Task 5: Let's check your understanding... Directions. Give what is asked for in each item. Write your answers in your notebook. 1. Explain briefly and concisely the economic process where it shows why people have to practice economics by analyzing the flow of the diagram/illustration below (brainly.ph, n.d.). ECONOMICS IN A PROCESS Unlimited wants Scarcity Make Choices 11 NegOr Q3 Applied Economics11_Module1_v2 2. The scope of economics can be understood under two subheads: Microeconomics and Macroeconomics. Explain in the Venn diagram their differences and similarities. Micro Macro 3. What role does econometrics play in resolving economic problems? To help you explain refer to Figure 3 in page 11.1 4. Explain applied economics application by stating its importance and their examples. Make use of a diagram to show your explanation. Importance Example Importance application of applied economics Importance Example
