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LP Applied Economics

The document outlines a learning plan for a business finance class on production theory. It includes objectives, subject matter, procedures, and an assignment. The key points are: 1) The class will discuss production theory, defining it as the use of resources to create goods and services. 2) Output is measured in three forms: total product, marginal product, and average product. 3) The learning activities include group work to define production, discussing the production function and stages of returns, and solving practice problems. 4) Students will write an explanation of production and its importance in economics.

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Ivan Brilata
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57 views5 pages

LP Applied Economics

The document outlines a learning plan for a business finance class on production theory. It includes objectives, subject matter, procedures, and an assignment. The key points are: 1) The class will discuss production theory, defining it as the use of resources to create goods and services. 2) Output is measured in three forms: total product, marginal product, and average product. 3) The learning activities include group work to define production, discussing the production function and stages of returns, and solving practice problems. 4) Students will write an explanation of production and its importance in economics.

Uploaded by

Ivan Brilata
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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VICTORY ELIJAH CHRISTIAN COLLEGE, INC.

SENIOR HIGH SCHOOL DEPARTMENT


Accountancy, Business and Management
LEARNING PLAN
S.Y: 2022-2023

Subject: Business fi nance


Grade Level & Section: 12
Quarter: Third Quarter
Title of the Unit: Sources and uses of short

term and long-term funds

Content Standard: The learner will be able to demonstrates an understanding of the various socioeconomic impacts of business
on the following sectors: consumer, supplier and investors, government, households, and international trade.

shall be able to conduct a socioeconomic impact study on consumers (new product and services); suppliers;
investors (capital, income) government (tax revenues, poverty alleviation, basic services); households (standard of
Performance Standard: living, employment) and international trade (exports and imports of goods and services) leading to options in
venturing into a business

Date of Implementation: May 5, 2023


Prepared by: Ms. Shielalyn M. Leop

I. OBJECTIVES:
1. Defi ne producti on
2. Identi fy the three forms used to measure the output produce
3. Explain the signifi cance of producti on theory in business
4. Appreciate the importance of producti on in business

II. SUBJECT MATTER:


Theory of Producti on
VECC Module(Applied Economics) pages 83 - 85
VICTORY ELIJAH CHRISTIAN COLLEGE, INC.
SENIOR HIGH SCHOOL DEPARTMENT
Accountancy, Business and Management
LEARNING PLAN
S.Y: 2022-2023

III. PROCEDURE
A. DAILY ROUTINE:
1. Prayer
2. Greeti ngs
3. Att endance checking

B. EXPLORE:
The class divided into four groups and each group need to arrange the jumbled letter based on the definition. The first who arrange the jumbled
letters win. PRODUCTION
-is the process of making or manufacturing goods and products from raw materials or components.
Answer the following:
1. On your own word, what hat is production
Ans: materials or products that distribute and need of people
2. What is the purpose production?
Answer: to satisfy the demand for such transformed resources

C. FIRM UP:
Production Theory

Production refers to the use of economic resources to create goods and services that will be used to satisfy human wants. Production function is an

equation showing the maximum output of a commodity that a firm can produce per period of time with each set of input. Input and output are

measured in physical rather than monetary units.


VICTORY ELIJAH CHRISTIAN COLLEGE, INC.
SENIOR HIGH SCHOOL DEPARTMENT
Accountancy, Business and Management
LEARNING PLAN
S.Y: 2022-2023

Input - refers to the resources used to produce goods and services.

Output - refers to the product created as a result of the combination of input in the production process.

The production function is represented in the equation: O = f(i) Where O stands for output and i stands for input.

D. DEEPEN:
Output produced is measured in three forms:
 Total Product (TP) - it is the combined production of several units of a given input.
 Marginal Product (MP) – it is the additional output produce by an additional unit of the input and is equal to ∆TP/∆i.
 Average Product (AP) - refers to the average contribution per unit of input and is equal to TP/i

Production Schedule for Output X with Variable Labor Input


Quantity of Labor Input Total Product Marginal Product Average Product
1 12 12 12
2 26 14 13
3 37 11 12.3
4 47 10 11.8
5 56 9 11.2
6 63 7 10.5

The stage where Total Product is increasing at a fast rate is the stage of increasing returns. Here, Marginal Product and Average Product are both
increasing.
VICTORY ELIJAH CHRISTIAN COLLEGE, INC.
SENIOR HIGH SCHOOL DEPARTMENT
Accountancy, Business and Management
LEARNING PLAN
S.Y: 2022-2023

When Total Product is increasing at a slower rate and Marginal Product and Average Product are both decreasing, we have the stage of diminishing
returns.
When Total Product decreases and as a result Marginal Product is negative, we enter the stage of negative returns.
Law of Diminishing Marginal Returns it is in reference to the diminishing values of MP. The law states that the additional output starts to diminish at a
certain point as additional units of a variable output are combined with or more fixed point.

E. TRANSFER:
A. Identify the following statements.

1. It is the combination of the production of several units of a given input.

2. it is equal to ∆TP/∆i.

3. It is the economic resources to create goods and services that will be used to satisfy human wants.

4. The average contribution per unit of input and it is equal to TP/i

B. Solve the following problems.

Production Schedule for Output X with Variable Labor Input


Quantity of Labor Input Total Product Marginal Product Average Product
1 13
2 16
3 14
4 16
5 16
VICTORY ELIJAH CHRISTIAN COLLEGE, INC.
SENIOR HIGH SCHOOL DEPARTMENT
Accountancy, Business and Management
LEARNING PLAN
S.Y: 2022-2023

6 13
7 15

F. GENERALIZATION

To sum it all, identify the three forms used to measure the output produce and give the importance of production in economics.

IV. ASSIGNMENT/ENRICHMENT:
Explain the production and give the importance of production in economics in your own words.

V. VALUES INTEGRATION
The students appreciate about the importance of the topic for future application. Shows the loyalty and always active to answer all the activities.

Prepared By: Shielalyn M. Leop

Checked By: Nikka Mae Dusaban

Noted By: Dr. Lucille G. Aramburo

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