BASIC ECONOMIC PROBLEMS AND THE PHILIPPINE

SOCIOECONOMIC DEVELOPMENT IN THE 21ST

CENTURY

Group 1 Victoria
K A Y E A M E R Y L A B A J O
K E N J I O L I V E R O S
J O N A L D R E Y E N C A R N A C I O N
R A Y N A A P U Y A
J A M E S V I N E D O N A I R E
J E S S A M A E A R G A L L O N
 INTRODUCTION

A development vision and framework for the 21 Century has

been formulated under the Long-Term Philippine Development Plan
(LTPDP), 2000-2025 or Plan 21. The LTPDP framework recognizes
that the new millennium will increasingly call for economic
development to become less ecologically destructive. Plan 21 sets
broad developmental directions of the country and will serve as the
basis for the detailed plans of sector agencies.

AGENDA 21

Agenda 21 is an action plan of the United Nations (UN) related to sustainable

development and was an outcome of the United Nations Conference on Environment and
Development (UNCED) held in Rio de Janeiro, Brazil, in 1992. It is a comprehensive
blueprint of action to be taken globally, nationally and locally by organizations of the UN,
governments, and major groups in every area which humans directly affect the environment.
The Philippines also established an agenda called the Philippine Agenda 21. The Philippine
Agenda 21 is the nation's blueprint for sustainable development. In concreting the vision, it
describes a path for individuals, families, households, and communities; an action plan for
each ecosystem in consideration of the various landscapes and life forms found therein.
 The Philippine Agenda 21 advocates fundamental shift in development, thinking, and approach. I departs from
traditional conceptual frameworks that emphasizes sector-based and macro concerns. Philippine Agenda 21 promotes
harmony and achieves sustainability by emphasizing the following:

(1) A scale of intervention that is primarily area-based.

The national and global policy environment builds upon and supports area-based initiatives.

(2) Integrated island development approaches were applicable.

This recognizes the archipelagic character of the Philippines which includes many small island provinces.

(3) People and integrity of nature at the center of the development.

This implies the strengthening of roles, relationships, and interactions between and among stakeholders in
government, civil, society, labor, and business. Basic sectors have an important role to play in achieving equity and managing
the ecosystems that sustain life.

The Philippine Agenda 21 envisions the following for a better quality of life among Filipinos:
(1) Poverty Reduction
This includes measures to create an enabling economic environment for sustained and broad-based growth.
(2) Social Equity
It should mean allocation of resources based on efficiency and equity to achievea balanced development.
(3) Empowerment and Good Governance
Each is a necessary precondition to each other. These to are a defining element of each other.
(4) Peace and Solidarity
The cycle of poverty and conflict goes on as cost of war escalate in terms of various kinds of destruction while withholding funds for
basic services, resulting in more poverty and underdevelopment

(5) Ecological Integrity

The involvement of heightened and sustained implementation of environmental laws, as well as the continued pursuit of resource
conservation.
 LAW OF SUPPLY AND DEMAND AND HOW EQUILIBRIUM
PRICE AND QUANTITY ARE DETERMINED
The Law Of Supply
As price increases, the quantity supplied rises, as price decreases, the quantity supplied falls This relationship
is called the LAW OF SUPPLY.

The Market
A market is any activity for business set-up. It is where consumer buys and the seller sells It is categorized as
local, national and international markets. Some involves face-to-face contact between demander and supplier,
others are impersonal, with buyer and seller never seeing or knowing each other. The concept of market is
important because it is where a person who has excess goods can dispose them to those who need them. This
collaboration should lead to an integral agreement between buyers and sellers on volume and price A purely
competitive market is known to be as unique way of competition in which there are many competing firms selling
identical products or services.
A supply schedule tells us that the firms will produce and offer for sale more of their product at a high price
than a low price Price is the value that consumers exchange to obtain a desired product. It is an obstacle from
the viewpoint of the consumer or buyer, who is on the paying end. The greater the price, the less the consumer
will purchase But the supplier or seller is on the receiving end of the product's price To a seller, price
represents income, which serves as an incentive to produce and sell more products. The greater the price, the
higher this incentive and the higher the quantity supplied.

Demand
Demand is the value of goods and services that buyers are willing to purchase in every price. A demand schedule
depicts the different quantities the consumer is willing to buy at numerous prices. It centers on unlimited wants.

The Law Of Demand

The law of demand is the basic principle of economics After observing the behavior of price and quantity
demanded in the above schedule, we can now state the Law of Demand. Using the assumption "ceteris paribus
meaning all other things being constant, there is an inverse relationship between the price of a good and the
quantity demanded for that good. The higher price consumers will demand a lower quantity of a good. The low
price of the good influences the consumer to buy more.

Supply
Supply describes the total value of a good or service that is available to customers. The supply schedule illustrates
different quantities the seller is keen to sell at various prices. The supply function shows the dependence of supply
on various determinants that affect it.
THANK YOU !