Name: Cielo S.

Yumul Date: April 12, 2022

Section: ABM201 Applied Economics: 01 eLMS Activity 1

1. Using a Venn Diagram, differentiate economics as social science and economics as

an applied science in terms of nature and scope.

Social Science Applied Science

Economics Focuses in making

A wide-range study on economic decisions of
Studies in the use of
an individual’s a society. It further
limited resources of
behavior and studies existing
consumers and
interactions in a economic theories or
produces. Scientific
society about the use knowledge for better
based research
and management of application to real-world
inquiring for relevant
economic resources to situations and to see if
data. Deals with the
solve scarcity. Data is the consequences verify
human interaction
obtained through prediction.
engaging in business
qualitative approach Requires data after
activities within
utilizing interviews and experimentation.
society.
survey questionnaire.

2. To examine the utility and application of applied economics in solving economic

issues and problems, provide a current Philippine economic problem and what the
government is doing to solve such a problem. Answer in no more than five (5)
sentences.

Unemployment is an economic issue that the Philippines is currently facing, but

the government was able to assess such issues leading them to respond through
actions. Special Program for the Employment of Studies (SPES) and Community-
Based Employment Program (CBEP) are the programs implemented to deal with the
issue and improve employee performance. SPES provided jobs for 136,529 students
and out-of-school youths in the short term with a budget of P140 million, while CBEP
employed 977,791 workers affected by disasters. Employees were assigned to
infrastructural and non-infrastructural projects funded and managed by
government agencies. There are other responses made in action by the government
that has greatly helped the people solve hunger and poverty and decreased the
country's unemployment rate.