NAME: Christopher Tranx Delos Reyes

SECTION: 12 ABM 3

Applied Economics
Economics as a Social Science and
Applied Science in Terms of Nature and Scope
SENIOR HIGH SCHOOL: GRADE 12
2nd Semester: MODULE 2

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Quiz 1/ Activity 1/Seatwork 1

Directions: Illustrate the relationship of the 3Es of Economics by using a graph or drawing and
explain the relationship using your own examples.

Economy, efficiency, and effectiveness are all essential components of sound program management,
the goal of which is to deliver on program objectives defined in public policies, regulations, and
legislation. In practice, this means that program managers and officials entrusted with public
resources are responsible for carrying out functions and providing services to the public effectively,
efficiently, and economically.

ECONOMY

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Microeconomics focuses on how individual consumers and firms make decisions; these individual
decision making units can be a single person, a household, a business/organization, or a government
agency.

Macroeconomics studies an overall economy on both a national and international level, using highly
aggregated economic data and variables to model the economy. Its focus can include a distinct
geographical region, a country, a continent, or even the whole world. Its primary areas of study are
recurrent economic cycles and broad economic growth and development.

EFFICIENCY

A farmer wants to sell part of his land. The individual that will pay the most for the land uses the
resource more efficiently than someone who does not pay the most money for the land

EFFECTIVENESS
Effectiveness refers to how useful something is. For example, a car is a very effective form of
transportation, able to move people across long distances, to specific places, but a car may not
trasport people efficiently because of how it uses fuel

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