Republic of the Philippines

MOTHER MARY EUGENIE CENTER OF STUDIES AND SCHOOLS,

INC.
Sto. Domingo, Minalin, Pampanga

11- gas (INTEGRITY)

Subject
applied economics
Date: August 24, 2020
Time: 10:00 – 11:00

Jomar M. Fama, LPT

CLASS ADVISER
applied economics
 Introduction to
Applied Economics

applied economics
Learning Objectives:

A.Define Basic Terms in Applied Economics

B.Identify the basic economic problems of
the country
C.Explain how applied economics can be
used to solve economic problems

applied economics
Economics – is the study of the
ways that individuals and
societies allocate their limited
resources to satisfy unlimited
wants

applied economics
Economics – is a social science
because it uses scientific
methods to build theories that
can help explain the behavior of
individuals , groups and
organizations.

applied economics
Economic Resources – are factors
of production used to produce
things that people desire in order
to satisfy their wants. It includes
land or natural resources, labors
or human resources, capital and
entrepreneural ability.

applied economics
Applied Economics – Involves
different ways to achieve
practical objectives by applying
economic theory in the real
world.

applied economics
Economic Theory – uses different
economic models to describe how
the people react to a particular
economic situation.

applied economics
Economic Models – May be in the
form of verbal expression,
numerical tables, and
mathematical equations or can be
expressed graphically

applied economics
 3 basic questions to make a right
decision
1. What to produce?
2. How to produce?
3. For whom to produce?

applied economics
 Basic Economic Problems of the Country

1. Unemployment
2. Poverty
3. Quality of Infrastructure
4. Income Inequality

applied economics
Aspects of economics:
1. It is a science concerned with
human behavior.
2. It is concerned with the choice
and decision making
3. Mans material welfare

applied economics
Why Study Economics:
1. Decision-Making Skills
2. Problem Solving Abilities
3. Job Opportunities

applied economics
Why Study Economics:
1. Decision-Making Skills
2. Problem Solving Abilities
3. Job Opportunities

applied economics
Activity:
Answer the following questions:
1.Why study Economics?
2. Give some basic economic problems in the
country?
3. What is Applied Economics?
4. What are the 3 basic questions to make a
right decision?

applied economics
Applied Economics Goods Profit
Capital Income Rent
Commodities Income Inequality Scarcity
Consumption Infrastructure Services
Economic Development Interest Social Development
Economic Resources Labor Social Science
Economic Theory Land Unemployment
Economic Political Culture Wage
Entrepreneurial Ability Production Unlimited wants

applied economics key concepts

Enrichment
 It is important to study Applied Economics
not just to know the terminologies but rather
to extend its capabilities to educate people
on how are they going to apply these
learnings to the real life scenario. Most
specially “TODAY”. How are they going to
APPLY EVERYTHING about economics as they
lived everyday.
Asynchronous Activity

Google
Classroom

applied economics
 Questions?

applied economics
 Class Dismissed!

applied economics