Abdelgadir Rahel M.

BSIE 5TH Year 10/25/2020(Sunday)

SOC 500-3 (55602 P) TTH 8:00PM-9:30PM

1. Characterize the Philippine’s economy and identify what economic system that is
applied.

The economy of the Philippines is a developing lower-middle income economy. It is

primarily considered a newly industrialized country, which has an economy in transition
from one based on agriculture to one based more on services and manufacturing.
The Philippines, like many nations of the world, is a mixed economy which includes a
variety of private freedom, combined with centralized economic planning and
government regulation. It manifests capitalist market economy in its cities and more
advanced municipalities and command economy most especially in its major industries
like energy and transport, the agricultural and subsistence economy persist among its
barrio folks and indigenous groups.

2. Cite at least three economic problems that you read in the newspaper. And what
possible solutions to solve these problems.

 POVERTY
1. Create Jobs
The most effective way to reduce poverty is to create jobs. Hence the creation
of productive employment opportunities is essential for achieving poverty
reduction and sustainable economic and social development. Rapid economic
growth can potentially bring a high rate of expansion of productive and
remunerative employment, which can lead to a reduction in poverty.

2. Raise the minimum wage

According to economism, a pair of supply and demand curves proves that a
minimum wage increases unemployment and hurts exactly the low-wage
workers it is supposed to help. But if the minimum (say, $7.25 an hour) is
above the natural wage (say, $6 per hour), it distorts the market.

3. Support pay equity

With female full-time workers earning just 78 cents for every $1 earned by
men, action must be taken to ensure equal pay for equal work. Closing the
gender wage gap would cut poverty in half for working women and their
families.
  UNEMPLOYMENT.

Solutions for Unemployment

i. Better education
ii. Motivation programs
iii. Programs against drug addiction and homelessness
iv. Fight discrimination
v. Support programs for mental issues
vi. Subsidies for companies how are reintegrating unemployed persons
vii. Fiscal and monetary measures in a financial crisis situation
viii. Fight structural unemployment
ix. Create jobs

 INEQUALITY
i. Increase the minimum wage.
ii. Expand the Earned Income Tax.
iii. Build assets for working families.
iv. Invest in education.
v. Make the tax code more progressive.
vi. End residential segregation.