SAINT JOSEPH COLLEGE, MAASIN, LEYTE

Maasin City, Southern Leyte

6600 Philippines

Strategic
Strategic
Human
Human Resource
Resource
Management
Management
Strategic
Strategic Human
Human Resource
Resource SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Management
Management
Maasin City, Southern Leyte
6600 Philippines
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Objectives
At the end of the lesson, the learner is expected
to:
define basic terms in Social Science
Economics
 explain why Economics became a social
science
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Pre-test
I. True or False: Carefully read each sentence and
determine if the sentence is true or if the sentence is
false.
1. Economics comes from the Greek word oikonomia which means
household chores.
2. Economics is considered a field of social science.
3. Economics is relevant because it is part of everybody’s life.
4. There are three (3) divisions of Economics, the microeconomics,
the macroeconomics and the home economics.
5. As a science, Economics is related to other sciences.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

II. Essay. Answer the following using five (5)

sentences and above.

a. As an individual, what do you think is the essence

of studying economics?
b. How do you apply economics in your household?
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Start Up Activities:

In front of you are candies that you

could get and eat. Come on,
everybody is invited to get candies.
Do not be shy… 
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Analyses of the activity

• What happened when you were invited to get
candies? State your observation.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Economic defined
From the Greek words Oikos meaning household and
nomos meaning management
= household management

ECONOMICS

The wise production and use of wealth to meet the

demands or needs of the people
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE
Economics as defined by authors of Economics
books
• Paul Samuelson (Economics)
“the study of how people and society end up choosing, with or without use
of money, to employ scarce resources that could have alternative uses to
produce various commodities among various persons and groups in
society.”
• Roger Le Roy Miller (Economics, Today and Tomorrow)
“Economics concerns situations in which choices must be made about how
to use limited resources, when to use them and for what purposes.
Resources can be defined as the things people use to make the
commodities they want.”
• Hall and Loeberman (Macroeconomics: Principles and Applications)
“The study of choice under the condition of scarcity”
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

• Bernardo Villegas (Guide to Economics for Filipinos)

“A social science that studies and seeks to allocate scarce
human and non-human resources among alternatives in
order to satisfy unlimited human wants and desires.”

• Gerardo Sicat (Economics)

“a scientific study which deals with how individuals and society make
choices,”
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

What is Economics?
Economics is the study of social behavior
guiding in the allocation of scarce resources to
meet the unlimited needs and desires of the
individual members of a given society.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Common words among definitions…

• Scarcity- a situation wherein the amount of something
available is insufficient to satisfy the desire for it.
• Resources-The labor, capital, land and natural resources and
entrepreneurship that are used to produce goods and services.
• Unlimited – without limits, infinite
• Wants –desires
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Economics as a study of Wealth

The earlier definition of economics as the
science of wealth-getting and wealth-using
implies that the motivation of the process of
wealth accumulation is the utilization of wealth
for the individual’s satisfaction and society’s
welfare.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Economics as a study of making choices

In everything we do, whether we produce or
consume, whether wealth-getting or wealth-
using, we make decisions and these decisions
are based on alternative choices.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Economics as a study of allocation

The definition of economics as a social science
that deals with the study of allocation of scarce
resources to answer the unlimited wants.
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

Concerns of Economics
• Economics is concerned with PRODUCTION
Production is the use of inputs to produce outputs.
Inputs are commodities or services that are used to produce goods and
services.
Outputs are the different goods and services which come out of
production process.
Society have to decide what outputs will be produced and in what
quantity
APPLIED ECONOMICS SAINT JOSEPH COLLEGE, MAASIN,
LEYTE
Maasin City, Southern Leyte
REVISITING ECONOMICS AS A SOCIAL 6600 Philippines
SCIENCE

• Economics is concerned with DISTRIBUTION

Distribution is the allocation of the total product among members of
society. It is related to the problem of for whom goods and services are to
be produced.
• Economics is concerned with CONSUMPTION
Consumption is the use of a good or service. Consumption is the ultimate
end of economic activity. WHEN THERE IS NO CONSUMPTION,
THERE WILL BE NO NEED FOR PRODUCTION AND
DISTRIBUTION.
• Economics deals with PUBLIC FINANCE
Public Finance is concerned with government expenditures and
revenues. Economics studies how the government raises money through
taxation and borrowing.