Republic of the Philippines

Province of Cebu
Municipality of Cordova

CORDOVA PUBLIC COLLEGE

Gabi, Cordova, Cebu

MODULE 1

SOC. SCIE 6- ECONOMICS WITH TAXATION AND AGRARIAN REFORM

Name: BERDIN, CHELSEA JOY Z. Course , Year & Section: BEED - 3B
Date Completed: ________________________ Instructor : Ms. Marilou P. Inoc
I. Course Content: Nature of Economics
II. Objectives: At the end of this module, the students shall be able to
a.) define basic economic terms such as Economics, Wants, resources, Scarcity, etc.
b. ) distinguish between microeconomics vs. macroeconomics and positive and normative economics
c.) compare the contributions of some economists from ancient to modern times
d.) appreciate the important role played by these Economists to our life at present
III. Sources:
Economics: Its Concepts and Principles by: Bon Kristoffer G. Gobay et al. pages 2-15
Economics with Agrarian Reform and Taxation by Ruby F. Alminar –Mutya pages1-8
Online sources:
https://www.britannica.com/biography/Plato
https://www.britannica.com/biography/Aristotle
https://www.britannica.com/biography/Xenophon
IV. Lesson:
Chapter 1- Nature of Economics
● Introduction to Economics
● Goals of Economics
● Economics as related to other Social Sciences
● Historical Background of Economics
● Selected Contributors in the Development of Economic thought
( Ancient Period-Plato, Aristotle,Xenophon)
● The Key Elements of Economic Activity
● Human Wants
● Resources
● Production Techniques
V. ACTIVITY:
* Acrostic meaning of Economics
* Biographical sketches

VII. Evaluation:
The students will be able to analyze the importance of Economics and its relationship to other fields.
 SOC. SCIE 6- ECONOMICS WITH TAXATION AND AGRARIAN REFORM
MODULE 1-NATURE OF ECONOMICS
Name: BERDIN, CHELSEA JOY Z. Course , Year & Section: BEED - 3B
Date Completed: 02/17/22 Instructor : Ms. Marilou P. Inoc
Directions: Use separate paper for your answers.
I. DEFINE THE FOLLOWING:
1 .Economics
- is "the social science that studies the production, distribution, and consumption of goods and
services." Economics focuses on the behaviour and interactions of economic agents and how
economies work.
2. Human wants
- All the desires and aspirations and motives of humans.
3. Resources
- refers to all the materials available in our environment which help us to satisfy our needs and wants.
Resources can broadly be classified upon their availability — they are classified into renewable and
non-renewable resources.
4. Production
- is the process of combining various material inputs and immaterial inputs in order to make
something for consumption. It is the act of creating an output, a good or service which has value and
contributes to the utility of individuals.
5. Distribution
- is one of the four elements of the marketing mix. Distribution is the process of making a product or
service available for the consumer or business user who needs it. This can be done directly by the
producer or service provider or using indirect channels with distributors or intermediaries.
6. Consumption
- is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing,
which is spending for acquisition of future income. Consumption a major concept in economics and
is also studied in many other social sciences.
7. Social science
- is the branch of science devoted to the study of societies and the relationships among individuals
within those societies. The term was formerly used to refer to the field of sociology, the original
"science of society", established in the 19th century.
8. Science
- is a systematic enterprise that builds and organizes knowledge in the form of testable explanations
and predictions about the universe.
9. Land
- is the solid surface of Earth that is not permanently submerged in water. Most but not all land is
situated at elevations above sea level and consists mainly of crustal components such as rock, sand,
soil, and sometimes ice.
10. Labor
- work, especially hard physical work.
11. Capital
- capital goods or capital consists of "those durable produced goods that are in turn used as
productive inputs for further production" of goods and services.

12. Entrepreneurship
 - is the creation or extraction of value. With this definition, entrepreneurship is viewed as change,
generally entailing risk beyond what is normally encountered in starting a business, which may
include other values than simply economic ones.
13. Production Techniques
- an effort to explain the principles by which a business firm decides how much of each commodity
that it sells (its “outputs” or “products”) it will produce, and how much of each kind of labour, raw
material, fixed capital good, etc., that it employs (its “inputs” or “factors of production”) it will use.
14. Macroeconomics
- is a branch of economics dealing with performance, structure, behavior, and decision-making of an
economy as a whole.
15. Microeconomics
- is a branch of mainstream economics that studies the behavior of individuals and firms in making
decisions regarding the allocation of scarce resources and the interactions among these individuals
and firms.
16. Scarcity
- as an economic concept "refers to the basic fact of life that there exists only a finite amount of human
and nonhuman resources which the best technical knowledge is capable of using to produce only
limited maximum amounts of each economic good."
17. Freedom
- is understood as either having the ability to act or change without constraint or to possess the power
and resources to fulfill one's purposes.
18. Efficiency
- implies an economic state in which every resource is optimally allocated to serve each individual or
entity in the best way while minimizing waste and inefficiency. When an economy is economically
efficient, any changes made to assist one entity would harm another.
19. Stability
- a term used to describe the financial system of a nation that displays only minor fluctuations in
output growth and exhibits a consistently low inflation rate. Economic stability is usually seen as a
desirable state for a developed country that is often encouraged by the policies and actions of its
central bank.
20. Security
- security, in business economics, written evidence of ownership conferring the right to receive
property not currently in possession of the holder.
21. Use Value
- is a concept in classical political economy and Marxist economics. It refers to the tangible features of
a commodity (a tradeable object) which can satisfy some human requirement, want or need, or
which serves a useful purpose.
22. Money
- is a commodity accepted by general consent as a medium of economic exchange. It is the medium in
which prices and values are expressed. It circulates from person to person and country to country,
facilitating trade, and it is the principal measure of wealth.
23. Market
- a means by which the exchange of goods and services takes place as a result of buyers and sellers
being in contact with one another, either directly or through mediating agents or institutions.
24. Exchange Value
- which is the proportion at which a commodity can be exchanged for other commodities; a price (it
could be an actual selling price or an imputed ideal price)
25. Monopoly
- is a situation where there is a single seller in the market. In conventional economic analysis, the
monopoly case is taken as the polar opposite of perfect competition.
26. Estate Management
- as the supervision and direction of interest held on land or landed property towards achieving some
optimum benefit.

II. ACROSTIC MEANING OF ECONOMICS

EXAMPLE: E- Efficiency for the government to supply the needs of the people especially the poor and the lowly.
LETTER MEANING

E Education is important to teach people how to use money.

C Construction is essential for economy and life.

O One big puzzle

N Normally the government in Spain is not very good at economy.

O One of the most important service activity in Spain is tourism

M Manufacturing industries transform raw materials into products

I Inactive population are the people who cannot work, too many inactive population is not good
for the economy

C Construction is very important for the economy and it is on the secondary sector

S Sectors of Economy

III. BIOGRAPHICAL SKETCHES

https://www.britannica.com/biography/Plato https://www.britannica.com/biography/Aristotle
https://www.britannica.com/biography/Xenophon
A. ) ANCIENT AND MEDIEVAL PERIOD

PERIOD DESCRIP PLACE/ THEORY/ BOOKS VALUABLE

ECONOMIST TION/ LOCA PRINCIP WRITTEN IMPORTANCE
TITLE TION LES TO US TODAY
FORMU
LATED

1.PLATO the 5th Ancient Athens Platonic -The The Platonic

century Greek realism is Republic dialogues have a
BCE. philosopher the theory special appeal as
-The
of reality a very accessible
Symposium
developed type of
by Plato, -Apology philosophy. They
and use short speeches
explained -The and clever
in his Allegory of repartee to
theory of the Cave explore
Forms. -The trial and philosophical
Platonic death of topics and are
realism Socrates refreshing to read
states that if one struggles
the visible -Meno with longer
world of philosophical
-Euthyphro
particular essays. Plato's
things is a -Paedo dialogues are
shifting dramatic literature
exhibition, -Gorgias as well as
like
 shadows -Theaetetus philosophy.
cast on a
-Phaedrus
wall by the
activities of -Crito
their
correspondi -The Laws of
ng Plato
universal
Ideas or
Forms.

2.ARISTOTLE 384–322 Ancient Chalcidic Aristotle's - Aristotle has

BC Greek peninsula Theory of Nicomachea created a basis for
philosopher of Universals n Ethics. a great deal of
and scientist Macedonia is a today's scientific
-Politics
, in classical knowledge, such
northern solution to -Metaphysics as the
Greece the classification of
Problem of -Poetics organisms and
Universals. -On the Soul objects. Though
Universals (De Anima) erroneous by
are the current standards,
characterist his four-element
ics or system of nature
qualities (i.e. minerals,
that plants, animals,
ordinary and humans) has
objects or guided scientists
things have for centuries in
in common. the study of
They can biology.
be
identified
in the
types,
properties,
or relations
observed in
the world.

3.XENOPHON late Greek Athens Xenophon s -Anabasis Today, Xenophon

Classical historian claim that is best known for
-Hellenica
Greece and the his historical
philosopher increased - works. Much of
supply of Memorabillia what is known
silver will today about the
not reduce -Cyropaedia Spartan society
its value is - comes from
ba. on Oeconomicu Xenophon's
specific s works – the royal
characterist biography of the
ics of the -Apology Spartan king
demand for Agesilaus and the
-Symposium
silver. Constitution of
Actually, in the
discussing Lacedaemonians.
the supp. of Xenophon is
and recognized as one
demand for of the greatest
silver, writers of
Xenophon antiquity.
develops
the basic
 elements of
a theory of
mon.

III. ANSWER THE FOLLOWING:

1. How can you use Economics in a real life situation?
- Economics plays a role in our everyday life. Studying economics enables us to understand past,
future and current models, and apply them to societies, governments, businesses and individuals.
2. What were Plato’s contributions to society?
- He was a student of Socrates and later taught Aristotle. He founded the Academy, an academic
program which many consider to be the first Western university. Plato wrote many philosophical
texts at least 25. He dedicated his life to learning and teaching and is hailed as one of the founders of
Western philosophy.

3. How did Aristotle influence subsequent philosophy and science?

- He made pioneering contributions to all fields of philosophy and science, he invented the field of
formal logic, and he identified the various scientific disciplines and explored their relationships to
each other. Aristotle was also a teacher and founded his own school in Athens, known as the Lyceum.

4. What are the 4 General Characteristics of Xenophon’s work?

- Xenophon’s work is characterized by novelty.
- the subject matter reflects Xenophon’s personal experiences.
- Xenophon’s agenda was essentially didactic (usually with direct or indirect reference to military or
leadership skills), and it was often advanced through the use of history as a source of material.
- charges of ingenuousness have been partly fueled by Xenophon’s style.

Prepared by:
Marilou P. Inoc
Instructor