Name: Mikyle Laychae Sison Year/Section:11-De Ayala Date: 09/21/21

Teacher:

Learning Activiy Sheet 1

Applied Economics

Activity 1.

Economics as an Applied Science Economics as Social Science

Sociology
Mathematics Similarities:
Psychology
Physics
Civics
Biology
Scientific/Inquiry Method
Law

1. Purpose:

The study of applied economic concepts when they are applied to specific scenarios or situations
is known as applied economics. Economics is the scientific study of the ownership, use, and exchange
of scarce resources – often shortened to the science of scarcity. Because it employs scientific methods
to develop ideas that can assist explain the behavior of individuals, groups, and organizations,
economics is considered a social science.

2. Methodology:

Economic methodology is the study of methodologies in economics, particularly the scientific

method, as well as the concepts that support economic reasoning. 'Methodology' can refer to
theoretical or systematic characteristics of a method in modern English (or several methods).
Methodologies like deductive and inductive methods. The Deductive method is proceeded from the
general to the particular. This is also known as a hypothetical method for some of the assumptions
may not correspond to actual facts, but very near actual facts which may be used as premise for
starting, reasoning and drawing conclusions. While the Inductive method is also called empirical
method derives economic generalizations on the basis of experience and observations.

3. Object:

Economic development aims to raise absolute per capita earnings in order to improve material
conditions of living. Raising per capita incomes is also a stated policy goal of all emerging countries'
governments. Full employment or low unemployment. Price stability. High and sustainable economic
growth. Balance of payments in equilibrium.

4. Triggering:

Economic triggering is vital for a developing country to trigger their sense of capabilities in building
their economic growth in the future it is used in applied science. For the social science triggering, it
can be the politics involvement to promote a higher governance for more powerful countries.

Activity 2.
1. D 6. A
2. B 7. C
3. A 8. C
4. A 9. C
5. D 10. D

Activity 3.
 ESSAY
The Philippine economics nowadays is down because of the occurring problem, the COVID 19
Pandemic. The Philippines economy suffered a deep recession in 2020 due to the impact of the COVID-
19 pandemic, this was the largest annual decline ever recorded since National Accounts data series
for the Philippines commenced in 1946 (Biswas, 2021). Because of the extreme heightening in day-by-
day new COVID-19 cases since mid-March 2021, the Philippines government has forced a scope of
prohibitive measures to attempt to contain the pandemic. A one-week lockdown was declared for
Metro Manila and four encompassing regions on 29th March yet was stretched out for somewhere
around a further week on fifth April.

While the Philippines economy is as yet expected to show a positive development bounce
back in 2021, the close term standpoint for the Philippines economy has been hosed by the pointedly
rising influx of new COVID-19 cases since mid-March 2021. This is relied upon to compel the speed of
monetary recuperation in the close term, as severe pandemic control measures have been forced in
Metro Manila and other encompassing regions seriously affected by the most recent flood in
pandemic cases. Antibody rollout in the Philippines has additionally been obliged by absence of
adequate supplies of imported. Malacañang has been reiterating that the government is promoting
total health which includes protecting the public from COVID-19 and keeping the economy afloat. The
government has been urging the public to get vaccinated when their turn comes so they will be
protected against the virus while they make a living.

Correspondences by Secretary Martin Andanar, communicated certainty that the Philippines

will actually want to return its economy by 2022 subsequent to experiencing a blow due to the (COVID-
19) pandemic. Andanar offered the expression as the nation keeps on wrestling with the impacts of
the pandemic, particularly following the new lockdown forced on Metro Manila because of the
disturbing ascent of cases influenced by the more infectious Delta variant.