Shane Marie Venancio BSED II

Principles Economics with Art

Prof. Nilvie Joy Marciales Labatos

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Assignment:
1. Cite at least three social sciences discipline and explain why these social
sciences relate to economics.

 Sociology is a study of the society or study of groups or partners. In economic,

production of products complies the standards of those people who belongs in a
certain community.
 History is a social science that focuses on the study of past events. In relation to
economics, we can compare how do people used to live before that suggests to
make changes in the present time. For example, dresses before are very
traditional and old-fashioned compared on what we usually see today, it's new
and very trendy but the essence of it's design comes from how it is produced
before.
 Psychology is a study of behavior and living organisms with special attention to
human behavior. In buying goods, sometimes people is being influenced by
other's choice for them to decide what to buy and choose too.

2. Enumerate the goals of economics. Briefly explain each goal and cite an
example.

 To strengthen economic freedom simply means that people specifically

producers and consumers have the freedom to enterprise and consume goods
and services. Example, people can engage themselves in trade according to
what are their preferred goods/services.
 To promote economic efficiency is define as producing more output with the use
of fewer resources. Like tools and machineries it is very efficient for any
manufacturer to produce more products in the market.
 To promote economic stability is that the economy is not experiencing ups and
downs. It must be a consistent in economic growth correlates to employment,
process of goods and services.
 To promote economic security means that having a business that has a stable
income and other resources which supports standard of living now and in the
future. Example, if you have a plan to put up a business just to see it that you'll
surely gain from your investment and you can predict the growth of it.
 To attain the high level of growth in the economy means that you have the
capacity to produce goods and services which it is increasing and growing rapidly
than the population. Example, country increases the gross domestic product
(GDP) per person.

3. Cite an example on how you can use economics in a real life situation.

In our everyday life economics is being applied, such like making decision
between wants and needs. Sometimes we buy goods because we need it,
enable for us to survive but for others they buy it for their pleasure, they just want
it to make them feel satisfied. Other thing is saving money, other people used to
spend their money for living expenses and save as much as they could for the
next day, but there are also those people who don’t mind the price when they
spent, don’t mind for what will come tomorrow in short extravagant people. These
examples proves that economic is relevant in everyone’s life.

4. Differentiate microeconomics from macroeconomics by citing an

example.
Microeconomics is a study of individuals and business decisions. Example it
examines how a company could maximize it’s production and capacity so that it
could lower prices and better compete in it’s industry. While Macroeconomics
looks at the decision of countries and government in other words it examines
economy-wide phenomenon. Example if the net exports of our country decreases
then it affects the nation’s capital account, or even the unemployment rate .