TECHNICAL DRAFTING 3

• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally

  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• A firm increases advertising

  Demand curve shifts right
• Demand curve shifting right

  Increases the equilibrium price and quantity
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• City of Good Character
• DISCIPLINE • GOOD TASTE • EXCELLENCE
• Writer: Ariel G. Salvador
• Illustrator: Ar-jay B. Relox
• Cover Illustrator: Christopher E. Mercado
• TLE-Information and Communication Technology
• Technical Drafting
• First Quarter-Module 3
• Personal Entrepreneurial Competencies (PECS)
• Department of Education
• National Capital Region
• SCHOOLS DIVISION OFFICE
• MARIKINA CITY
• This module was designed and developed to provide knowledge and skills in assessing architectural jobs requirements based on SOP in technical Drafting. On the other hand, the module was collaboratively made to give a variety of learning situations which suited the skills and ability of learners.
• The module is composed of one lesson which is all about Personal Entrepreneurial Competencies (PECS).
• After going through this module, you are expected to: 1. Define and differentiate Entrepreneur and Entrepreneurship. 2. Identify the three major cluster of an entrepreneur, and 3. Distinguish the different characteristics of an Entrepreneur.
• Fernando believes on his own skills and trusts his knowledge, he shows

  Self-confidence
• Nestor is working diligently and industriously on to his business, he is

  Hardworking
• Juan studies potential threats and danger he might encounter through his business, he shows

  Risk taker
• Amanda is patient and strives to achieve her goals in her business, she shows

  Persistence
• Sam has an interest in generating money out of his business, he is

  Profit oriented
• Jose obtained useful suggestions and advice from his friend he found in his new found business, he is

  Willingness to listen
• Ramon pays attention to Henry's advices to make his business better, he is

  Responds to feedback
• Nene remains honest and fair to her customers she is serving, she shows

  Reliable and has integrity
• Julian pursues the business that he wants to run even in times of epidemic, he is

  Risk taker
• Miguel is looking forward onto his business; even in trying times like the pandemic, he sets a long-term goal to his plan, he shows

  Goal oriented
• Entrepreneurship


  The process of innovation and new venture creation like business. This is also an art and science of converting ideas into marketable product or services for the improvement of quality of life.