Reflection in Araling Panlipunan (Second Grading)

Microeconomics  is a branch of economics that studies the behavior of how the

individual modern household and firms make decisions to allocate limited resources. It includes
the Supply and Demand of a product, the Elasticity of Supply and Demand which is the ratio of
the percent change in one variable to the percent change in another variable and the
Equilibrium which is the point at which quantity demanded and quantity supplied are equal,
Production and Consumption of Products and Allocation that helps resolves the Inadequacy and
Insufficiency of Products. Market Structure was included in the lesson which is compose of
Competition, Monopoly and Oligopoly. Lastly, the Cartel, Chiseling, Profiteering, Price Ceiling,
Hoarding and Panic-buying are also included in the Second Grading Lessons.

In this topic, it is not only the capital and the expenses that should be prioritized in
the Demand and Supply of Products. It also includes the climate, that will determined if the
suitable for hot and cold seasons, the innovation or substitute of the product if the other
product is out of resources or lacking. Also, the factors on how we consume our resources and
how it will be produced again to be consume again for future use by the help of Allocation that
supplies the needs of the consumers in the market. And the last the laws protecting the
consumer and the laws protecting the manufacturer in order to prevent abuse by someone
with the help of the different government agencies.

Before I learned those lessons mentioned, I don’t know why sometimes it takes a
long time when a product was sold out in the market then the manufacturer does not sell his
stored products for a purpose of gaining much profit when time comes. Then why companies
was shut down whereas they manufacture quality and also why some companies involved in
Hoarding and consumers involved in Panic-buying. These are just some questions answered
when 2nd Grading Lessons were discussed.

But the hardest lesson for me that I’ve learned was about the trend of the Variables
of Demand, Supply and Equilibrium. It needs more understanding so that you can learn it easily
like the past lessons.

Still, we have quizzes, seatworks, homeworks, group activities and also the Second
Grading Periodical Examination and will continue until the end of the School Year.