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Awareness and Challenges in Understanding Contemporary Economic Issues:

A Basis for a News-based Instructional Framework in Applied Economics

A Completed Research of

Paul Julius M. Regio

of Lucena Dalahican National High School

Schools Division of Lucena City

July 2023
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ABSTRACT

Understanding economics is important since our daily decisions are

influenced by the state of the economy we have. Thus, it is very significant that

students now a days should understand the concept of economics and all the

factors associated to it. This research study aimed to know the awareness and

challenges in understanding contemporary economic issues among the students

under Accountancy, Business, and Management in Lucena Dalahican National

High School. This study used descriptive research using quantitative method. The

researcher included all the students under Accountancy, Business and

Management in Lucena Dalahican National High School as research respondents.

The conduct of this research was held in person with written copy of instrument

that were collected for tabulation and interpretation of data. The findings revealed

that most of the student-respondents are aware of the National Poverty level in the

Philippines, also, students find it challenging in answering on-the-spot questions

about economic issues in recitation. Majority of the students find it challenging in

illustrating concepts of inflation, scarcity, and etc.

This research study will help students who are struggling in understanding

contemporary economic issues by providing instructional framework as an output

that will be used by the teachers in teaching and learning practices and

development.
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ACKNOWLEDGMENT

I would like to acknowledge and give thanks to my School Head, Mrs.

Carmen H. Macatugob, who made this work possible because of her consistent

words of encouragement. I would also like to thank my mentor, Dr. Erwin A.

Abrencillo, in sharing his expertise in writing research. The Master Teachers of the

school, Mrs. Lory Ameen, Mrs. Ma. Lory Ann Marciano, and Dr. Jerson Sayas, who

gave their precious time in validating the research instrument to be used in

obtaining research data.

I would also like to thank the Education Program Specialist for planning and

research, Ma’am Azalea Gallano for her invaluable assistance through comments

and suggestions during the conduct of this research study.

To my family, for continuous support and understanding from the beginning

until the end of my research writing.

Finally, a big thanks to Almighty God for giving me strength, wisdom, ability,

and opportunity to undertake this research study. Without His guidance and

mercy, I will not be able to accomplish this research study. To God be the greatest

Glory!
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INTRODUCTION

Understanding economics and its related concepts undoubtedly adds to

everyone’s knowledge. Individuals like debating and discussing the economic issues

that impact them as customers, employees, producers, investors, citizens, and in

other capacities that they play throughout their lifetimes.

Given that the Department of Education's Senior High School curriculum

includes Applied Economics as one of the topics in the Accounting, Business and

Management academic track, it is an excellent approach to encourage learning

about economic concerns and how it impacts people.

Applied economics applies the conclusions drawn from economic theories

and empirical studies to real-world situations with the desired aim of informing

economic decisions and predicting possible outcomes. Individuals can also benefit

from applying economic thinking and insights to personal and financial decisions.

(October 2021, The Investopedia Team)

The Economic and Financial Literacy Act, officially known as Republic Act

No. 10922, imposes the observation of the EFL week every second week of

November with the goal of raising national awareness of economic and financial
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literacy in the Philippines. The National Economic and Development Authority

(NEDA) leads the annual celebration of the EFL week. (NEDA, 2021 on Economic

and Financial Literacy). According to section 3 of Republic Act No. 10922, the

Department of Education is encouraged to assess and revise the high school

economics curriculum to make it more age-appropriate and ensure that economic

and financial education becomes an integral part of formal learning. (BOC, 2016)

Economic issues, as part of SHS Applied Economics subject, focus on

understanding issues like poverty, inflation, allocation of limited goods,

unemployment among others. These wide topics in economics should be analyzed

and understood well by the students not only in class discussion but most

especially in applying these issues in every decision they make in life.

The very main reason why the researcher chose to conduct this study is

because as a teacher teaching Applied Economics, the researcher observed that

most of the students are unaware of the different economic issues that are

significantly being reported and shared in different platforms, such as social media,

radio, bulletin, and television.

Since the students nowadays rely on the different trends that this generation

provides such as the use of different gadgets or focusing on social media, they

sometimes omit to know the issues being faced by the country, specially about

economic issues. It is very significant for the learners to have an awareness

regarding economic issues and how they can use them as the basis for their

activities in school and in making decisions. And since this awareness is relevant to
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the understanding of the students with the different economic issues that are being

discussed in the subject Applied Economics, the researcher focused on the

students who belong to Accountancy, Business and Management strand,

particularly those who have Applied Economics subject.

LITERATURE REVIEW

According to studies about the economic advantages of education, people's

employment prospects grow with each degree of education attained. Comparatively

to individuals with lesser levels of education, those with greater levels of education

are more likely to obtain employment, hold onto it, pick up new skills on the job,

and earn more throughout the course of their working lives. Apart from saving

money and time, non-formal and informal learning are also beneficial. Vocational

training programs also pay off by assisting people in developing technical, practical

skills that are pertinent to the occupations that are now accessible. (Education-

GPS, 2022)

The economic advantages extend beyond people. At every educational level,

investing in education has favorable public returns for governments. Those with

greater education make more money, pay more in taxes during their lifetimes, and

contribute less to social welfare and entitlement programs. A growing body of

research highlights the significance of high quality early childhood education and
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care given its long-term social and economic benefits, including supporting learning

in later grades, increasing equity and social mobility, and reducing poverty, in

addition to the fact that tertiary education offers greater economic returns.

(Education-GPS, 2022)

According to Barnes (2021) as cited from Killick, A. (2021), “How does the

general people see the economy and economics in ways that could be important for

opinions on taxing the wealthy?” Economic psychology and interpretative political

economy are two of the sources that provide the most general descriptions of

current economic thought. The former has a propensity to concentrate on "folk

economics" and how it differs from professional, scientific economics, as well as

what underlies these folk ideas. The latter has a propensity to characterize public

opinion from the bottom up rather than giving expert economists a normative

advantage. Yet, the apparent detachment of citizens from economic discussions,

news, or concepts is a major driving force in this literature.

Based on the work of Radcliffe (2022), A country’s economy becomes more

productive as the proportion of educated workers increases since educated workers

can more efficiently carry out tasks that require literacy and critical thinking.

However, obtaining a higher level of education also carries a cost. A country doesn’t

have to provide an extensive network of colleges or universities to benefit from

education; it can provide basic literacy programs and still see economic

improvements.

The knowledge and skills of young people today allow them to create legal

economies and navigate the larger economies around them in ways never possible
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before. Youth creating economies are responsible for creating, designing,

producing, marketing, selling and re-investing in things they care about, in ways

they care for. This can change the world in powerful ways by fostering dynamic,

disruptive new ways. (Institute for Youth Engagement, 2015)

It follows that any nation that aspires to attain sustainable economic growth

needs the support of its youth at all costs. Youth are a key measure of a nation's

level of development since they influence how quickly or slowly the economy

expands. If young people don't find job, poverty levels rise as a result of the youth

population's continual expansion. This implies that even if the working population

produces capital, the youth will negate its influence on the economy as a whole,

thus there won't be much overall economic growth. A nation is more likely to realize

its development vision when its youth are committed to economic growth. So, it is

accurate to state that young are the engine of sustainable socioeconomic growth in

contemporary society, and their participation in a nation's development goals is

crucial. (Curator, 2020)

RESEARCH QUESTIONS

This study focuses on the awareness and challenges of Senior High School

students under Accountancy, Business and Management in understanding

contemporary economic issues and how a news-based instructional framework can

be of help for them to easily understand the lesson being discussed in Applied

Economics.

Specifically, it seeks to find answers for the following questions.

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1. To what extent are the students aware when it comes to contemporary

economic issues?

2. What are the challenges encountered by the students in understanding

contemporary economic issues in terms of:

a. Class discussion

b. Lesson activities and assessment

3. Based on the result of the study, what instructional framework can be

developed to help students be aware of the contemporary economic issues?

SCOPE AND LIMITATION

This research study will only cover the awareness and challenges of Grade

12 students under Accountancy, Business, and Management in understanding

contemporary economic issues and how an instructional framework will be devised

to help teachers in improving teaching and learning strategies. A total of 49

students in Grade 12 from Lucena Dalahican National High School under

Accountancy, Business, and Management strand will be the respondents of the

study. They will be chosen purposively for they are the only students under the

said strand. This study started on February 2023 and will end on July 2023.

RESEARCH METHODOLOGY
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Participants and Other Sources of Data

The respondents of this research study are the Grade 12 students under

Accountancy, Business and Management strand in Academic Track with the total

of 49.

This research study will utilize a purposive sampling since only Grade 12

students under Accountancy, Business and Management strand have the subject

Applied Economics.

Data Collection

In data gathering procedures, the researcher will ask three (3) expert

validators to validate the content and reliability of the questionnaire. Letter to the

School Principal will be made to inform the head of school about the proposed plan

of the researcher. The instrument to be used is composed of two parts: the first

part focuses on the degree of awareness of the respondents and the second part

pertains to the challenges encountered by the students in understanding different

contemporary economic issues in the country.

The researcher will administer the survey questionnaire in-person to easily

gather the needed data for analysis. Each respondent will be given a set of

questionnaires and will be answered by checking the spaces that correspond to

their answers. The respondents’ answers will be tallied and analysed using

statistical tool.
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DISCUSSION OF RESULTS AND RECOMMENDATION

TABLE 1. Student’s responses on the extent of their awareness when it comes to

contemporary economic issues.

Likert Scale for Level of Awareness

4 – Fully aware 2 – Partially Aware

3 – Aware 1 – Unaware

STATEMENTS 4 3 2 1 WAM QI
Inflation crisis 5 29 12 3 2.73 A
National poverty level 4 31 12 2 2.76 A
GDP and GNP status in the country 0 14 30 5 2.18 PA
Labor force (Employment and unemployment 5 19 22 3 A
rate in the country) 2.53
Public/external debts 2 16 28 3 2.35 PA
Educational crisis in the country 2 25 20 2 2.55 A
Population growth 3 25 18 3 2.57 A
Infrastructure projects including roads, 1 10 35 3 PA
bridges, buildings, etc. 2.18
Social services (SSS / LTO / LGU services, 5 16 26 2 PA
etc.) 2.49
International Interest rates 1 6 36 6 2.04 PA
Agriculture (Food security, demand and 3 22 23 1 A
supply of products) 2.55
Energy crisis 1 7 36 5 2.08 PA
Public Transportation crisis 1 15 29 4 2.27 PA
Waste and sanitary problem 0 25 22 2 2.47 PA
National health crisis and public health 5 27 16 1 A
services 2.73
Pollution 3 21 23 2 2.51 A
Immigration and OFW problem 4 23 20 2 2.59 A
Social Injustice including corruption, 3 26 17 3 A
discrimination, terrorism, political conflicts,
domestic violence, etc. 2.59
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Table 1 shows the result of the level of awareness of the Grade 12 students

in contemporary economic issues.

The result showed that most of the respondents are aware on the national

poverty level in the Philippines having 31 out of 49 respondents with a perceived

weighted arithmetic mean of 2.76 and with a qualitative index of aware. On the

other hand, majority of the respondents are partially aware in international interest

rates having 36 out of 49 respondents which got a weighted arithmetic mean of

2.04 and a qualitative index of partially aware.

A fundamental challenge in teaching international relations is the need to

bridge the students' learning gap between knowledge and practice, providing them

with opportunities to reflect on what they have learned and allowing them to

develop a greater cognition of their own abilities in the area. (Kempston and

Thomas, 2014)

TABLE 2. Challenges encountered by the students in understanding contemporary

economic issues in terms of class discussion.

Likert Scale for Level of Difficulty:

4 – Difficult 2 – Moderate

3 – Challenging 1 – Easy

STATEMENTS 4 3 2 1 WAM QI
1. Giving prior knowledge about the 4 24 19 2 2.61 C
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economic issues
2. Stating facts that are reliable or news- 6 20 18 5 C
based 2.55
3. Sharing ideas about the current national 5 21 21 2 C
problem 2.59
4. Answering on-the-spot question about 9 27 11 2 C
economic issues in recitation 2.88
5. Understanding the teacher’s example 2 14 24 9 M
during discussions 2.18
6. Giving attention to the topic being 1 20 22 6 M
discussed due to lack of ideas 2.33
7. Providing examples of the effects of 5 25 18 1 C
economic crisis during discussion 2.69
8. Attending classes because it seems not 5 14 27 3 M
very important 2.43
9. Showing illustration of the economic 6 27 15 1 C
problem’s cause and effect 2.78
10. Appreciating the importance of the topic 2 5 17 25 1.67 E

Table 2 shows the result of the challenges encountered by the students in

understanding contemporary economic issues in terms of class discussion. The

result showed that 27 out of 49 respondents find it challenging in answering on-

the-spot question about economic issues with a perceived highest weighted

arithmetic mean of 2.88 and with a qualitative index of challenging. On the other

hand, it is easy for most of the students to appreciate the importance of the topic

as 25 out of 49 respondents answered easy with a perceived weighted arithmetic

mean of 1.67.

According to Power Grade Learning (2018) on the article about “Why

students don’t participate in class and why it can be a problem”, many students will

not speak up in class because they fear that other students will judge them if they

have the wrong answer. They are worried that if their answers are incorrect, other
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students will question their intelligence. Though this fear is understandable, it

shouldn’t get in the way of participating in class. It’s every student’s biggest

nightmare—being called on in class to discuss course material when they’re

unprepared. Students will never participate in class discussions if they don’t know

what the class is talking about. The fear of public speaking is also very common

among students of all ages. They are often worried that their classmates will judge

them if they appear nervous or if they lose their train of thought.

TABLE 3. Challenges encountered by the students in understanding contemporary

economic issues in terms of lesson activities and assessment.

STATEMENTS 4 3 2 1 WAM QI
1. Answering written questions with regards 3 25 19 2 C
to the economic issue 2.59
2. Writing a fact-based statement 2 26 18 3 2.55 C
3. Identifying latest economic issue and its 3 29 16 1 C
effects to the society 2.69
4. Illustrating concepts of inflation, scarcity, 9 27 13 0 C
and etc. 2.92
5. Choosing important details about the topic 6 25 15 3 C
on economic growth 2.69
6. Analyzing questions due to lack of 6 22 20 1 C
knowledge 2.67
7. Providing examples of the effects of 3 30 15 1 C
economic crisis during discussion 2.71
8. Giving personal opinion about the effects 2 26 14 7 M
of economic issues like educational crisis,
health, employment, and etc. 2.47
9. Identifying pros and cons of economic 6 29 11 3 C
activity like infrastructures, social services
and etc. 2.78
10. Soliciting facts and valid information 8 28 11 2 2.86 C
through research about economic problem
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Table 3 shows the result of the challenges encountered by the students in

understanding contemporary economic issues in terms of lesson activities and

assessment. The result showed that 27 out of 49 respondents considered it

challenging in illustrating concepts of inflation, scarcity and etc. while 9

respondents find it difficult with a perceived highest weighted arithmetic mean of

2.92. However, 14 out of 49 considered it moderate in giving personal opinion

about the effects of economic issues like educational crisis, health, employment,

and etc. with a perceived weighted arithmetic mean of 2.47.

According to the article published by Limestone University (2021), higher-

level economics class can be challenging because you need to grasp new concepts

like supply and demand, scarcity, diminishing returns, and opportunity costs. It

requires you learn new vocabulary and to use critical thinking skills. But those

theories, concepts, and terms build upon one another. At college, you also work

through course levels, moving upward as you gain more understanding and

knowledge. And economics insight can help you in your career and your personal

life. In higher level class in economics, you can expect to dive more deeply into

concepts and theories.

Based on data analysis, it is concluded that most of the respondents are

aware of the National Poverty level and partially aware about geopolitical conflicts

or territorial dispute. Majority of them are challenged in unswering on-the-spot

question about economic issues in recitation but easy to appreciate the importance
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of the topic. Most of the respondents considered it challenging in illustrating

concepts of inflation, scarcity and etc. however, it is moderately challenging for the

respondents in giving personal opinion about the effects of economic issues like

educational crisis, health, employment, and etc.

RECOMMENDATIONS

Based on the result of the study, the following recommendations were made for the

teachers of Applied Economics subject in Senior high School.

1. Provide more materials to the students that will improve their critical

thinking skills in answering series of questions related to the topic.

2. Improve teaching strategies that is learner-centered so that students have

the chance to explain and illustrate their own ideas about the topic.

3. Create an instructional framework that is news-based to help students be

aware of the current issues being experienced in the country.

4. Apply the use of instructional framework in lesson planning and crafting of

activities for consistency of students’ output.

DISSEMINATION AND ADVOCACY PLANS

This research study will be used for presentation in the Division Research

Colloquium in order to further discuss its concept and solicit ideas on how this can

be more beneficial in the implementation of its output. The output of this research

study is an instructional framework that will focus on a news-based instructional

strategies to help students easily recognize and understand the different economic
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issues. To fully utilize its output, the researcher intends to make it part of the

CRISP Research Journal of Deped Lucena City to be the basis of other schools in

expanding teaching and learning in the same learning area.

REFERENCES

Celik Y. (2021). The awareness of the students about the concepts in the production
distribution and consumption learning field in the social studies course
curriculum. Educational Research and review. 2021

National Economic and Development Authority. (2021). Economic and Financial

Literacy Week 2021
https://neda.gov.ph › economic-and-financial-literacy-..

The Investopedia. (2021). “Applied Economics” Reviewed by Potters

Barnes (2021). Taxing the rich: public preference and public understanding. P 787-
808 published online. (2021)
https://doi.org/10.1080/13501763.2021.1992485

Education-GPS-OECD. (2022). Economic and Social Outcomes. 2022

http://gpseducation.oecd.org"

Radcliffe, B. (2022). How Education and training Affect the Economy – Investopedia.
2022 https://www.investopedia.com › articles › economics

Institute for youth Engagement. (2015) Youth Engagement in Economics. 2015

https://freechild.org › 2015/12/28 › youth-and-economics

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Curator (2020). The Role of the Youth in Socio-Economic Development – CITI I/O.
2020
https://citi.io › 2020/03/10 › the-role-of-the-youth-in-s...

LIMESTONE UNIVERSITY (2021). How Difficult Will Economics Be in College?

https://www. Limestone.edu – blog
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APPENDICES

DATA SET

PART I. Student’s responses on the extent of their awareness when it comes to

contemporary economic issues.

Likert Scale for Level of Awareness

4 – Fully aware 2 – Partially Aware

3 – Aware 1 – Unaware

STATEMENTS 4 3 2 1
Inflation crisis 5 29 12 3
National poverty level 4 31 12 2
GDP and GNP status in the country 0 14 30 5
Labor force (Employment and unemployment rate in the 5 19 22 3
country)
Public/ external debts 2 16 28 3
Educational crisis in the country 2 25 20 2
Population growth 3 25 18 3
Infrastructure projects including road 1 10 35 3
Social services (SSS / LTO / LGU services, etc.) 5 16 26 2
International Interest rates 1 6 36 6
Agriculture (Food security, demand and supply of 3 22 23 1
products)
Energy crisis 1 7 36 5
Transportation crisis 1 15 29 4
Waste and sanitary problem 0 25 22 2
National health crisis and public health services 5 27 16 1
Pollution 0 15 31 3
OFW and immigration problem 4 23 20 2
Social Injustice including corruption, discrimination, 3 26 17 3
terrorism, political conflicts.
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PART II. Challenges encountered by the students about contemporary economic

issues in terms of:

A. Class discussion

Likert Scale for Level of Difficulty:

4 – Difficult 2 – Moderate

3 – Challenging 1 – Easy

STATEMENTS 4 3 2 1
1. Giving prior knowledge about the economic issues 4 24 19 2
2. Stating facts that are reliable or news-based 6 20 18 5
3. Sharing ideas about the current national problem 5 21 21 2
4. Answering on-the-spot question about economic 9 27 11 2
issues like inflation or poverty
5. Understanding the teacher’s example during 2 14 24 9
discussions
6. Giving attention to the topic being discussed due to 1 20 22 6
lack of ideas
7. Providing examples of the effects of economic crisis 5 25 18 1
during discussion
8. Attending classes because it seems not very important 5 14 27 3
9. Showing illustration of the economic problem’s cause 6 27 15 1
and effect
10. Appreciate the teacher’s effort in preparing materials 2 5 17 25
for the lesson

B. Lesson activities and assessment

Likert Scale for Level of Difficulty:

4 – Difficult 2 – Moderate

3 – Challenging 1 – Easy

STATEMENTS 4 3 2 1
1. Answering written questions with regards to the 3 25 19 2
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economic issue
2. Writing a fact-based statement 2 26 18 3
3. Identifying latest economic issue and its effects to the 3 29 16 1
society
4. Illustrating concepts of inflation, scarcity, and etc. 9 27 13 0
5. Choosing important details about the topic on 6 25 15 3
economic growth
6. Analyzing questions due to lack of knowledge 6 22 20 1
7. Providing examples of the effects of economic crisis 3 30 15 1
during discussion
8. Giving personal opinion about the effects of economic 2 26 14 7
issues like educational crisis, health, employment, and
etc.
9. Identifying pros and cons of economic activity like 6 29 11 3
infrastructures, social services and etc.
10. Soliciting facts and valid information through 8 28 11 2
research about economic problem

FINANCIAL REPORT

EXPENSES

PARTICULARS QUANTITY PRICE/Qty TOTAL SOURCE

Supplies and 52 P5 260 Personal
materials expense
Travel Expenses N/A N/A 200 Personal
Communication N/A P100 worth of 100 Personal
Expenses load
TOTAL P560 Personal