Module 1 - Introduction To Applied Economics

VIRTUAL FLAG
CEREMONY
FEU ROOSEVENT
MODULE 1: INTRODUCTION TO
APPLIED ECONOMICS
MELCs based
OBJECTIVES
• differentiate between economics as a social
science and applied science;
• apply the concept of opportunity cost when
evaluating options and making economic decisions;
• make decisions based on how man can satisfy most
his wants given limited resources;
• differentiate macroeconomics and microeconomics;
• describe and state the importance of economic
resources;
• differentiate positive and normative economics;
• analyze basic economic problems and propose
solutions to the problems using the principles of
applied economics; and
• describe the various economic systems,
INTRODUCTION
MR. ROGER BURDEN ONELAN JR.,LPT
INTEGRATIVE APPROACH: BE MINDFUL NOW!
COOPERATION: FOLLOW THE INSTRUCTIONS GIVEN BY ME
Be aware of every daily activity

Close you eyes. Breathe in.
(buying stuffs, texting, driving and
Breathe out.Feel the flow of the
cleaning. etc.
breathe.
Pay attention to all your senses. Open your eyes. Go and walk. Look at the window or doors.
See the beauty of nature and surroundings.
(40 seconds only and go back and seat.)
Empty the mind.
Take a few moments to be still. Forgive yourself for every negative thought
and least best decisions you’ve made.
As soon as the mind wanders.
Bring it back to your breath. Be grateful. Say thank you to nature, people
and things you have.
Practice non-judgmental listening. Go easy on yourself. With time,

you will see in the progress.
Now, are you ready to make a better decisions in life?

8 minutes Crystal ball: MY CHOICES MY FUTURE!
- I predict my future to look like this if I make these choices…
3 GOOD CHOICES (Title) Ways to accomplish

(Steps)
1. a.
_______________________________ b.
c.
2. a.
_______________________________ b.
c.
3. a.
_______________________________ b.
c.
3 Good choices I would like to make this year…

HOW WAS YOUR
FEELINGS AFTER
THE ACTIVITY?
DO YOU FIND THE ACTIVITY IMPORTANT
IN MAKING THE BEST ECONOMIC
DECISIONS IN LIFE?
IN YOUR OWN
THINKING, WHAT
DOES APPLIED
ECONOMICS
MEAN?
Applied Economics - a field that applies of economic
What is Economics? theories and principles to real-world situations with the
desired aim of predicting potential outcomes.
is the study of the ways that

individual and societies
allocate their limited resources
to satisfy their unlimited wants
and needs.
Scarcity – is a the reason why people have to

practice economic. Two types: Relative and Absolute
a condition where there are insufficient resources to satisfy

all the needs and wants of a population.
Choice and
Decision- Making
“Rational
People Think at
the Margin”
ECONOMIC
RESOURCES
• known as factors of production, are resources used to
produce goods and services.
ECONOMICS AS SOCIAL SCIENCE
• Studies how individual make choices in allocating scarce resources
to satisfy their unlimited wants.
• study of human behavior just like psychology and sociology.
ECONOMICS AS APPLIED SCIENCE

• Helps students to learn about the relationship of a business and
basic economic theories.
• Focuses on: Urban problems, health-care crisis, agricultural

problems, poverty, economic growth and environment.
MACROECONOMICS? MICROECONOMICS?
DIVISION OF ECONOMICS
TOPICS UNDER MICROECONOMICS AND
MACROECONOMICS
BASIC ECONOMIC
PROBLEMS OF
SOCIETY
ECONOMIC SYSTEM
is the means through which society
determines the answers to the basic
economic problems mentioned.
Combination of both private individuals Based on culture and tradition.
and gov’t take decisions.
Capitalism and
Communism Feudalism
Mercantilism
Socialism
Communism
Fascism Capitalism
Government plays an important role. Private individuals take their own decisions
with less gov’t intervention.
Directions. In order to genuinely our the objectives, apply the knowledge and theories you have learned
in this discussion. Use your yellow paper, ballpen and ruler to answer the following task below:
1. VENN DIAGRAM:COMPARE & CONTRAST: 2. MATRIX: CHARACTERISTICS:DIVISION OF 3. WEB: LIST&ORGANIZE:TYPES OF

ECONOMICS AS SOCIAL SCIENCE AND ECONOMICS ECONOMIC SYSTEMS WITH THEIR SPECIFIC
ECONOMICS AS APPLIED SCIENCE ECONOMIC IDEOLOGIES
MICROECONOMICS MACROECONOMICS
1 1
2 2
3 3
4 4
5 5
Note: Keep your output and send it on our canvas discussion thread. Am the one to check and give you a grades.
FAST RECAP
• is the study of the ways that

individual and societies allocate
their limited resources to satisfy
their unlimited wants and needs.
-ECONOMICS
• a field that applies of economic

theories and principles to real-
world situations with the desired
aim of predicting potential
outcomes.
-Applied economics
Is everything you gave up by
FAST RECAP
choosing one option instead of
another.
- OPPORTUNITY COST
Known as factors of production, are resources

used to produce goods and services.
-economic resources
Studies how individual make choices in allocating

scarce resources to satisfy their unlimited wants study
of human behavior just like psychology and sociology.
-ECONOMICS AS SOCIAL SCIENCE
Helps students to learn about the relationship of a business and

basic economic theories.
-ECONOMICS AS APPLIED SCIENCE

ECONOMIC SYSTEMS
Mercantilism
TRADITIONAL
Socialism
MARKET Fascism
Feudalism
COMMAND Capitalism
Both
MIXED
Communism
ALRIGHT!
BASIC ECONOMIC PROBLEMS OF THE COUNTRY
UNEMPLOYMENT RATE
unemployment rate in January 2020 was 5.3% while
in April 2019, it was recorded at 5.1%.
17.7% - 7.3 million unemployed Filipinos April 2020.

This translates to about
The 2018 poverty incidence among population of Filipinos 17.7 millions Filipinos living in
Whose per capita income is insufficient to meet their needs. Poverty in 2018-2020.
is a condition in which a community lacks the

financial resources and essentials for a minimum
standard of living.
POVERTY
POOR QUALITY OF
INFRASTRUCTURE
4% of GDP, up from original forecast of 3.8%, but
still down from 5.4% achieved last year.
From P4.1 trillion budget, which was nearly unchanged

for this year next year’s outlay is pegged at P4.34 trillion,
DPWH Solution: TRAIN LAW.
Tax Reform for Acceleration and Inclusion (TRAIN) Act, officially cited as Republic Act
No. 10963 signed into law by President Rodrigo Duterte on December 19, 2017.
The less equal the distribution, the higher income

inequality is.
INCOME INEQUALITY
Scientific Approach in the Empirical Testing
of an Economic Theory
• Economics is a study that attempt to

explain how an economy operates.
• And how the consumer attempts to
maximize his/her wants within limited
means.
• Using tools such as logic, mathematics and

statistics, the student needs to approach the
empirical testing of an economic theory in
scientific manner. This steps involves the
following steps:
POSITIVE Vs. NORMATIVE
ECONOMICS
Positive economics is based on

fact and cannot be approved or
disapproved, normative
economics is based on value
judgments.
Normative economics focuses on the

value of economic fairness, or what
the economy "should be" or "ought to
be."
STATE AN ECONOMIC PROBLEM
• USE SCIENTIFIC STEPS
• GIVE YOUR POSITIVE AND NORMATIVE STATEMENTS
Why do we need to study Applied Economics?
END.
SEE YOU NEXT MEETING!

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VIRTUAL FLAG

Be aware of every daily activity

Practice non-judgmental listening. Go easy on yourself. With time,

Now, are you ready to make a better decisions in life?

3 GOOD CHOICES (Title) Ways to accomplish

3 Good choices I would like to make this year…

is the study of the ways that

Scarcity – is a the reason why people have to

a condition where there are insufficient resources to satisfy

• study of human behavior just like psychology and sociology.

ECONOMICS AS APPLIED SCIENCE

• Focuses on: Urban problems, health-care crisis, agricultural

1. VENN DIAGRAM:COMPARE & CONTRAST: 2. MATRIX: CHARACTERISTICS:DIVISION OF 3. WEB: LIST&ORGANIZE:TYPES OF

• is the study of the ways that

• a field that applies of economic

Known as factors of production, are resources

Studies how individual make choices in allocating

Helps students to learn about the relationship of a business and

-ECONOMICS AS APPLIED SCIENCE

17.7% - 7.3 million unemployed Filipinos April 2020.

is a condition in which a community lacks the

From P4.1 trillion budget, which was nearly unchanged

The less equal the distribution, the higher income

• Economics is a study that attempt to

• Using tools such as logic, mathematics and

Positive economics is based on

Normative economics focuses on the

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