Applied economics for ABM students chapter 1.pptx

Lecture note

1. APPLIED ECONOMICS By: Norman T Samera

2. Objectives: Students are expected to: define basic terms in applied economics (LESSON 1) identify the basic economic problems of the country (LESSON 2) explain how applied economics can be used to solve economic problems (LESSON 3)

3. Pls don’t copy this

4. Pls don’t copy this You’ve heard

5. Economics defined by the ff. economists:

6. Economics is … Wealth Welfare Choice or scarcity Growth and development

7. CONCERNS OF ECONOMICS Concerned with … PRODUCTION ( input and output) DISTRIBUTION (allocation of total products) CONSUMPTION ( used of goods and services) PUBLIC FINANCE (e.g. expenditures and revenues of govt.)

8. WHY DO WE NEED TO STUDY ECONOMICS? WHY ECONOMICS IS IMPORTANT?

9. To know how important the subject is, all WE need to do is read the front page of the newspaper to see the most important news which are economics in nature. Watch the news on TV, economic news are always present important issues.

10. IMPORTANCE OF STUDYING ECONOMICS are the following: To understand the world better To gain self-confidence and become wise decision makers To achieve social change and contribute to National Development To help prepare for other careers

11. What about Applied Economics?

12. POSITIVE vs NORMATIVE

13. summary

14. https://www.dbm.gov.ph/images/pdffiles/2019-People's-Budget-Quick-Glance_English-Version.pdf CREATE A REACTION PAPER Class activity Reaction paper ( short coupon bond maximum of 4 pages and min of 2 pages, DOUBLE SPACING) Based on the budget, determine what expenditures are the governments’ top priorities, and then expenditures which are the least priorities. Debate topic ( 30 mins preparation per team 15 mins proper) Is it right to prioritize EDUCATION in preparing the NATIONAL BUDGET? Yes or NO.

15. Thank you