Grade 9 Economics Introduction

Created by

@ExcellentPixie

Study Notes

Introduction to Economics

Origin of the term "economy" is derived from Greek oikonomia, meaning management of the household.
Economics involves allocation, scarcity, production, needs, and wants.
Scarcity refers to the permanent limitation of resources, while shortage indicates a temporary lack.
Two main branches of economics: Microeconomics (focus on individuals and business decisions) and Macroeconomics (focus on the economy at a national level).

Economic Resources

Human Resources (HR)

Human resources encompass individuals who perform work to produce goods and services.
Examples include teachers, carpenters, nurses, pilots, and chefs.
The labor force includes individuals aged 15 and above who are employed, unemployed, or actively seeking work.
Those not actively seeking work, like retirees and housewives, are excluded from the labor force.
Underemployed individuals desire additional working hours or seek new jobs with longer hours.

Natural Resources (NR)

Natural resources are categorized into land, fisheries, aquatic resources, and minerals.
These resources provide food, fuel, medicine, and construction materials for economic activities.
Importance of conservation for current and future generations.
Philippines possesses rich natural resources that contribute to economic development.
Classification of natural resources: non-metallic (e.g., oil, molave tree) and metallic (e.g., copper, iron, gold).

Capital Resources (CR)

Capital resources are divided into physical capital and human capital, used to create goods and services.

Physical Capital

Encompasses structures (e.g., factories, offices), equipment (e.g., tractors, ovens), and inventory (raw materials and goods available for sale).
Structures are essential for production activities; equipment aids in the production process.
Inventory consists of both raw materials and finished goods ready for sale.

Human Capital

Refers to the workforce employed based on skills necessary for operating machinery, cooking, providing healthcare, etc.
Human capital is essential for utilizing physical capital effectively; without it, physical resources remain idle.

Scarcity and Choice

Scarcity arises from insufficient resources to meet humans' unlimited wants.
The impact of scarcity is felt both at the individual level and within society as a whole.
Limited time and resources hinder individuals from fulfilling all desired activities.

Description

This quiz covers the fundamentals of economics as introduced in Grade 9. It explores key concepts such as allocation, scarcity, and production, providing a foundational understanding for students. Test your knowledge on the essentials of economic management.