Economics and the Realities

As a social science teacher who is committed to progressivist principles, my primary objective is

to empower my students to become valuable members of society. This is achieved by imparting
knowledge and skills that enable them to make well-informed choices about their lives and their
involvement in society. One field of study that is particularly relevant to this objective is
economics. By teaching economics to my students, I can help create responsible citizens and
effective decision-makers.

One of the fundamental ways in which economics is related to my course is through its
emphasis on responsible citizenship. Economics revolves around making choices, such as how
to allocate resources to achieve desired outcomes. This is an essential aspect of being a
responsible citizen, as we are continuously making decisions about how to spend our money,
invest our time and energy, and balance our personal needs with those of our community and
society as a whole. By teaching economics to my students, I am equipping them with the skills
they need to make wise decisions that benefit both themselves and society. This is essential for
effective decision-making as well, as by teaching my students about economics, I am providing
them with the tools they require to make informed decisions in a wide range of contexts.
Whether they are deciding on their career path, which university to attend, or how to invest their
money, my students will be able to draw upon their knowledge of economics to make the best
choices for themselves.

Additionally, it is my responsibility to open my students' eyes to the realities of the world, which
is critical at their young age. This can be achieved by looking at the world through an economic
lens. The study of economics provides students with a powerful tool for comprehending the
complex world around them. By learning about economic principles and concepts, students can
gain a deeper appreciation of the forces that shape the world they live in and how to navigate
those forces to achieve their goals. In today's fast-paced and ever-changing global economy, it
is more important than ever for young people to have a solid understanding of economic
principles and trends. By studying economics, students can learn about significant issues such
as inflation, unemployment, and economic growth, as well as the factors that drive these
phenomena.

As an educator, it is my role to guide my students' young minds and prepare them for the
challenges that await them outside the school walls. Economics is a robust subject that can help
students become aware of the realities of the world and how they can keep up with its flow. By
teaching economics, I can prepare my students to become responsible citizens and effective
decision-makers in their own lives. With the right skills and knowledge, my students can
navigate the complex global economy and achieve their goals in the real world. This is how
economics is related to me as a social science teacher, and it is a crucial subject for preparing
students for the challenges and opportunities of the future.
 Education and Public Works

The Philippines is a country where education and public works are like two peas in a pod,
working together to contribute to the economic growth and overall development of the nation. To
visualize this concept, imagine an indifference curve, where the satisfaction or welfare of the
education sector and public works sector are both plotted. These two sectors are like
complementary goods, as investments in one can positively affect the other.

For instance, let's suppose that the government decides to invest in public works infrastructure,
such as constructing new roads and bridges. This investment can enhance the accessibility of
educational facilities, making it easier for students to commute to their schools. This would
ultimately result in a shift towards a higher level of satisfaction or welfare, represented by an
upward shift in the education indifference curve.

On the other hand, investing in education can also lead to the development of human capital,
which is essential for supporting the construction and maintenance of public works
infrastructure. By investing in courses like engineering and architecture, the government can
produce skilled professionals who can design and construct high-quality public works
infrastructure. This would lead to a rise in the quality and quantity of public works infrastructure,
shifting the public works sector to a higher level of satisfaction or welfare, represented by an
upward shift in the public works indifference curve.

In essence, investing in both public works and education is crucial for achieving sustainable
economic growth and development in the Philippines. By supporting the development of human
capital and improving access to education, policymakers can reduce poverty and inequality in
the country. Therefore, it is vital for the government to allocate sufficient resources and
investments in both sectors to ensure a better future for the Philippines.
Perfect competition:
Street food vending can be seen as an example of a market structure that has some similarities with
perfect competition. This type of vending usually involves a large number of buyers and sellers, with
little to no market dominance by any one vendor. The products being sold are generally
homogeneous, meaning that buyers have a wide range of choices, which can lead to price
competition among vendors. Setting up a street food vending stall is relatively easy, which means
that new vendors can enter the market quickly, leading to increased competition. Both vendors and
buyers are usually price-takers, meaning that they have little to no pricing power. Overall, street food
vending is a competitive market structure, although it may not satisfy all the conditions of perfect
competition entirely.

Monopolistic competition:
Shopee and Lazada operate in a market structure known as monopolistic competition. In this
market, there are many firms producing differentiated products, and each firm has some control over
the price of its product. The differentiation can be in terms of product quality, design, brand name, or
other factors. On Shopee and Lazada, individual sellers offer different products, and each seller can
differentiate itself through product quality, pricing, customer service, or delivery times. Although there
are many sellers on these platforms, they are not identical in terms of their products or prices. The
barriers to entry for becoming a seller on these platforms are relatively low, which makes the market
more competitive than other retail markets. However, the platforms themselves may have some
market power and may be able to influence the terms of transactions on their platforms. Overall,
Shopee and Lazada operate in a monopolistic competition market structure, where sellers have
some control over pricing and differentiation, but the platforms also have some influence over the
market.

Oligopoly:
The telecommunications industry in the Philippines is an oligopoly dominated by Globe Telecom and
Smart Communications, which control a large share of the market. The high cost of entry due to
infrastructure requirements and government regulations makes it challenging for new players to
enter the market, giving the dominant players significant market power. This can result in higher
prices for consumers and slower technological progress. To promote fair competition, the
government has implemented regulations to encourage new players to enter the market and limit the
market power of the dominant players.

Monopoly:
Meralco is the only authorized electricity distribution company in Metro Manila and surrounding
areas, giving it a monopoly in the Philippine electricity industry. Its dominance in the market allows
Meralco to control prices and supply without significant competition from other firms. However, this
monopoly is due to high entry barriers, including costly infrastructure and regulatory requirements,
and its pricing practices have faced criticism from consumers who accuse the company of
overcharging and imposing hidden fees. The government has imposed regulations on Meralco to
protect consumers from excessive pricing, such as requiring the company to submit its pricing
scheme to the Energy Regulatory Commission (ERC) for approval before making any changes. The
ERC also regulates the return on investment that Meralco can earn to prevent the company from
profiting excessively. Despite these efforts, Meralco's market power remains a concern for
consumers, as it still has a significant influence on electricity prices in the region.
One of the many ways to improve the agriculture industry of the country is through
public investments. Conduct a research on how much of the 2021 national budget is
allocated for agriculture, both in figure and percentage. Then, compare this with the
previous year’s budget allocation and see if there was a significant increase. Discuss
your observations.

The Department of Budget and Management in the Philippines has announced that the
Department of Agriculture (DA) will be granted a budget of Php 71.4 billion in the 2021 General
Appropriations Act. Although this may sound like a significant amount, it only represents 1.6% of
the total national budget for 2021, which amounts to Php 4.5 trillion.

However, this allocation is an increase of around 10.2% compared to the budget of Php 64.7
billion (approximately USD 1.34 billion) in the 2020 General Appropriations Act. This additional
funding could help the agricultural sector to develop and modernize, particularly in promoting
sustainable agriculture practices, investing in research and development, and improving
infrastructure and technology.

The increase in budget allocation is a step towards enhancing the sector's resilience and ability
to overcome challenges such as the ongoing COVID-19 pandemic and climate change.
Nevertheless, the allocated budget for agriculture is still relatively low, given that agriculture is a
vital sector in the Philippine economy, providing employment to a significant number of people
and ensuring the country's food supply.

The government's recognition of the crucial role that agriculture plays in the Philippine economy
could be a significant factor in the increased funding allocation. The COVID-19 pandemic has
also highlighted the importance of investing in agriculture to ensure food security as supply
chain disruptions and limited market access have made it difficult for farmers to sell their
produce, and consumers to access affordable and nutritious food.

The government has initiated several programs and initiatives to support the development and
modernization of the agriculture sector, including the Plant, Plant, Plant Program, which aims to
promote food production and increase farmers' incomes. Given the challenges faced by the
agricultural sector, such as climate change, natural disasters, and the ongoing pandemic,
increasing the funding allocation for agriculture is crucial in supporting its development and
growth.