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Grade 11- St. Br. Raphael Louis

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Activity Sheet No. 10
Subject:

 Disciplines and Ideas in the

Social Sciences
Type of Activity:

 Concept Digest
 Drills/ Exercises
Activity Title:

The Disciplines of
Economics (Part 3)
Learning Target:

To compare and contrast the social sciences

according to their fields, main areas of inquiry,
and method.
Reference:

Disciplines and Ideas in the Social

Sciences, Diwa Learning System
Inc.,pp.32-34
Key Concept of Economics Market

Market as an economic concept takes on the three

meanings:

1) literally, a place where exchange between

consumers and sellers transpire
2) a system where such exchanges of goods
takes place
3) a theoretical arena where sellers compete
for the patronage of customers
1) Supply and Demand

The quantity of demand from the market or Supply

refers to the entirely available of goods that the
market can offer, while demand represents the actual
quantity of goods or services that the public requires
from the market determined by the willingness of the
buyers to purchase at a particular price.
2) Specialization
Specialization refers to a method in production
wherein the process of producing goods and services
is concentrated to a particular group of individuals or
region.
A) Less industrialized societies, production is based
on gender specialization. Hunting and gathering
societies for instance, men are tasked with hunting
animal for food while, women are tasked with
collecting fruits and root crops.
b) Industrialized Societies base their production on
task specialization wherein each individual, without
regard to gender, is tasked to produce outputs based
on his or her capacity.
3) Production
Production is the process wherein raw materials
are transformed into usable goods or commodities.
This process involves various factors like quantity and
quality of raw materials, availability and cost of labor.

The elements of production include:

land- source of natural resources
capital- financial resources
entrepreneurship- the process of engaging activity
Current Applications of Economics

1) Economics of Education
This field of economics considers the impact of
education as a key point in analyzing the economic
behavior and potentials of individuals or groups.
2) Environmental Economics
The processes involved in the harvest and transfer
of raw materials and products entails consequences to
the environment. The extent through which material
production of a society increases is also highly
dependent on the environment.
3) Welfare Economics

This field of economics focuses its analyses on the

equitable allocation of resources and goods among the
populace, which in turn affects social welfare. By
looking into an individual’s personal experiences of
economic development (microeconomics), welfare
economics generates aggregated macroeconomics
analysis.
 Videos and links
• https://
www.youtube.com/watch?v=wvwgIiP4gjY&ab_channel=E
conomicsMafia

• https://www.youtube.com/watch?
v=720uyg0Dd_M&ab_channel=VirtualHighSchool
Activity
Explain the key concepts of Economics Market
through a drawing. (15 points)
Rubric:
10 8 6 4

Thoroughly Ideas are Ideas Litte or no

explained explained, somewhat explanation
ideas, coherent in explained, of ideas,
extremely writing but somewhat lacks
coherent there are coherent in coherency
writing and some errors writing and and have
few errors in in grammar. have many many errors
grammar. errors in that hurt
grammar. understanding
.