Nature and Importance of Applied Economics in Real Life

Applied Economics GAS strand about the Nature and Importance of Applied Economics in Real Life.pptx

1. Nature and Importance of Applied Economics in Real Life GAS 11 | SY 2025-2026

2. Learning Competency Explains the nature and importance of Applied Economics. Identifies examples of economic choices made in daily life. Understands the concepts of scarcity and opportunity cost.

3. "What economic decisions do we make every day without realizing it?"

4. Have you tried to run out of water while you were taking a bath?

5. The Invisible Choices Lesson 1

6. Learning Objectives Define Applied Economics. Identify personal daily economic decisions. Recognize scarcity and opportunity cost.

7. write a notes or take photos for it ?

8. paint with your hands or draw with your feet ?

9. read a book or write your own story ?

10. play volleyball in the sun or basketball in the rain ?

11. star in a school play or be the director behind the scenes ?

12. work part-time after school to earn extra money or use your free time to study more ?

13. save your money in a bank or invest it in a small business ?

14. spend your last ₱500 on a need or on a want ?

15. eat out with friends once a week or save that money for a new gadget ?

16. spend ₱150 on milk tea now or save it and have ₱600 by the end of the week ?

17. buy a gift for yourself or save it to give a surprise to a friend ?

18. shop online for convenience or go to the store to check quality first ?

19. buy something on sale or wait and save for something new ?

20. What is Applied Economics?

21. NEEDS These are things you must have to live . Without them, you can’t survive or live properly. Examples of Needs: Food Water Shelter Clothing Education Basic healthcare

22. WANTS These are things you wish to have but can live without. They make life more fun or comfortable , but they are not essential . Examples of Wants: Milk tea Cellphone upgrades Branded clothes Concert tickets Video games

23. SCARCITY There are limited resources but unlimited wants or needs .

24. SCARCITY Scarcity = Not enough for everyone = We must choose

25. TRADE-OFFS Consists of all the option that we give up when we make a choice. When you have to choose one thing over another because you can’t have everything at the same time.

26. OPPORTUNITY COST The value of the best thing you gave up when you made a choice.

27. Microeconomics Macroeconomics Focus Small units (individuals, businesses) Whole economy (country, global) Example How a student budgets allowance How the government controls inflation Scope Specific decisions Overall economic trends

28. the amount of goods or services that sellers are willing to produce and sell at a certain price. the amount of goods or services that buyers are willing and able to buy at a certain price.

29. WHAT IS APPLIED ECONOMICS?

30. APPLIED ECONOMICS The practical use of economic ideas to solve real-life problems.

31. Examples of Applied Economics: A student starts a small business in school using budgeting skills A family decides how to spend their income wisely A local government plans a project based on people’s needs and resources A company sets prices based on supply and demand

32. Why is Applied Economics Important for Students? Helps you manage money wisely Trains you to solve problems using economic thinking Prepares you for real-life decisions about spending, saving, working, or starting a business Makes you more aware of community and national issues

33. IN SHORT Applied Economics = Using economic knowledge to make real-life decisions.

34. ACTIVITY "ECONOMIC CHOICES DIARY" List 5 economic decisions you made in the past 24 hours (even simple ones like walking vs. riding, bringing lunch vs. buying food). Identify which were based on needs/wants, and what you gave up (opportunity cost).

35. REFLECTION EXIT SLIP “One economic choice I made today was ___ and the opportunity cost was ___.”

36. “Game Ka Na Ba?” — Let’s Test It! Lesson 2

37. Learning Objectives Review key concepts: scarcity, opportunity cost, economic choices. Apply concepts through a quiz game.

38. Game Ka Na Ba? ACTIVITY

39. You have ₱150. You can either buy a school notebook or a new phone case. You choose the notebook. What is your opportunity cost? Your money The phone case The notebook The store GAME KA NA BA?

40. You have ₱100 and two choices: buy load for online learning or buy a milk tea. You choose to buy load. What is your opportunity cost ?Your money Online learning Milk tea Internet signal ₱100 GAME KA NA BA?

41. 2. Your friend wants to buy a new branded hoodie even though he already has three jackets. This purchase is an example of a: Need Budget Want Scarcity GAME KA NA BA?

42. 3. A student started a small business selling bookmarks to help pay for a school project. What economic skill is the student showing? A. Spending B. Budgeting C. Entrepreneurship D. Borrowing GAME KA NA BA?

43. 4. During a typhoon, bottled water in stores runs out quickly. This is an example of: A. Demand B. Inflation C. Opportunity Cost D. Scarcity GAME KA NA BA?

44. 5. A student wants to buy a new bag and a review book for exams. She only has enough money for one. She chooses the review book. What does this decision show? A. Careless spending B. Poor time management C. Wise budgeting and prioritization D. Avoiding responsibilities GAME KA NA BA?

45. 6. You and your classmates are planning a class project. You can either buy expensive decorations or donate the money to a local charity and use recycled materials instead. What economic value are you applying if you choose to help others while saving money? A. Self-interest B. Generosity and resourcefulness C. Consumerism D. Laziness GAME KA NA BA?

46. 7. Your school offers two workshops at the same time: one about budgeting and another about photography. You’re interested in both, but you choose budgeting. Why? A. Because photography is boring B. Because budgeting will help you make smarter financial decisions C. Because the budgeting workshop gives free snacks D. Because all your friends are there GAME KA NA BA?

47. 8. A student decides not to buy the latest phone model and instead saves the money for college. What does this decision reflect? A. Impulse buying B. Long-term planning and prioritization C. Peer pressure D. Scarcity of phones GAME KA NA BA?

48. 9. You want to sell homemade bracelets in school. You observe students prefer colorful, adjustable designs. What economic principle are you applying by studying your market? A. Scarcity B. Opportunity cost C. Supply and demand D. Inflation GAME KA NA BA?

49. 10. A student always spends all of their allowance during the first week of the month and then borrows money after. What financial behavior needs improvement? A. Entrepreneurship B. Spending habits and budgeting C. Saving skills only D. Work-life balance GAME KA NA BA?

50. REFLECTION Reflection Log “What did I learn about how I make economic decisions every day?”

51. “Life is a Series of Choices” Lesson 3

52. Learning Objectives Analyze daily choices using economic concepts. Communicate insights on personal decision-making.

53. ACTIVITY Sharing Time "Economic Choices Diary"

54. ACTIVITY “Scarcity Scenario Shuffle” Instructions: Each group receives a scarcity scenario card . Discuss within your group: What is the best choice ? What do you have to give up ? What is your opportunity cost ? Prepare a 1-minute explanation . Share your answers briefly with the class.

55. ACTIVITY “Scarcity Scenario Shuffle” You have ₱100. You want to buy a school project material (₱70), snacks (₱50), and mobile load (₱40). ➤ What will you buy? What will you give up?

56. ACTIVITY “Scarcity Scenario Shuffle” You only have 1 hour after school. You can either finish homework, attend club practice, or rest at home. ➤ What will you do? What did you sacrifice?

57. ACTIVITY “Scarcity Scenario Shuffle” Your parents gave you a budget for one school event. You want to join a field trip, a club competition, and a music camp — but can only afford one. ➤ Which one will you join? Why?

58. ACTIVITY “Scarcity Scenario Shuffle” Your family’s internet data is limited. You can use it to scroll social media, attend an online review, or watch a tutorial. ➤ What will you choose? What's your opportunity cost?

59. ACTIVITY “Scarcity Scenario Shuffle” You are choosing between buying a need (new school shoes) or a want (trendy hoodie) . Both cost the same. ➤ What do you choose? What is your opportunity cost?

60. REFLECTION Individual Reflection Letter Write a short letter to your "future self" explaining how you will apply economic thinking in everyday decisions (time, money, priorities). Encourage sincerity and practical examples.

61. WRAP-UP ONE WORD EXIT TICKET What word describes how you now feel about the way you make choices?