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Revisiting Economics As A Social Science
Revisiting Economics As A Social Science
SHS DEPARTMENT
12 - ABM
Learning Module
In
APPLIED ECONOMICS
(SY. 2020-2021)
Instructor:
Jojie R. De Ramos
WEEK 1
LESSON 1
OBJECTIVES
1. Define economics
ECONOMICS
- The word 'economics' comes from two Greek words, 'eco' meaning home and 'nomos' meaning management.
The subject has developed from being about how to keep the family accounts into the wide-ranging subject of
today.
o Study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.
o Understanding how society allocates its scarce resources.
o Almost always, human activities involve economics.
“ECONOMICS IS CLASSIFIED AS A SOCIAL SCIENCE BECAUSE IT DEALS WITH THE STUDY OF HUMAN’S LIFE
AND HOW HE LIVES WITH OTHER MEN”
ECONOMICS
MACROECONOMICS MICROECONOMICS
Deals with the economic behaviour of the Deals with the economic behaviour of
whole economy or its aggregates; individual units such as consumers, firms,
Businesses, Government, Household landowners, etc.
Mainly discusses the gross national Mainly discusses the prices of commodities,
product, level of employment, national number of worker on a certain firm, individual
income, general level of prices, etc. income, a company’s expenditure, etc.
Factors of production - Inputs
- Capital
DIVISIONS OF ECONOMICS Refers to the process of - Labor
producing or creating - Entrapreneurship
goods needed or
PRODUCTION wanted by the Goods and Services - Outputs
households to satisfy Goods - Something you can see and
thier needs feel. Somthing you can use.
Service - Something done for
something else
Examples
Wholesale
Refers to the marketing of goods and Retail
DISTRIBUTION services to different economic outlets Personal Selling
Direct Marketing
E-Commerce
Activity 1
ESSAY:
1. In defining Economics in different perspective, what are the major similarities of that you
observed?
2. Why do you think that almost in every economic activities, human is always involved?
4. In the division of economics, in which should we put most of our efforts in? Explain your
answer
5. In your own opinion which is the most important economic resource? Why do you say so?
Specific Instruction: