economics in the Philippines in context ppg.pptx

The flow of economics in the Philippines

1. COMICS

2. WHAT IS ECONOMICS? Economics is the study of how people use limited resources to meet their needs and wants. It focuses on producing, distributing, and using goods and services. It’s about making choices because resources are not enough for everyone.

3. Why Economics is a Social Science? It studies how people act and make decisions in groups or society. It observes how people buy, sell, and use resources. It uses data and facts to understand human behavior.

4. 4 Characteristics of Economics as a Social Science It studies people – It focuses on human behavior and needs. It uses data – Economists collect and study information. It uses reasoning – It explains why people make certain choices. It changes over time – Economics adjusts as society changes.

5. Relationship of economics with social science Social Science Connection Sociology Studies how society affects spending and saving. Political Science Government makes economic decisions and laws. Geography Location and resources affect trade and production. Psychology Explains why people buy or save money. History Teaches how past events affect the economy today.

6. The Scientific Side of Economics Data Collection : Surveys, statistics, and studies. Analysis : Identifying patterns in spending, prices, and employment. Theories and Models : Used to explain and predict economic behavior (e.g., supply and demand).

7. The two Main Branches of Economics Microeconomics – Studies small parts of the economy like families, businesses, or prices of products. Macroeconomics – Studies the whole economy, like inflation, jobs, and national income.

8. What is Gross Domestic Product (GDP) It is the total money value of all the things in the country makes and does in a year like food, clothes, buildings, and services. It shows how strong or weak a country’s economy is.

9. Gross Domestic Product Examples Building houses and roads Making and selling Filipino-made products Providing services like teaching or transportation Buying local goods increases GDP Imported goods don’t count because they’re made in another country

10. Summary Economics is the study of choices and resources. It is a social science because it studies people’s behavior. It connects with other social sciences. It uses data and facts like a real science. GDP measures how well a country’s economy is doing.