GILDA FALCO GIMOTO, EdD

Professor

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 APPLIED ECONOMICS
Third Edition, 2022

Development Team of the Module

Prepared by:

GILDA FALCO GIMOTO, EdD

Professor

Designed by:

GILDA FALCO GIMOTO, EdD

Professor

Reviewed by:

ELEONOR BECHAYDA, EdD LILIBETH S. BROCES, LPT

Focal Person, STEM Focal Person, ABM, HUMSS & TVL

SHIRLEY F. TIPON, PhD

Assistant Principal, Senior High School

URLA S. DELA, MAT

Acting Principal, High School Department

Checked by:

EXEQUIEL A. CALIMUTAN, MAT

Quality Assurance Officer

Approved by:

MINNIE P. CHAN, PhD

Vice President for Academic Affairs

Copyright 2022 by Filamer Christian University

All rights reserved. No part of this module/learning material may be reproduced or transmitted
in any form of by any means, electronic or mechanical, including photocopying, recording, or by
any other information storage and retrieval system without permission in writing from the
Publisher.

Published and Printed in the Philippines by Filamer Christian University

Office Address: Roxas Avenue, Roxas City, Capiz, Philippines 5800
E-mail Address: filamer_christian@yahoo.com

ii
 INTRODUCTION

This module on Applied Economics (Specialized Subject for ABM) contains concept designed to develop the

knowledge, skills and attitude of students in economics. Quarter 1 contains five lessons cover namely: 1. Introduction:

Revisiting Economics as a Social Science, 2. Economics as an Applied Science, 3. Economic System, 4. Economic

Model: Supply and Demand, Its Application, and Consumer Behavior, 5. Contemporary Issues Facing the Filipino

Entrepreneurs. Each lesson contains the following chunk: I- The Learning Objectives contain specific topics; II-

Content include about what the students must know, what to reflect and understand, III Pre-test evaluates evaluate

students’ strengths, weaknesses, knowledge, skills before instruction. These allow the teacher to adjust the curriculum

to meet the needs of current students, IV- Learning Activities, V- Discussion, VI- Post Test, VI- Assessment evaluate

student learning skills acquisition, and academic achievement at the conclusion of a defined instructional period.

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 Contents

Lesson 1 Revisiting Economics as a Social Science .................................................................................................. 1

Learning Objectives .............................................................................................................................................. 1
Content ................................................................................................................................................................ 1
Pretest.................................................................................................................................................................. 1
Learning Activity/Discussion ................................................................................................................................. 2
Self Check ............................................................................................................................................................ 6
Posttest ................................................................................................................................................................ 6
Assessment.......................................................................................................................................................... 7
Lesson 2- Economics as an Applied Science ............................................................................................................ 9
Learning Objectives .............................................................................................................................................. 9
Content ................................................................................................................................................................ 9
Pretest.................................................................................................................................................................. 9
Learning Activity/Discussion ............................................................................................................................... 10
Self Check .......................................................................................................................................................... 12
Posttest .............................................................................................................................................................. 12
Assessment........................................................................................................................................................ 12
Lesson 3- The Economic System ............................................................................................................................ 14
Learning Objectives ............................................................................................................................................ 14
Content .............................................................................................................................................................. 14
Pretest................................................................................................................................................................ 14
Learning Activity/Discussion ............................................................................................................................... 15
Self Check .......................................................................................................................................................... 24
Posttest .............................................................................................................................................................. 25
Assessment........................................................................................................................................................ 26
Lesson 4- Economic Model: Supply and Demand, its Application and Elasticity of Consumer Behavior ................... 27
Learning Objectives ............................................................................................................................................ 27
Content .............................................................................................................................................................. 27
Pretest................................................................................................................................................................ 28
Learning Activity/Discussion ............................................................................................................................... 28
Self Check .......................................................................................................................................................... 42
Posttest .............................................................................................................................................................. 43
Assessment........................................................................................................................................................ 44

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Lesson 5- Contemporary Economic Issues Facing the Filipino Entrepreneurs ......................................................... 46
Learning Objectives ............................................................................................................................................ 46
Content .............................................................................................................................................................. 46
Pretest................................................................................................................................................................ 46
Learning Activity/Discussion ............................................................................................................................... 47
Self Check .......................................................................................................................................................... 53
Posttest .............................................................................................................................................................. 54
Assessment........................................................................................................................................................ 55
Scoring Rubric ........................................................................................................................................................ 57
Answer Keys........................................................................................................................................................... 58
References: ............................................................................................................................................................ 59

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 MODULE MAPPING
Applied Economics
(Specialized Subject)
Quarter 1 (Lesson 1 to 5)

LEARNING CONTENT MOST ESSENTIAL SUB-COMPETENCIES ENABLING ACTIVITI- MATRIALS TIME

LEARNING OBJECTIVES VITIES/ AND FRAME
EXERCISES PLATFORMS

LO – demonstrate an - define economics as a Let’s reflect Mixed mode

1.1INTRODUCTION understanding of social science; of learning
economics as an - Identify the basic Let’s work out (Modular
Lesson 1 applied science and its economic problems of the online 1 week
utility in addressing the country; Let’s Distance
-Revisiting Economics as economic problems - Explain how applied Probe Leaning
social and applied science. economics can be used
- Basic Economics Problems to solve economic Let’s talk about -Email
problems. -Facebook
-Google meet
-Messenger

Gmail
Account:
maamgimoto
@gmail.com

Facebook
Account:
Gilda Gimoto

Lesson 2 Demonstrate an - Define applied economics Mixed mode

understanding, on the - Define econometrics Let’s reflect of learning
Economics as an Applied concept of applied - Explain the basic (Modular 2
Science economics its economic problems Let’s work out online weeks
application, Distance
econometrics, and the Let’s probe Leaning
basic economic
problems facing the Let’s talk about -Email
society -Facebook
-Google meet
-Messenger

Gmail
Account:
maamgimoto
@gmail.com

Facebook
Account:
Gilda Gimoto
Lesson 3 LO - define and give example
of traditional economy; Let’s work out
The Economic System Demonstrate an - Define and give example Mixed mode 2
understanding on the of market economy of learning weeks
difference between - Define and give example Let’s reflect (Modular
major economic of planned economy online
systems - Define and give example Distance
of mixed economy Let’s probe Leaning

-Email
-Facebook
-Google meet
-Messenger

- Define opportunity/trade- Gmail

LO off; Account:
- Analyze course of action maamgimoto
Demonstrate an with respect to @gmail.com
understanding opportunity cost.
economic trade-offs Facebook
and social values Account:
impact public/private Gilda Gimoto
policy
Lesson 4 LO1 - explain the different Mixed mode
shifting in the demand Let’s work out of learning
Economic Model: Supply and Demonstrate an curve; (Modular
Demand, its application and understanding on how - explain what factors that online 3
consumer behavior to draw a demand influenced the shifting of Let’s reflect Distance weeks
curve and to the demand curve; Leaning
demonstrate a shift in - explain the determinants
demand and draws of demand; Let’s probe -Email
another demand curve - explain and graphically -Facebook
to demonstrate illustrate market Let’s talk about -Google meet
movement, citing equilibrium, surplus and -Messenger
examples for both. shortage.
Gmail
Account:
maamgimoto
@gmail.com

Facebook
Account:
Gilda Gimoto

LO2 - Explain the determinants

of supply;
Demonstrate and - Explain what factors that
understanding on how influenced the shift in the
to draw a supply and supply curve.
demand diagram to
illustrate how changes
impact price and
quantity, citing reasons
for each shift

LO3

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 Demonstrate an - Explain the price elasticity
understanding on the of demand and price
concept of elasticity elasticity and compute
both using the
mathematical method;

- Explain the types of

demand and supply
elasticities;

LO
Lesson 5
Demons rate an - Define investment;
Contemporary Economic understanding on the - Explain the determinants Let’s work out 2
Issues Facing the Filipino concept about of investment; weeks
Entrepreneur investment and - Explain the status of Let’s reflect
interest rate, foreign investment in the
determinants of Philippines; Let’s probe
investment, - Discuss the investment
accelerator effect for climate in the Philippines. Let’s talk about
the Filipino
entrepreneurs and
how it affects the
economy

LO2 - Explain the challenges

faced by Filipino;
on the challenges for entrepreneurs
the Filipino - Understand the current
entrepreneurs, its problems of the Filipino
current problems, entrepreneurs,
unemployment status
and taxes in the
Philippines

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