History 9

Economics
Cherrielyn H. Lawas
 Lesson Objectives:
 Define Economics
 Give the importance of economics in the daily life of a
student, and member of a family and of society
 Apply the meaning of economics in your daily life as a
student, and member of a family and society through
role play or a short skit.
 What’s in it?

01 02 03
Define EconomicsEconomics as a Economics:
Social Science The Science of
Making
Choices
Are you
ready?
Arrange the following given situations on which
you think you should do first.

____ It suddenly rains and your washed

clothes are still hanging at the back of your
house.
___ You forgot to turn off your stove and the
food you are cooking
____ You heard your phone ringing
___ Your baby brother/sister is crying
1. Can you all do all those
things at once?

2. What is your basis of

your first choice?
 01
Definition of
Economics
 What is
Economics
?
Economics is related with the examination of
human behavior and practices to efficiently use
the scarce resources to supply the unlimited
needs of man and achieve man’s satisfaction.

Economic goods Free goods

E
C
MACROECONOMICS
O
N
O
M
I MICROECONOMICS
C
S
 Why is it
important to
study
Economics?
 What will you
learn when you
study
Economics?
Relationship of Economics
and other Sciences
 Sociology
 Political Science
 History
 Ethics
 Psychology
 Geography
 Chemistry
 Physics
 Biology
 Mathematics
 Statistics
Economics: The Science of
Making Choices
Cost and Benefits
Choice and Decision
Opportunity and Benefit
Cost and
Benefits
 Choice and
Decision
• Individual Choices

• Social Choices
Opportunity and
Benefits
 Opportunity
Cost
• Refers to the value of alternative
given up to obtain another item
 Trade off
• Giving up or sacrifice a
product for
another
 Benefit
• Is what you gain from choices.
Any questions?
Think, Pair, Share!
Let’s Check!
1. Is the study of economics
important in your life?
2. How does it affect your day-
to-day living?
3. When can you say that we
made the right decision?
Thanks