1.

Based on your personal observation, make a short discussion of the current status of the
Philippine economy.

Based on my personal observation, the current status of the Philippine economy in

terms of its government system and performance is not that great. I say that because the
government’s respond to the ongoing pandemic has devastated the country’s economy. In
terms of the various social unrest and crimes, I also don’t think it is handled very well. There are
a lot of social injustice, inequality, smuggling, corruption and many more. As for the
environmental status of the country, the deterioration of the natural environment is really
affecting the Philippines. Owing to corruption and negligence, it has fifty big rivers now polluted.
More than 400 species of plants and animals present in the Philippines, including the Philippine
eagle, the tamaraw and the dugong, are currently in danger of extinction.

2. Briefly explain how you can apply economics in your daily life.

Economics can be applied in almost every aspect of our lives, but most especially in our
daily lives. From the simple use of our daily allowance, economics is applied. Our choice of
consumption determines how much we can save for future use. As for our time management,
still, economics is applied. Time is somewhat of the same as money, we don’t just invest money
but also time. For example in investing, time is also considered when engaging into an
investment. More simply, the earlier we invest, the more money we get; and that’s for time
management. As for choosing a school and course in college, still, economics can be applied. My
course is marketing management and in choosing this course, it wasn’t easy. I was analyzing
everything in my life including the opinions of my parents, communicating mine with them, and
the practicality of life. All these analyzing and communication skills can be related to economics.
This is because economics not only offers one an understanding of human nature, but also
cultivates the problem-solving, analytical, communication and persuasion abilities that are
essential for success in students.
 https://www.financialexpress.com/education-2/the-importance-of-studying-economics-
in-todays-world/1192135/#:~:text=Studying%20economics%20provides%20one
%20with,success%20in%20today's%20job%20market.

https://www.npr.org/2020/07/09/889307982/the-philippine-governments-covid-19-
response-has-devastated-its-economy

https://actrav-courses.itcilo.org/en/a352647/a352647-part-material/country-
reports/philippines/country-report-on-climate-change-policies-green-jobs-and-decent-work-in-
the-philippines/at_download/file#:~:text=The%20Philippines%20is%20suffering%20from,due
%20to%20abuse%20and%20neglect.&text=More%20than%20400%20plant%20and,the
%20tamaraw%2C%20and%20the%20dugong.