Introduction to the subject Applied Economics for Grade 12 students.

1. MRS. MARY IRENE M. DE VERA
TEACHER II
Applied
economics
12

3. C O E N S I C M S

4. E C O N O M I C S

5. Y I T S A C R C

6. S C A R C I T Y

7. A C R M O O C E O N
S C I M

8. M A C R O E C O N O
M I C S

9. O I C R M O C E O N
S C I M

10. M I C R O E C O N O
M I C S

11. L A I N T E E S S
S
O O D G

12. E S S E N T I A L
S
G O O D

13. -
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17. 01.
Natureand
scopeof
economics

18. Thus, it is very
important to understand
the various issues and
intricacies concerning
economics. (Silon et.al
2009)
O1 NATURE ANDSCOPEOF ECONOMICS

19. According to Carnaje 2016, like other social
sciences, such as sociology and political
science, economics is trying to understand
how people behave and how they interact
within society. It also uses a scientific
approach to its investigations.
O1 NATURE ANDSCOPEOF ECONOMICS

21. ❑ is a social science that deals with how
individuals organize themselves in order
to distribute scarce resources to create
products and services that meet man's
infinite and multiplying desires and
needs.
ECONOMICS - definition

22. ❑ It is a science because, in relation to those general laws and
principles, it is an organized body of facts, orchestrated,
structured and systematized. (Observation, hypothesis
formulation, knowledge set, experimentation, inference,
generalization)
❑ Using some kind of logic based on a collection of systematic
relations, economic analysis attempts to describe economic
events.
❑ It is social science since individuals or societies and their
actions, unpredictable in nature, are the subject of
economics.
ECONOMICS asascience

24. Greek word mikros,
meaning “small”
Greek word makros,
meaning, “Large”

25. Aspects ofeconomics
1. It is a science concerned with human
behavior.
2. It is concerned with decisions we
make and the consequence of those
choices.
3. It is concerned with man’s material
happiness.

26. Economics asapplied science
▪ Applied economics involves application of economic theories
and principles to a real-world situations which aim at
predicting potential outcomes.
▪ Economics as an applied science follows a systematic
procedure to solve issues and problems of the society. It uses
scientific methods in its explanations, which consists of
observing the reality, presenting questions and problems to
arrive at the formulation of theories and models. It also aids
the students in learning the relationship of the business and
basic economic theories which give an opportunity to measure
their academic and personal growth and improvement.

27. concerns ofeconomics

28. types ofeconomics

29. Theeconomic agents/stakeholders

30. Basic termstounderstand

31. Classification ofgoods-use

32. Classification ofgoods-use

33. Classification ofresources

34. -
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ACTIVITY#2- GROUP

36. characteristics ofresources

37. Choice & decisionmaking

38. Importance ofeconomics inourdailylives

39. Economics refers to the study of ways
that individuals and societies allocate
their limited resources to satisfy their
unlimited wants. It also deals on how
humans behave to deal with their scarce
resources.
GENERALIZATION

45. ASSIGNMENT

46. — tylercowen

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THANKyou
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