Applied Economics. Introduction to economics.

SHS Applied Economics

1. Applied Economics

2. Directions. PICTURE ANALYSIS. By examining the pictures, complete the sentence by choosing the letter that corresponds to the correct answer. You may raise your right hand to answer. Applied Economics

3. Pictures are examples of _________. A. Resources B. Commodities Applied Economics

4. Pictures are examples of _________. A. Resources B. Commodities Applied Economics

5. Resources and Commodity Applied Economics Economic Resources are the factors used in producing goods or providing services. Examples: Labor, Land. Assets, Capital A Commodity is an economic goods and are most often used as inputs in the production of other goods or services.

6. Pictures are examples of human _________. A. wants B. needs Applied Economics

7. Pictures are examples of human _________. A. wants B. needs Applied Economics

8. Human Needs and Wants Applied Economics A Human needs are something that you must have in order for you to live. A Human wants are something that you wish to have for you to add comfort to your life.

9. Introduction to Economics Applied Economics

10. Objectives: Applied Economics At the end of the lesson, the students will be able to: Understand the basic economic concepts; Differentiate Macro and Micro Economics; and Appreciate the importance of studying Economics.

11. Some issues in the Philippines: Applied Economics The sugar industry in the Philippines way back 2022 was declined.

12. Applied Economics The Philippines will next import sure to stabilize domestic prices that have shot up to despite stable local production What do you think are the reason?

13. Scarcity Applied Economics This refers to the limitation of resources. It is coupled with the fact that human wants and needs are limited. Scarcity means limitedness while shortage products and services which are not available in the required quantity. What do you think will the government do?

14. Applied Economics Economics refers to the effective management of scarce resources to satisfy unlimited human wants and needs. Economic Resources , also known as factors of production, are the resources used to produced goods and services. Land Labor Capital

15. Applied Economics What Economic Resources is identified in the given picture? Land Labor Capital?

16. Applied Economics How Economics differ from the other discipline like Biology and Chemistry? Does Economics Theory and concepts can be applied to real-world situation?

17. Applied Economics How Economics differ from the other discipline like Biology and Chemistry? Economics studies human behavior just like psychology and sociology. It studies society and how people behave and influence the world around them. That’s why Economics is a Social Science.

18. Applied Economics Economics is a SOCIAL SCIENCE concerned with the explanation and prediction of observed phenomena in the society. Economics studies the way in the societies solve the fundamental problems of reconciling the unlimited desires of individuals with scarcity of resources susceptible to numerous alternative uses.

19. Applied Economics Does Economics Theory and concepts can be applied to real-world situation? Yes. Since Economics studies human behavior how people behave, its analysis requires the application at certain economic concepts and tools to understand various economics issues and problems. And that is Applied Economics

20. Applied Economics Economics is also an APPLIED SCIENCE because it uses the specific method in its explanations, which consists of observing reality and presenting questions and problems to arrive at the formulation of theories and models. As an applied science, it follows a systematic procedure to solve issues and problems of the society.

21. Applied Economics Branches of Economics: MACROECONOMICS MICROECONOMICS

22. MACROECONOMICS Applied Economics Branch of Economics that is concerned with the overall performance of the entire economy. Focuses on the overall flow of the goods and resources. Expansion of productive capacity Growth and national income

23. MICROECONOMICS Applied Economics Branch of Economics that is concerned with the behavior of individual entities such as the consumer, the producer, and the resource owner. Studies the decision and choices of the individual Focus on the level of production, employment and income.

24. Applied Economics

25. Applied Economics What branch of Economics concerned more on the flow of goods and services from firm to consumer and how resources move from the resource owner to the business firm? Macroeconomics Microeconomics

26. The Economic Agents/Stakeholders Applied Economics 1. Consumers Consumes goods and services / offer production factors Maximize utility 2. Producers Produce goods / demand productive factors Maximize profit 3. The Public Sectors Attempt to maximize the well-being of society

27. Basic Terms to Understand Economics Applied Economics In ECONOMICS, we have this GOODS – which yields to your satisfaction. It is anything used to satisfy your wants and needs. TANGIBLE GOODS – material goods or commodities. INTANGIBLE GOODS – when they are in the form of services. Those rendered by doctors, engineers, doctors and other professionals.

28. Classification of Goods according to use. Applied Economics

29. Classification of Goods according to use. Applied Economics

30. Classification of Goods according to use. Applied Economics

31. Classification of Goods according to use. Applied Economics

32. Classification of Goods according to use. Applied Economics

33. Classification of Goods according to use. Applied Economics

34. ECONOMIC RESOURCES OR FACTORS Applied Economics

35. ECONOMIC RESOURCES OR FACTORS Applied Economics

36. CHARACTERISTICS OF RESOURCES Applied Economics 1. Scarcity – insufficient resources to supply all the desires and needs of an individual. 2. Multiple use – resources can have more than one possible use. 3. Partially Irreplaceable – one resource can replace another in the production of a good or service.