Virtual Class Netiquette

Rules
Stay seated and stay
present.
Mute your microphone
when you’re not talking.
Leave the keyboard
alone
Be aware of your
surroundings.
Be courteous to other
participants.
Speak Clearly.
Don’t Shout
Don’t interrupt other
classmate.
Do maintain eye contact by
looking into the camera.
Don’t carry on side
conversations.
OBJECTIVES:
Define Economics and
applied economics.
Discuss why economics
is a social science.
Discuss why economics
is an applied science.
Discuss the nature and
scope of economics
Discuss the branches
of Economics.
•This course deals with the basic
principles of applied economics, and its
application to contemporary issues
facing the Filipino entrepreneur such as
prices of commodities, minimum wage,
rent and taxes.
•It covers an analysis of industries for
identification of potential business
opportunities.  The main output of the
course is the preparation of a
socioeconomic impact study of a
business venture.
Let’s check your Idea!
 Based in the video
presented, how do you
define Economics?
 The study of how
individuals and societies
make decisions about ways
to use scarce resources to
fulfill wants and needs..
What is • Is a condition where there
Scarcity are insufficient resources
to satisfy all the needs and
? wants of a population.
Limited Unlimited
Resources Wants

Scarcity
 • Is the study of economics in
relation to real world
Applied situations. It is the
application of economic
Science principles and theories to
real situation, and trying to
predict what the outcomes
might be.
Social Science
• The study of society and
how people behave and
influence the world around
them
Applied Economics
• Is the study of economics in
relation to real world
situations. It is the
application of economic
principles and theories to
real situation and trying to
predict what the outcomes
might be.
 Branches of Economics
Microeconomics
Macroeconomics
•Is concerned with the behavior of
•A division of Economics that is
individual entities such as the
concerned with the overall
consumer, the producer, and the
performance of the entire company.
resource owner.

•It studies economic system as a

•It studies the decision and choices of
whole rather than the individual
the individual units and how these
economic units that make the
decisions affects the prices of goods
economy.
in the market.
Let’s Check your
understanding!
Why did the mobile phone get
cheaper over the past five
years?
What determines the choice of
riding in an MRT and Bus
transportation?