Name: Grade Level:

Section: Date:

ECONOMICS AS A SOCIAL SCIENCE AND AS AN APPLIED SCIENCE

(In Terms of Nature and Scope)

Learning Activity Sheet

Background Information for Learners

A common but specific queries in the lives of every students is a question “Why do you think it
is important to study Economics? Every people are challenged with constrictions or limitations
like: insufficient budget for school projects and snacks, unemployed or underemployed
individual, not enough food on the table, price hike on basic commodities, not enough income to
meet the needs of the family. The fact is people have unlimited wants and needs but resources
are limited. These are some of the many reasons why people have to run-through economics.
Economics as a social science is dealt with the activities of man in obtaining wealth for the
satisfaction of individual wants and needs and the community or country at large.
As well, Economics is an applied science for the reason that it addresses the economic problems
of a country. It analyzes and propose solution/s to the economic problems using the Principles of
Economics. Applied economics applies the conclusions drawn from economic theories and
experimental studies to real-world situations with the desired aim of informing economic
decisions and predicting possible outcomes.
The purpose of applied economics is to improve the quality of practice in business, public policy,
and daily life by thinking thoroughly about costs and benefits, incentives, and human behavior.
Applied economics can involve the use of case studies and real life situations, which is the
application of real-world data to statistical and economic models and comparing the results
against the theories being tested and applying it to reality. (Jim Chappelow, 2019)

Learning Competency with Code

Differentiate economics as social science and applied science in terms of nature and scope.

LEARNING COMPETENCY:
ABM_AE12-Ia-d-1
Activity 1: Scrambled Words

Direction: Re-arrange the scrambled letters to get the correct words. Write your answer on the

space provided.

1. Proper distribution of resources.

TIONALLOCA

2. A person who patronizes a product.

REYUB

3. A produced good used for further production.

CAPTALI

4. Selected as one's favorite to satisfy a need or a want.

ECHOIC

5. A person who buys for personal use.

SUCONMER

6. The desire of consumers for a particular good or service.

MANDED

7. A science which deals with the exertion of effort in obtaining economic goods
for the satisfaction of endless needs and wants.
SCIMONOCE

8. A careful management of wealth and resources of a country or region, especially

in terms of the production and consumption of goods and services.
OMYNOCE

9. It is the sensitivity of demand and supply to price change.

YELASCITI

10. A person who run its own business.

R EUNPREENTRE
Activity 2: Economic System

Direction: Describe the type of economic system characterized in each of the following

sentences.

1. It is the most democratic form of economic system.

2. Prices are based on demand and supply.
3. People have no freedom of choice in arriving at decisions on what to buy.
4. It exists in backward civilizations.
5. There is no new technology or productions methods introduced in this system.
6. The government decides on what goods should be produced.

Activity 3: Explain your answer!

Direction: Define the following concepts in Applied Economics.

1. OLIGOPOLY
2. OPPORTUNITY COST
3. PRICE
4. PRODUCTION
5. PRODUCER
6. RESOURCES
7. SCARCITY

Rubrics for Scoring

Criteria ACCEPTABLE GOOD EXCELLENT

( 5) ( 8) (10)
Completion The answer is missing The answer is missing The answer is complete.
multiple details. slight details

Comprehension Content demonstrates Content demonstrates Content demonstrates a

less than basic basic understanding of deep understanding of,
understanding of the the topic. and engagement with
topic. the topic.
 Organization Content may be Content is organized Content is well-
unorganized and not and easy to read. organized and easy to
easy to read. read.

Activity 4: Do the task!

Direction: Answer the following questions below, minimum of three sentences and maximum of

five sentences.

1. Why is economics embedded in the concept of scarcity?

2. What fundamental terms can you recall in Applied Economics that you can apply in your
life?

3. Why do you think it is important to study Economics?

Rubrics for scoring

Criteria Score 10-8 7-4 3-1

Content out of 10 points Ideas are factual Ideas are Ideas are bluff
and meaningful Conventional and and untimely
 real

5 4 3-1

Structure out of 5 points Logically arrange There are gaps in Disorganized

with 5 sentences transitions with with less than 3
less than 5 sentences.
sentences

TOTAL out of 15 points

Reflection:

Direction: Reflect on the following questions:

1.What did I learn?

2.Why does this learning matter?

3.In what ways will I use this learning?

Reference:

Cabrera, Helen Ma.F., et.al.(2016) Organization and Management: Textbook for Senior High
School: Vibal Group Inc.
 Bird, Kelly and Hill, Hall.(2009). Philippine Economic Development: A Turning Point?:
Southeast Asian Affairs https://www.jstor.org/journal/soutasiaaffa?refreqid=excelsior
%3Abf4e7dd86a1707696
e62bb61185e4e4e

Answers’ Key

Activity 1:
1.ALLOCATION, 2. BUYER, 3. CAPITAL, 4. CHOICE, 5. CONSUMER,
6. DEMAND, 7. ECONOMICS, 8. ECONOMY, 9. ELASTICITY, 10. ENTREPRENUER

Activity 2: 1. Market economy, 2. Market economy, 3. Command economy

4.Traditional economy, 5.Traditional economy, 6. Command economy

Activity 3 & Activity 4 – Use Rubrics in scoring the output.

PREPARED BY

ELENOR R. MENDOZA

SST-II

Angeles City National High School