Applied Economics Introduction (PDF)

APPLIED ECONOMICS CLASSROOM RULES O Observe L Listen A Always give your V Value other’s...

APPLIED ECONOMICS CLASSROOM RULES O Observe L Listen A Always give your V Value other’s E Enjoy respect Attentively learning best opinion  Chapter 1 Introduction to Applied Economic Revisiting Economics as a social science Economics as an applied science Basic economic problems and the Philippine socioeconomic development in the 21st century is the reason why people have to practice economics. Scarcity is the reason why people have to practice economics. Scarcity is the reason why people have to practice economics. Economics as a study, is the social science that involves the use of scarce resources to satisfy unlimited wants. Economics is derived from the ancient Greek word oikonomia—meaning the management of a family or a household It is considered as a SOCIAL SCIENCE and APPLIED SCIENCE Economics as a Social Science ▪It studies human behavior just like psychology and sociology. ▪It studies how individuals make choices in allocating scarce resources to satisfy their unlimited wants.  Economics as an Applied Science Applied Science is a discipline that is used to study existing scientific knowledge to develop more practical applications.  Economics as an Applied Science – Applied Economics It is the application of economic principles and theories to real situations and trying to predict the outcomes. Put simply; applied economics is the study of observing how theories work in practice. The discipline may be practiced at macroeconomic or microeconomic levels APPLIED ECONOMICS Is the study of observing how theories work in practice. Theory- is a well substantiated explanation of some aspect of the natural world. It is an organized system of accepted knowledge that applies on a variety of circumstances to explain a specific set of phenomena. BASIC ECONOMIC PROBLEMS What to For whom produce? to produce? How to produce? Basic Economic Problems of the Country Quality of Income Unemployment Poverty Health Crisis Infrastructure Inequality Assignment: 1 whole sheet of paper, due next meeting PERFORMANCE TASK MAKE A SHORT FILM PRESENTATION ON THE DIFFERENT TOPICS IN ECONOMICS AND SHOW HOW APPLIED ECONOMICS CAN SOLVE THESE PROBLEMS. ❑Minimum of 5mins, maximum of 10 minutes ❑All must have an exposure. ❑Due on January 28, 2025 ▪Basic economic problems and the Philippine socioeconomic development in the 21st century oUnemployment oPoverty oQuality of Infrastructure oIncome Inequality oHealth Crisis ▪Application of Supply and Demand o Prices of basic commodities o Labor supply, population growth, and wages o Labor migration and the Overseas Filipino Worker (OFW) phenomenon o The Philippine peso and foreign currencies o The Philippine housing shortage and the real estate boom: Rent and Price structure ▪Contemporary Economic Issues Facing the Filipino Entrepreneur o Investment and interest rate ob. Rentals oc. Minimum wage od. Taxes CONTENT AND RELEVANCE