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APPLIED ECONOMICS-Learners Packet

This document provides an introduction to applied economics concepts. It defines economics as the management of home or world resources. It uses the example of producing, distributing, and consuming a pen to introduce the concepts of production, distribution, consumption, needs, and wants. It asks the reader to classify economics, discuss the current economic status of the Philippines by watching a video, explain key terms like inflation and the law of supply and demand, and interpret supply and demand curves graphs. The overall document aims to give a high-level overview of applied economics topics in a learner-friendly way.

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Rhuzz Villanueva Zgir
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158 views6 pages

APPLIED ECONOMICS-Learners Packet

This document provides an introduction to applied economics concepts. It defines economics as the management of home or world resources. It uses the example of producing, distributing, and consuming a pen to introduce the concepts of production, distribution, consumption, needs, and wants. It asks the reader to classify economics, discuss the current economic status of the Philippines by watching a video, explain key terms like inflation and the law of supply and demand, and interpret supply and demand curves graphs. The overall document aims to give a high-level overview of applied economics topics in a learner-friendly way.

Uploaded by

Rhuzz Villanueva Zgir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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APPLIED

ECONOMICS

(Learners Packet)
GAS 12

https://thumbs.dreamstime.com/z/philippine-business-economy-growth-country-map-finance-condition-vector-illustration

APPLIED ECONOMICS CDLSHS


A. Think of a word/s that can give your explanation/meaning to highlighted words
below. Write a short paragraph to summarize your answer.

ApPLiEd
ECONOMICS

B. How will you relate these pictures to our Economy?

APPLIED ECONOMICS CDLSHS


Figure 1.
http://media.zenfs.com/en_sg/News/AFP/f55bf756f2d7c6c1ef8b26dd872502861dce628d.jpg

Figure 2.
https://www.arabnews.com/sites/default/files/styles/n_670_395/public/2020/08/06/2218311-
470642420.jpg?itok=pl_BGbGs

Watch: https://www.youtube.com/watch?v=B8aV--1TMpQ

1. What Is Economics?
APPLIED ECONOMICS CDLSHS
The word ‘Economics’ comes from two old Greek words - ‘oikon’, which means ‘home’ and
‘nomos’ which means ‘management’. Therefore, economics literally means ‘management of
the home’. However, the meaning is now much larger, meaning the management of all
world resources
Bring an object to class, perhaps a pen. Ask the class:
Where was this made?
Answer: A factory.
Where did it go after the factory?
Answer: A shop.
How did it reach the shop?
Answer: In a van or truck.
How did I get it?
Answer: You went to the shop and bought it.
What did I buy it with?
Answer: Your money.
What do I use it for?
Answer: You use it to write with.

Introduce the following concepts:


Production - this pen is made in a factory.
Distribution - the pen is taken to the shop in a van or truck.
Consumption - you buy and use the pen
Need - something that is necessary for survival.
Want - something that you desire to have, but is not necessary

Answer:

1. Give the two (2) general classification of Economics.


2. What is the present Economic Status of the Philippines? (https://www.youtube.com/watch?
v=Jp1PzgimYcU) Write your reaction after watching the videos.
3. Economic participants.
4. Explain the word inflation.
5. Explain the law of demand and supply.
6. Interpret the table below.
APPLIED ECONOMICS CDLSHS
Figure 3. http://www.netmba.com/images/econ/micro/supply/curve/supplycurve.gif

Figure 4. http://www.netmba.com/images/econ/micro/supply/curve/supplycurve.gif

APPLIED ECONOMICS CDLSHS


Figure 4. https://www.econlowdown.org/images/supply_and_demand/l3-graph-supply-shift

APPLIED ECONOMICS CDLSHS

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