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Questions and Answers
Why is economics considered an applied science?
Why is economics considered an applied science?
What is the fundamental reason people need to practice economics?
What is the fundamental reason people need to practice economics?
What is the significance of economics being described as both a social science and an applied science?
What is the significance of economics being described as both a social science and an applied science?
Which of the following is NOT a basic economic problem?
Which of the following is NOT a basic economic problem?
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Based on the given content, how can you best describe 'theory' in economics?
Based on the given content, how can you best describe 'theory' in economics?
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What is the primary focus of applied economics?
What is the primary focus of applied economics?
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How does the study of economics relate to human behavior?
How does the study of economics relate to human behavior?
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Why is the word 'oikonomia' relevant to the study of economics?
Why is the word 'oikonomia' relevant to the study of economics?
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Flashcards
Economics
Economics
The social science that studies how people use scarce resources to meet unlimited wants.
Scarcity
Scarcity
The basic economic problem that arises because resources are limited while wants are unlimited.
Applied Economics
Applied Economics
The application of economic principles to analyze real-world situations and predict outcomes.
Social Science
Social Science
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Basic Economic Problems
Basic Economic Problems
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Macroeconomics
Macroeconomics
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Microeconomics
Microeconomics
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Theory in Economics
Theory in Economics
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Study Notes
Classroom Rules
- Observe respect
- Listen attentively
- Always give your best
- Value other's opinion
- Enjoy learning
Chapter 1: Introduction to Applied Economics
- Economics is revisited as a social science
- Economics is applied science
- Basic economic problems and the Philippine socioeconomic development in the 21st century are discussed
Basic Economic Terms (from puzzle)
- Scarcity
- Economics
- Microeconomics
- Macroeconomics
- Labor
- Needs
- Trade-offs
- Supply
- Capital
- Wants
- Opportunity Cost
- Demand
- Aggregate
- Land
Scarcity
- Scarcity is the reason why people practice economics
- Limited resources and unlimited wants
- Basic economic problem that includes:
- What to produce?
- How to produce?
- For whom to produce?
- The issue of scarcity is fundamental to the study of economics
Basic Economic Problems of the Country
- Unemployment
- Poverty
- Quality of Infrastructure
- Income Inequality
- Health Crisis
Economics as a Social Science
- Studies human behavior like psychology and sociology
- Studies how individuals make decisions allocating scarce resource to satisfy unlimited wants
Economics as an Applied Science
- Applied science that studies existing scientific knowledge to develop more practical applications
- It's the application of economic principles and theories to real situations and trying to predict the outcomes.
Applied Economics
- The study of observing how theories work in practice.
- Explanatory aspect of the natural world based on an ordered system of accepted knowledge.
- Applies to a variety of circumstances to explain a specific set of phenomena
Microeconomics vs. Macroeconomics
- Microeconomics focuses on individual decisions within the economy
- Macroeconomics studies the relationship between broad economic aggregates (like national income, output, money supply, savings, and investments).
Positive vs. Normative Economics
- Positive economics describes facts without value judgments
- Normative economics describes facts and makes value judgments
Econometrics
- Application of statistical and mathematical theories to economics
- Purpose includes testing hypotheses and forecasting future trends
- Aims to convert economic theories into data for policymakers
Assignment
- Students have an assignment due at the next meeting with questions related to scarcity, economics' importance, and applied economics' role for individuals and families.
- An additional question involves outlining the importance of applied economics and its impact on consumers and producers.
Performance Task
- Students must create a short film (5-10 minutes) illustrating different economics topics and showcasing how applied economics solves those problems.
- The film also includes an introduction.
- The deadline is January 28, 2025.
Contemporary Economic Issues
- Contemporary economic problems facing Filipino entrepreneurs including investment and interest rate, rentals, minimum wage, and taxes are listed.
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Description
Test your understanding of the fundamental concepts presented in Chapter 1 of Introduction to Applied Economics. This quiz covers basic economic terms, the significance of scarcity, and the economic challenges faced in the Philippines. Prepare to explore how economics impacts society and resources.
