Day 2 Week 1 Q1 Applied Economics

TO
APPLIED ECONOMICS
WEEK 1 Q1
August 29 - September 5, 2023

APPLIED ECONOMICS
Week 1 (W1Q1) - Synch Session #1
OPENING PRAYER
Dear Lord and Father of all,

Thank you for today.
Thank you for your ways in which you provide for us all.
For your protection and love we thank you.
Help us to focus our hearts and minds now on what we are

about to learn.
Inspire us by your Holy Spirit as we listen and write.
Guide us by your eternal light as we discover more about
the world around us.
We ask all this in the name of Jesus.

Amen.
APPLIED ECONOMICS
ANGELICA E. FRANCISCO, LPT

Subject Teacher
Email: ae.francisco@ntc.edu.ph
Contact no: 09566321672
APPLIED ECONOMICS
ATTENDANCE
APPLIED ECONOMICS
APPLIED ECONOMICS
RULES
1. Wearing of school uniforms

2. Be on time. (inside the classroom and in your assigned seat
when the bell rings)
3. Use of Cellular phones or any gadgets is prohibited.
4. Be prepared for class everyday.
5. Listen when others are talking.
APPLIED ECONOMICS
LEARNING OBJECTIVES
1. Differentiate economics as social science and applied science in
terms of nature and scope
2. Deﬁne basic terms in applied economics
3. Identify the basic economic problems of the country.
4. Explain how applied economics can be used to solve economic
problems.
APPLIED ECONOMICS
LET’S START
APPLIED ECONOMICS
TRAFFIC
APPLIED ECONOMICS
INTRODUCTION TO
ECONOMICS
APPLIED ECONOMICS
WHAT IS
ECONOMICS?
- Came from oikanomia or oikonomus, a Greek
word meaning Household Management (Leaño Jr.,
2016) or management of the household (Viray Jr.
& Avila-Bato, 2018)
APPLIED ECONOMICS
WHAT IS
ECONOMICS?
A social science that deals with how to allocate scarce
resources to satisfy man’s unlimited needs and wants
APPLIED ECONOMICS
Week 1 (W1Q1) - Synch Session #1 WHAT IS
ECONOMICS?
APPLIED ECONOMICS
SCARCITY OF
RESOURCES
- Refers to the limited availability of a resource in
comparison to the limitless wants.
APPLIED ECONOMICS
EXAMPLE OF NATURAL
RESOURCES
COAL
150 YRS
APPLIED ECONOMICS
EXAMPLE OF NATURAL
RESOURCES
PHOSPHORUS
50-100 YRS
APPLIED ECONOMICS
EXAMPLE OF NATURAL
RESOURCES
Natural Gas
52 YRS
APPLIED ECONOMICS
EXAMPLE OF NATURAL
RESOURCES
OIL
50 YRS
APPLIED ECONOMICS
EXAMPLE OF NATURAL
RESOURCES
WATER
12 YRS
APPLIED ECONOMICS
WHY DO WE NEED TO
STUDY
ECONOMICS?
Source: Liam Cayanong Youtube Channel
APPLIED ECONOMICS
WHY DO WE NEED TO
STUDY
ECONOMICS?
APPLIED ECONOMICS
ECONOMICS AS AN
APPLIED SCIENCE
- The application of economic theory and quantitative tools to analyze
specific economic problems and other inquiries with the end of
providing solutions and new directions.
APPLIED ECONOMICS
APPLIED ECONOMICS in relation to

Philippine Economic Problem
- A solid understanding of economic principles and how they
are applied in real-life situations can serve as significant
tools in helping address the country’s economic problem.
APPLIED ECONOMICS
IMPORTANCE OF ECONOMICS AS
AN APPLIED SCIENCE
APPLIED ECONOMICS
AN APPLIED SCIENCE
APPLIED ECONOMICS
AN APPLIED SCIENCE
APPLIED ECONOMICS
AN APPLIED SCIENCE
APPLIED ECONOMICS
Now, let’s test your

vocabulary
You ready?
APPLIED ECONOMICS
POVERTY UNEMPLOYMENT
GDP
CAPITAL
SCARCITY
GNP
SOCIAL SCIENCE
APPLIED ECONOMICS
TWO BRANCHES OF
ECONOMICS
B. MICROECONOMICS and MACROECONOMICS
MICROECONOMICS
- Is concerned about the behavior of the individual units of
the economic system.
MACROECONOMICS
- A division of economics that deals with the overall
performance of national and international economies
APPLIED ECONOMICS
MICROECONOMICS
INDIVIDUAL HOUSEHOLD FIRMS

APPLIED ECONOMICS
PRODUCER
CONSUMER MARKET SYSTEM
COMPETITION
MICROECONOMICS
INDIVIDUAL SUPPLY AND DEMAND
WAGES
APPLIED ECONOMICS
MACROECONOMICS
ECONOMY AS A WHOLE AGGREGATE SUPPLY
AGGREGATE DEMAND
APPLIED ECONOMICS
FISCAL POLICY
EMPLOYMENT MONETARY
INFLATION
MACROECONOMICS
INTERNATIONAL TRADE
APPLIED ECONOMICS

understanding, FIGURE THIS OUT
Why is it individuals/households in the Philippines they

prefer to drive big SUVs versus smaller cars?
MICRO OR MACRO
APPLIED ECONOMICS

understanding, FIGURE THIS OUT
Why is it economic growth is higher in Japan than it is in

the Philippines?
MICRO OR MACRO
APPLIED ECONOMICS
MICROECONOMICS
MACROECONOMICS
APPLIED ECONOMICS
Week 1 (W1Q1) - Day 2
SO, WHAT IS
ECONOMICS?
APPLIED ECONOMICS
https://media.tenor.com/fkWsiZHuNN0AAAAM/sad-%C3%BCzg%C3%BCn.gif
APPLIED ECONOMICS
BASIC ECONOMIC
PROBLEMS OF
SOCIETY
APPLIED ECONOMICS
BASIC ECONOMIC PROBLEMS

OF SOCIETY
What to produce?
How to produce?
For whom to produce
APPLIED ECONOMICS

OF SOCIETY
As the resources are scarce, the production
of one means sacrificing another.
Production has to be done in a way that

maximum satisfaction is achieved by society
by looking into what is more important than
another.
APPLIED ECONOMICS

OF SOCIETY
This refers to different aspects of production
from selecting which raw materials to be
used, what technique of production has to
be adopted and where these goods would
be produced.
APPLIED ECONOMICS

OF SOCIETY
APPLIED ECONOMICS
FACTORS OF
PRODUCTION
1. LAND 2. LABOR
3. CAPITAL 4. ENTREPRENEURSHIP
APPLIED ECONOMICS
FACTORS OF
PRODUCTION
1. LAND
- Refers to natural resources that are found in
nature.
APPLIED ECONOMICS
FACTORS OF
PRODUCTION
2. LABOR
- Refers to the human effort exerted in
production which includes manual workers
and professionals.
APPLIED ECONOMICS
FACTORS OF
PRODUCTION
3. CAPITAL
- Refers to man-made goods used to produce
other goods and services which include
machines, equipment, buildings and
construction.
APPLIED ECONOMICS
FACTORS OF
PRODUCTION
4. ENTREPRENEURSHIP
- The factor of production involved in
combining the different resources/inputs used
to produce goods and services.
APPLIED ECONOMICS
WHAT IS
APPLIED ECONOMICS ?
- Application of economic theory and quantitative
tools to analyze specific economic problems and
other inquiries with the end of providing
solutions and new directions.
APPLIED ECONOMICS
Factors in Determining the State of

Economic Development
Level of Production Quality of Life Sustainable Development

APPLIED ECONOMICS

Level of Production - Economic growth is measured by the increase in a

country’s Gross Domestic Product.
APPLIED ECONOMICS

Quality of Life - This variable considers aspects such as health, nutrition,

education, environment and income distribution in
analyzing development.
APPLIED ECONOMICS

Sustainable Development
- Considers the impact of human activities on the
environment and believes that environmental degradation
has significant economic impact.
APPLIED ECONOMICS
MAJOR OBSTACLES TO
ECONOMIC
DEVELOPMENT
APPLIED ECONOMICS
Major Obstacles to Development

- The state wherein a person does not have the necessary
Poverty income or material resources for him/her to support his/her
basic needs.
APPLIED ECONOMICS
Unemployment A situation wherein people who are willing and able to work
are seeking work but cannot find jobs.
Types of Unemployment
1. Frictional
2. Cyclical
3. Structural
APPLIED ECONOMICS
Demographic changes and its Weak Infrastructure

Application and Food Security
APPLIED ECONOMICS
Environmental Sustainability
and the Country’s Dev’t Thrust
- excessive use of our natural
resources may compromise its
ability to provide income and other
benefits in the future.
APPLIED ECONOMICS
Let’s have some application….

1. Scarcity of resources in your locality (Manila) is evident. Only available
are fabrics, electric sewing machines and skilled workers. The government
said, you are only allowed to work from home to be safe and free from
infection of viruses. Which items most likely you need to produce?
A. Canned Goods B. Sack of Rice
C. PPE’s D. Sewing machine

APPLIED ECONOMICS
Let’s have some application….

2. Manila is ranked 2nd in the most cases of COVID patients in Metro
Manila. The city needs urgent services of the medical frontliners in curing the
increasing number of patients. There is scarcity in the raw materials for
production. To whom would you produce first the available resources?
A. Soldiers B. Police Officers
C. Frontliners D. Your family

APPLIED ECONOMICS
Another
application….
APPLIED ECONOMICS
QUIZ
APPLIED ECONOMICS

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TO

August 29 - September 5, 2023

Dear Lord and Father of all,

Help us to focus our hearts and minds now on what we are

We ask all this in the name of Jesus.

ANGELICA E. FRANCISCO, LPT

1. Wearing of school uniforms

APPLIED ECONOMICS in relation to

Now, let’s test your

INDIVIDUAL HOUSEHOLD FIRMS

Now, let’s test your

Why is it individuals/households in the Philippines they

Now, let’s test your

Why is it economic growth is higher in Japan than it is in

BASIC ECONOMIC PROBLEMS

BASIC ECONOMIC PROBLEMS

Production has to be done in a way that

BASIC ECONOMIC PROBLEMS

BASIC ECONOMIC PROBLEMS

Factors in Determining the State of

Level of Production Quality of Life Sustainable Development

Factors in Determining the State of

Level of Production - Economic growth is measured by the increase in a

Factors in Determining the State of

Quality of Life - This variable considers aspects such as health, nutrition,

Factors in Determining the State of

Major Obstacles to Development

Major Obstacles to Development

Major Obstacles to Development

Demographic changes and its Weak Infrastructure

Major Obstacles to Development

Let’s have some application….

A. Canned Goods B. Sack of Rice

C. PPE’s D. Sewing machine

Let’s have some application….

A. Soldiers B. Police Officers

C. Frontliners D. Your family

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