and to know what will give greater value to society. The second question is "how much to produce?" Now that we answered the first question we're now able to identify which goods and services to produce, so now with the second question we can now determine how much of each should be produced by the society. The third question is "how to produce?" After determining what goods and services to produce and in what quantities, we have to determine the best combination of factors to produce such. And with the last question "for whom to produce?" With the three questions answered, we have to ask ourselves who shall  consume the goods and services produce. Now, I know that all of these questions are very important because without these I'm sure we'll flunk and suck in making business and we'll have a poor economy.