Economics is a social science that focuses on the production, distribution, and consumption of

goods and services, and analyzes the choices that individuals, businesses, governments, and
nations make to allocate resources.
-Meaning, the rule of economics in the society is to make production and distribute a resources
in order for the growth of the society. That’s why Economics is important because it helps
people understand how a variety of factors work with and against each other to control how
resources such as labor and capital get used, and how inflation, supply, demand, interest rates
and other factors determine how much you pay for goods and services.
Macro and micro level are the two entity in the society that has a big rule in the growth of
industry.
Economics is divided into two categories, which is the microeconomics and
macroeconomics. Microeconomics is the study of individuals and business decisions, while
macroeconomics looks at the decisions of countries and governments. Though these two
branches of economics appear different, they are actually interdependent and complement one
another.

The state and citizens responsibility to each other the principles of taxation and inclusive growth
In the society, Government are imposed tax in some micro and macro businesses in economy
to sustain its regulation. Even public and private employees are covered this rules in order for
the Government to regulate its institution. Taxation is the life doctrine of the Government.
Government cannot stand alone without tax, that’s why tinawag itong inherent power because
as a Filipino citizens it’s our responsibilities to pay taxes to the Government.
Direct and Indirect tax
Direct tax refers to all those taxes the person directly bears, and the incidence of such tax does
not pass to the other person. In contrast, indirect tax refers to all those taxes not directly borne
by the person, and the incidence of such tax passes to the other person, i.e., to the end
consumer.