Semi Detailed Lesson Plan

I. OBJECTIVES
At the end of the lesson the learners shall be able to:
A. Describe economics as a social science.
B. Understand the following aspects of economics.
C. Identify the Economic resources
II. SUBJECT MATTER
A. TOPIC : Revisiting economics as a Social Science
B. References
- Applied Economics Diwa Senior High School Series by Sherry
Amour Boado(pages 3-4)
- Applied Economics by Eloisa M. Macalinao(pages 1-4)
- Applied Economics An Introduction by McEachern, Burrow
and Rosete(pages 3-5)
C. Materials
Power point Presentation, Projector, Laptop, video, illustration
board and chalk.
III. PROCEDURE
A. Preparation
1. Daily routine
Prayer
Greetings
Checking of attendance
Setting of classroom standards
B. Presentation
1. Review
What is economics?
2. Motivation
After the students gave the definition of economics, the teacher
will ask the students if Economics is a social science. And they
will elaborate with their answer.
3. Lesson Proper

The teacher will discuss the Economics as a Social science.

Social science is the study of how people behave and how they interact within
society. And economics is the study on how societies as a whole make choices
under conditions of scarcity.

And therefore Economics is a social science,

Economics is the science which studies human behavior as a relationship between

ends and scarce means which have alternative uses. It is the study of the ways that
individuals and societies allocate their resources to satisfy their unlimited wants.

The teacher will ask why economics considered as a Social Science

o It is a social science because the subject matter of economics is people or

societies and their behavior, unpredictable in nature.
o It is a social science because it uses scientific methods to build theories that
can help explain the behavior of individuals, groups and organizations.

Aspects of economics:

• It is a science concerned with human behavior.

• It is concerned with the choices we make and the consequence of these

choices for ourselves and others. In fact the central focus of economics is on
choice and decision making.

• It is concerned with man’s material welfare

The problems of economics arise out of the scarcity of resources to satisfy

human wants. Human wants are unlimited, but the resources required to
satisfying them limited.

If human wants are unlimited but the resources required to satisfy them are
limited, then people in the society face the problem of scarcity.
Economic resources
• Economic Resources
• Are factors of production used to produce things that people desire in
order to satisfy their wants.
• Commodities
• Dictionary: “something that is bought and sold”, that is useful and
valued
• Things that people produce
• It can be goods (tangible) and services (intangible).

Categories of Resources
 Land – gift of nature used in production
• Mineral and oil deposits, water. Ferile soil, air, climate forest,
wildlife, and rain
• Rent – payment for the use of land, it is the income of the
owner of the land.
 Labor or Human Resources – physical and mental talents to produce
goods and services.
• Wage – payment for the use of labor, it is the income to
laborers who on their labor.
 Capital – man-made or manufactures resources or also known as
capital goods used in producing consumer goods.
• Buildings, machine, tools, equipments, roads, highways,
bridges, softwares, etc.
• Interest – payment for the use of capital.
 Entrepreneurial Ability – special skills of an individual needed to
produce goods and services like managerial and organizational skills
• Profit. Income of an entrepreneur after deducting the payments
from the owners of land, labor, and capital.

4. Application
Draw lots: The teacher will ask questions to the students and it will serve their
graded recitation.
1. What is social science?
2. What is economics as a social science?
3. What are the four categories of resources?
4. What is an economic resource?
5. What are the aspects in economics?