‘Republic of the Philippines Department of Education REGION It SCHOOLS DIVISION OF BULACAN Assemblywoman Felicita G. Bernardino Memorial Trade School APPLIED ECONOMICS Economics as a Social Science and Applied Science in terms of Nature and Scope ACTIVITY SHEET 1 (Quarter 3, Week 1) NAME: ‘STRAND /GRADE/SECTION: DATE OF SUBMISSION: __ set/00I. OBJECTIVES A. Content Standard: The learner demonstrates an understanding of economics as an. applied science and its utility in addressing the economic problems of the country Performance Standard: The leamers shall be able to analyze and propose solution/s to the economic problems using the principles of applied economics C. Most Essential Learning Competencies (MELCs): The learners differentiate economics as a social science and applied science in terms of nature and scope - D. Specific Objectives: 1. Define economics and applied economics. 2. Differentiate economics as a social science and applied science in terms of nature and scope. 3. Discuss basic terms in applied economics. CONTENT LESSON 1: Economics as a social science and applied science in terms of nature and scope. II. PROCEDURES Before you start studying this learning activity sheet, take this simple test to find out what you already know about the topic A. Preliminary Activities 1. Pre-Test Directions: Choose the letter of the best answer to each of the following questions. Write the letter on your answer sheet. 210. i 12, It is a field that applics of economic theories and principles to real World situations with the desired aim of predicting potential outcomes. A. Economics C. Social Science B. Applied Economics D. Applied Science Itis @ Greek word which literally translates to household management. A. oikkonomia . philein sophia B. ckonomiya D. etumologia It deals with the behavior of individual components as an economic agent such as household, consumer, worker, firm and in of production, A. Economics C. microeconomics B. applied economics D, macroeconomics It deals with the behavior of economy as a whole with the view to ‘understand the interaction between economic aggregates stich as employment, inflation and national income. ‘A. Economic C. microeconomics B. applied economics D. macroeconomics . It is also called factors of production. A. scarcity C. microeconomics B. resources D. macroeconomics It is concerned with the explanation and prediction of — observed phenomena in the society. A. Economics ©. Social Science B. Applied Economics _D. Applied Science + It is a condition in which human wants are often greater than the available supply. A. scarcity ©. microeconomics B. resources D. macroeconomics This refers to all-natural resources used in the production process. A. land C. labor B. resources D. capital It refers to all physical and mental efforts that people make available for production. Aland ©. labor B. resources D. capital It refers to investment goods used to produce other goods and services. A. land C. labor B. resources D. capital AA factor of production with machinery and equipment as examples. A. land C. labor B, entrepreneurial activity D. capital It means not enough supply to meet human needs and wants. ‘A. Economics ©. scarcity B. resources D. capital a13. This is the study of the ways and means on how individuals and Societies distribute their limited resources to satisfy limitless wants, A. Economics C. Social Science B. Applied Economics D. Applied Science 14. It is the application of different ways of economic theories to achieve Practical objectives in the real world ‘A. Economics , Social Science B. Applied Economii D. Applied Science 15. This refers to special skills an individual need to produce goods and services. Aland . labor B, entrepreneurial activity D. capital B. Presenting the New Lesson 1. ACTIVITY Motivation Directions: Arrange the letters to form words related to the topic. Clues are given to help you unscramble the words. Write the answer on your answer sheet. 1. AOEOOISCMNCRCM............government and countries 2. OIALCS IEECNCS. -human behavior 3. IOOOEISCMNCRCM. jusiness and individuals 4. AIEDLPP EEICSCN.............application of scientific knowledge 5, IOOECSMNC. management of wealth and resources 2. ANALYSIS Processing questions: Directions: In 2-3 sentences, explain the following in your answer sheet. 1, What is economics? 2. What is applied economics? 3, Why is it important to study applied economics?3. ABSTRACTION (Discussion of the topic) LESSON I: THE NATURE AND SCOPE OF ECONOMICS Economics as a Social Science Economics comes from the Greek word ‘oikonomia” which literally translates to household management. Economics is the science concerned with human behavior and the relationship between ends and scarce means which have alternative ‘uses. Another definition that gained prominence is that “economics is| the study of the ways individuals and societies allocate their limited resources to satisfy unlimited wants. Aspects of Economics 1. Itis a science concerned with human behavior. 2. It is concerned with decisions we make and the consequence of those choices. 3. It is concerned with man’s material happiness. Economics is considered as a social science because it uses scientific methods to build theories that can help explain the behavior| of different groups, organizations and individuals, Economics as an Applied Science Applied economics involves application of economic theories and Principles to a real-world situations which aim at predicting potential outcomes Economics as an applied science follows a systematic procedure to solve issues and problems of the society. It uses scientific methods in its explanations, which consists of observing the reality, presenting questions and problems to arrive at the formulation of theories and| models. It also aids the students in learning the relationship of the business and basic economic theories which give an opportunity to measure their academic and personal growth and improvement. 5eS eee MAIN BRANCHES OF ECONOMICS 1. MICROECONOMICS It deals with the behavior of individual com} Jeconomie agent such as household, consumer, worker, of production. 2, MACROECONOMICS It deals with the behavior of economy as a whole understand the interaction between economic aggregates such as employment, inflation and national income. ponents as an firm and owner| ith the view to ECONOMIC RESOURCES RESOURCES are the basic categories of inputs used to produce goods and services and are also called factors of production. Categories of Resoure: 1. Land - This refers to all natural resources (gifts of nature) used in| the production process. It includes mineral and oil deposits, water fertile soil, air, rain, wildlife and forest. 2. Labor or Human resources - It refers to all physical and mental fefforts that people make available for production. 3, Capital - refers to all investment goods used to produce other goods ‘and services. These include buildings, equipment, machines, roads| and even software. 4, Entrepreneurship - These are special ability of an individual needed| to develop and produce products and services like organizational and managerial skills. SCARCITY of resources is a condition in which human wants are often! greater than the available supply.©. INDEPENDENT ACTIVITIES INDEPENDENT ACTIVITY 1: Microeconomics or Macroeconomics? Directions: Identify whether the statement is related to macroeconomics or microeconomics issue. Write the word MICRO or MACRO in your answer sheet. —1. A businessman decided to closed his business due to net loss brought by the pandemic. —2. A local business allocate hygienic goods for sale in their store outlet. —3. Current gross domestic product (GDP) of the country was, greatly affected by Covid-19. —1. Lockdown policies during pandemic create great impact on the economy as a whole. —5. The mayor decided to buy rice and noodles to be distributed during enhance community quarantine. INDEPENDENT ASSESSMENT 1: Applicatio: ‘True or False Directions: Determine whether each statement is correct or not. Write the word TRUE if correct otherwise, write FALSE in your answer sheet. 1. Macroeconomics deals with the study of individual behavior and business decisions. __2. Microeconomics looks at the decisions of the government. __8. Resources are always unlimited. 4. Macroeconomics examines GDP and how it is affected by economic changes. __5. Entrepreneurs decide on how goods and services are produced.INDEPENDENT ACTIVITY 2 Matching Type: Directions: Match Column A with Column B. Write the: letter of the best answer in your answer sheet. Column A Column B 1. hoarding, panic buying A. Land 2. air, water, soil, oil B. Labor 3. manager, online selling, C. Capital advertisement and promotions 4. barber, sewer, beautician, _D. Entrepreneurship customer service, salesman 5. investment, equipment E, Resources machines, building F. ScarcityINDEPENDENT ASSESSMENT 2: Application: Directions: The products that you buy in a store, grocery or supermarket involve the use of different economic resources or factors like land/ natural resources, labor, capital and entrepreneurial ability. Think of five (5)| products that you are familiar with and classify them to the different resources needed to produce it and sell it to ultimate consumers. Use the following format for your output. Write your output in separate pad paper. Land | Labor Capital | Entrepreneuris Product | natural Activity resources. Example: ‘Production | Machines | create different Intermediate | tees | workers styles and colors | put pmerINDEPENDENT ACTIVITY 3: Word Hunt: id economics an Find ten words related to Directions: write them in your answer sheet. Words maybe hidden in any direction. 10INDEPENDENT ASSESSMENT 3: Identification: Directions: Choose the correct answer from the given choices below. Write the letter of your answer in a separate sheet of paper. A. Entrepreneurial Ability F. Capital B. Land G. Labor C. Scarcity H. Resources D. Economics I. Economics as Social Science E. Applied Economics J. Economics as an. Applied Science Itis also called factors of production. 2. This is a condition in which there is not enough supply| to meet the human wants. 8. These are the special skills of an individual needed to produce goods and services. |—4. A factor of production which includes natural resources . What do you call to the study of the ways societies allocate their limited resources to satisfy unlimited wants. |6. It is the application of economic theories in the real world to achieve practical objectives. ——7. These are man-made or manufactured resources. It follows a systematic procedure to help solve issues and| problems of the society. 9 It uses scientific methods to build theories which can help explain the behavior of different groups and individuals. 10. This is also called human resources. —SS | uREFLECTION: Directions: Complete the followin; your answer in a separate sheet of paper. g sentences below. Write Today I have leamed ....(new words and definition) ‘The most interesting I have learned about is. Istill have question in... nIV. ASSESSMENT Post Tes Direction: Choose the letter of the best answer to each of the following questions. Write the letter on your answer sheet. It is a Greek word which literally translates to household management. A. oikonomia C. philein sophia B. ekonomiya D. etumologia It is a field that applies of economic theories and principles to real world situations with the desired aim of predicting potential outcomes. A. Economics C. Social Science B. Applied Economics D. Applied Science It is concerned with the explanation and prediction of observed phenomena in the society, A. Economics C. Social Science B. Applied Economics D. Applied Science This refers to all-natural resources used in the production process. A. land ©. labor B. entrepreneurial activity D. capital Itrefers to all physical and mental efforts that people make available for production, A. land ©. labor B. entrepreneurial activity D. capital It refers to investment goods used to produce other goods and services. Aland ©. labor B. entrepreneurial activity D. capital It is @ condition in which human wants are often greater than the ‘available supply. A. scarcity €. microeconomics B. resources D. macroeconomics tis also called factors of production, A. scarcity C. microeconomics B. resources D. macroeconomics It deals with the behavior of individual components as an economic ‘agent such as household, consumer, worker, firm and individual owner of production. A. Economics ©. microeconomics B. Applied Economics D. macroeconomics 210. It deals with the behavior of economy as a whole with the view to understand the interaction between economic aggregates such as employment , inflation and national income. A, Economics ‘C. microeconomics BB. Applied Economics D. macroeconomics 11. It means not enough supply to meet human needs and wants, ‘A. Economies C. scarcity B. resources D. capital 12. This refers to special skills an individual need to produce goods and services. Aland ©. labor B. entrepreneurial activity D. capital 13. A factor of production with machinery and equipment as examples. ‘A. land ©. labor B. entrepreneurial activity D. capital 14, This is the study of the ways and means on how individuals and societies distribute their limited resources to satisfy limitless wants. A. Economics . Social Science B. Applied Economics D. Applied Science 15. It is the application of different ways of economic theories to achieve practical objectives in the real world. A. Economies C. Social Science B. Applied Economics D. Applied Science Enrichment Activities Directions: Draw or cut-out pictures of abundant natural and man-made resources in your locality and paste them in a short bond paper. Write and describe its contribution to the economy of your community before and during pandemic. Use the given rubrics as guide. 4RUBRICS FOR ENRICHMENT ACTIVITIES CRITERIA 4 3 2 1 includes sig- [includes includes few | Missing or content _|tificant rete- |many details |details to sup- | weak facts or vant, and —|to support port infor- details Jcompeliing information |mation or po- Jactaits or Jor position sition many facts to sup- |though few are not rele- port infor- are not all vant /mation relevant Evidence of Evidence of [Few evidence |New learning is Knowledge/ |genuine —ficarning —_oftearning —_| not evident. Application licarning not |though some |most of the | Not developed jiust @ repeat Jinformation information or tied into of infor. appears to appears to | past mation just be given |just be given | knowledge ound Virtually no |Few spelling [A number of [So many Grammar grammatical |and gram- spelling and _ | spelling and errors Hmatical er- [grammatical | grammatical [timeliness [Submitted [Submitted 1 [Submitted 23 [Submited 3 jontine or |°% due date |day after the |days after due |days onwards caweiteaa Jdue date — date after due date by parent/ guardian) 15References: Dela Cruz, £.1., Gumaru, I. A., et al (2020). Learning Modules in Applied Economics: Quarter] Module1. Division of City Schools - Manila. DepEd Most Essential Learning Competencies (2020). Final K-12 MELCs. Page 573-574 Macalinao, E. M. (2016). Applied Economics. Unlimited Books Library Services & Publishing Inc. pp. 1-19. Websites https: / /socratic.org/questions/what-are-examples-of- microeconomics-and-macroeconomics https: / / www.investopedia.com/terms/a/applied-economics.asp 16