Utility And Application Of Applied Economics PDF

UTILITY AND APPLICATION OF APPLIED ECONOMICS BASIC ECONOMIC QUESTIONS  3 BASIC ECONOMIC QUESTIONS: 3  1. WHAT GOODS TO PRODUCE AND HOW MUCH? ◇ The system must determine the desires of the people. ◇ There are some factors that should be taken into...

UTILITY AND APPLICATION OF APPLIED ECONOMICS BASIC ECONOMIC QUESTIONS  3 BASIC ECONOMIC QUESTIONS: 3  1. WHAT GOODS TO PRODUCE AND HOW MUCH? ◇ The system must determine the desires of the people. ◇ There are some factors that should be taken into consideration: ￭ Availability of resources ￭ Physical environment 4 ￭ Customs and traditions of people  2. HOW TO PRODUCE THE GOODS/SERVICES? ◇ Selecting the proper combination of economic resources. ￭ The quality of output must come first before quantity. 5  3. FOR WHOM ARE THE GOODS AND SERVICES PRODUCED? ◇ It has something to do with the problem of distribution. ￭ Once the goods are produced, how shall they be distributed? 6  4. ARE THE COUNTRY’S RESOURCES BEING UTILIZED, OR SOME OF THEM ARE LYING IDLE AND UNEMPLOYED? 7  5. IS THE ECONOMY’S CAPACITY TO PRODUCE GOODS GROWING OR REMAINING THE SAME OVERTIME? 8  BASIC ECONOMIC PROBLEMS OF THE PHILIPPINES ◇ 1) UNEMPLOYMENT ◇ 2) POVERTY ◇ 3) POOR INFRASTRUCTURE ◇ 4) CORRUPTION ◇ 5) INFLATION 9  CRITERIA FOR JUDGING ECONOMIC OUTCOMES: 1. Efficiency - An efficient economy is one that produces what people want at the least possible cost. 2. Equity – Fairness 3. Growth - An increase in the total output of an economy. 4. Stability - A condition in which national output is growing steadily, with low inflation and full employment of 10 ECONOMIC HISTORY OF THE PHILIPINES  ECONOMIC PERIOD HIGHLIGHTS 1300 - Trade ties with China and India. 1500 - Islamic influences spread. First sultanate in Mindanao. 1521 - Magellan claims islands for Spain. 1543 - Villalobos claims islands for Spain and names them Filipinas for Philip II. 1575 - Spain takes control over non- Islamic areas and monopolizes 12 trade.  ECONOMIC PERIOD HIGHLIGHTS 1896 - Spain quells armed revolt and executes nationalist Jose Rizal. 1898 - U.S. purchases Philippines at end of Spanish-American war. 1900 - U.S. quells nationalists’ resistance and institutes commonwealth government. U.S. enacts law to grant Philippines independence by 1944. 1935 - New constitution is adopted; Manuel L. Quezon is elected 13  ECONOMIC PERIOD HIGHLIGHTS 1945 - U.S. expels Japan. Philippines join UN as charter member. 1946 - Philippines gains full independence. Manuel A. Roxas is elected president. 1958 - Filipino First Policy of Pres. Carlos P. Garcia was introduced. 1965 - Pres. Ferdinand Marcos is elected. 1966 - ADB is headquartered in Manila. 1967 - Phils. Joins ASEAN. 14  ECONOMIC PERIOD HIGHLIGHTS 1972 - Marcos declares martial law. 1973 - Phils. Become provincial member of GATT. 1984 - Opposition candidates gain strength in congressional elections, coalescing around Corazon Aquino. People Power Revolt gains momentum. 1986 - Corazon Aquino winds disputed election with support of the military. Marcos is exiled. Aquino 15 restructures government.  ECONOMIC PERIOD HIGHLIGHTS 1989 - Limited autonomy granted to Muslim provinces. Dispute with China over Spratly Islands escalates. 1990 - Build-Operate-Transfer Law was signed (RA 6957). 1991 - Foreign Investment Act of 1991 was signed in law (RA 7042). 1992 - Fidel Ramos is elected pres. Phils. 2000 plan is adopted US withdraws from military bases 16  ECONOMIC PERIOD HIGHLIGHTS 1993 – Philippines 2000 was introduced by President Fidel V. Ramos 1997 – Asian Financial Crisis affects Philippines 2000 – Angat Pinoy was introduced by President Joseph “Erap” Estrada 2003 – The Strong Republic National Highway was inaugurated by Pres. Gloria Macapagal Arroyo 2010 – President Benigno S. Aquino III was elected and strengthened the 4P’s 17 program through DSWD  ECONOMIC PERIOD HIGHLIGHTS 2014 – The Republic Act 10644 otherwise known as “Go Negosyo Act” was implemented – Bam Aquino 2017 – The Philippine Development Plan 2017-2022 of President Rodrigo Duterte was publicly launched 18 HOW TO READ AND UNDERSTAND GRAPHS  HOW TO READ AND UNDERSTAND GRAPHS 20  HOW TO READ AND UNDERSTAND GRAPHS 21  Guide Questions: 1.Analyze and propose solution/s to one of the problems of the Philippines using the principles of applied economics. How you will be graded: 1. Content expressed through comprehensiveness of answers - 60% 2. Clarity and organization of thought - 20% 3. Adequacy of answers and ability to follow instructions - 20% 22  Thank You! Any questions? 23  SOURCES: ◇ Leano, R. (2017). Applied Economics: For Senior High School. Manila: Mindshapers Co., Inc. ◇ McEachern, W. & Burrow, J. (2017). Applied Economics an Introduction. Quezon City: Abiva Publishing House, Inc. ◇ Case, Fair (2009). Principles of Economics. Retrieved from https://www.google.com/search? ei=V_85X4XVJ9GSr7wP0sWHYA&q=Principles+of+Eco nomics+by+Fair+ %26+Case+ppt+&oq=Principles+of+Economics+by+ Fair+ 24 %26+Case+ppt+&gs_lcp=CgZwc3ktYWIQAzoECAAQR