Applied Econonomics-Q1 Lesson 1-Economics as Social and Applied Science pptx

First Lesson in Applied Economics in Quarter 1

1. APPLIED ECONOMICS School of Business

2. Today we will start our discussion on APPLIED ECONOMICS by discussing the following: OUR LESSON FOR TODAY: Understand the basic concepts of applied economics. Recognize the importance of economics in everyday decision-making. Apply economic principles to real-world scenarios.

3. "THE MARKET SHOWDOWN" Before we start learning, let's try to the activity: A B C Create a Market Simulation Each group will be play the role of Consumers, Producers and Market Analyst The class will be group into three (3)

4. WHAT IS ECONOMICS?

5. is the study of allocating scarce resources to meet the unlimited needs and desires. ECONOMICS

6. NATURE ECONOMICS? ECONOMICS IS A SCIENCE ECONOMICS IS AN ART

7. AS A SCIENCE integrating various sciences such as mathematics, statistics, etc. to identify the relationship between price, demand, supply and other economic factors.

8. WHAT DOES THIS MEAN?

9. refers to any subject that deals with human behavior. Political Science, Psychology, Ethics, etc. come within the definition of Social Science. SOCIAL SCIENCE

10. is concerned with the study of how individuals, households, firms, industries, and government make decisions relating to the allocation of limited resources to productive usage, to derive maximum gain or satisfaction. It assesses the relationship between the consumption and production of goods and services in an environment of finite resources. ECONOMICS

11. Scope of Economics: MICRO ECONOMICS MACRO ECONOMICS

12. MACROECONOMICS Studies the behavior, performance and structure of an economy as a whole Example: It looks at aggregate indicators and phenomena such as national income, overall employment levels, inflation rates, and gross domestic product (GDP).

13. MICROECONOMICS The branch of economics that studies individual and business decision-making processes and how they affect the allocation and distribution of resources. Example: It examines the behavior of individuals and firms, market structures, consumer choices, and resource allocation

14. Macroeconomics looks at the "big picture" of the economy, focusing on aggregate data and national or global economic trends. REMEMBER Microeconomics zooms in on individual and business decisions, market mechanisms, and how specific factors affect supply and demand.

15. ECONOMIC RESOURCE LAND LABOR CAPITAL ENTREPRENEUR FOREIGN EXCHANGE

16. AS AN ART Economics has various branches like production, distribution and consumption. It also provides general rules and laws that are capable of solving different problems of society.

17. As Applied Science ECONOMICS is is the application of economic principles and theories to real situations and trying to predict what the outcomes might be. In simpler definition, it is the study of observing how theories work in practice.

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