Introduction to Economics PDF

INTRO TO ECONOMICS What is Economics? Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption. PREPARED BY CHRISTIAN ALEC A. BORJA The study of...

INTRO TO ECONOMICS What is Economics? Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption. PREPARED BY CHRISTIAN ALEC A. BORJA The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomics concentrates on the behavior of the economy on an aggregate level. PREPARED BY CHRISTIAN ALEC A. BORJA One of the earliest recorded economists was the 8th-century B.C. Greek farmer and poet Hesiod who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. PREPARED BY CHRISTIAN ALEC A. BORJA MASLOWS HIERARCHY OF NEEDS THEORY PREPARED BY CHRISTIAN ALEC A. BORJA  SELF-ACTUALIZATION SELF-ESTEEM LOVE AND BELONGINGNESS SAFETY AND SECURITY PHYSIOLOGICAL NEEDS PREPARED BY CHRISTIAN ALEC A. BORJA Desire to become the most that one can be Respect, Self-esteem, Status, Recognition, Strength, Freedom Friendship, Intimacy, Family, Sense of Connection Personal Security, Employment, Resources, Health, Property Air, Water, Food, Shelter, Sleep, Clothing, Sex PREPARED BY CHRISTIAN ALEC A. BORJA Understanding Microeconomics PREPARED BY CHRISTIAN ALEC A. BORJA Microeconomics is the study of what's likely to happen when individuals make choices in response to changes in incentives, prices, resources, or methods of production. These scenarios are also known as tendencies. PREPARED BY CHRISTIAN ALEC A. BORJA It can be applied in a positive or normative sense. Positive microeconomics describes economic behavior and explains what to expect if certain conditions change. PREPARED BY CHRISTIAN ALEC A. BORJA It theorizes that consumers will tend to buy fewer cars than before if a manufacturer raises the prices of cars. The price of copper will tend to increase if a major copper mine collapses because supply is restricted. PREPARED BY CHRISTIAN ALEC A. BORJA Understanding Macroeconomics PREPARED BY CHRISTIAN ALEC A. BORJA Macroeconomics is a branch of economics that studies the behavior of an overall economy, which encompasses markets, businesses, consumers, and governments. PREPARED BY CHRISTIAN ALEC A. BORJA Macroeconomics examines economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment. PREPARED BY CHRISTIAN ALEC A. BORJA What causes unemployment? What causes inflation? What stimulates economic growth? Macroeconomics attempts to measure how well an economy is performing, understand what forces drive it, and project how performance can improve. PREPARED BY CHRISTIAN ALEC A. BORJA SECTORS IN THE ECONOMY PREPARED BY CHRISTIAN ALEC A. BORJA  Three Main Economic Sectors in the Philippines PRIMARY SECTOR SECONDARY SECTOR TERTIARY SECTOR PREPARED BY CHRISTIAN ALEC A. BORJA Primary Sector = 8.5% PREPARED BY CHRISTIAN ALEC A. BORJA Secondary Sector = 29.4% PREPARED BY CHRISTIAN ALEC A. BORJA Tertiary Sector = 62.1% PREPARED BY CHRISTIAN ALEC A. BORJA The Philippine Economy PREPARED BY CHRISTIAN ALEC A. BORJA The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. PREPARED BY CHRISTIAN ALEC A. BORJA WHAT’S THE PROBLEM? PREPARED BY CHRISTIAN ALEC A. BORJA PREPARED BY CHRISTIAN ALEC A. BORJA The growth in the Philippine economy in 2023 was driven by a resumption in commercial activities, public infrastructure spending, and growth in digital financial services. PREPARED BY CHRISTIAN ALEC A. BORJA QUESTIONS? PREPARED BY CHRISTIAN ALEC A. BORJA Assignment Inflation Rate Gross Domestic Product Philippine Debt Dept per Capita Unemployment Rate Poverty Rate PREPARED BY CHRISTIAN ALEC A. BORJA THANK YOU! PREPARED BY CHRISTIAN ALEC A. BORJA