Economics - SSTP

economics

• analyzes and describes the production, distribution, and consumption of wealth

• study of scarcity and its influence on social phenomena

significance of economics

• undstands trends in economy and how it may affect the individual

• analysis of how resources are distributed and how individuals react

• the study of human reaction to scarcity

key methodologies in economics

• explain how people, businesses, and nations make choices when resources are limited

graphs&visualization

• methodology in econ

• mathematician visualization

  • key to understanding econ trends and patterns

• versatile in usage

microeconomics

• how individuals and businesses make econ decisions

• smaller scale in terms of economics

• more on the individual behavior

macroeconomics

• studies the economy as a whole

• how different systems interact w/ one another

applications of economics

• addresses real-world issues and policy making

• trends and pattern recognition = makes econ essential in many settings

as an approach

• examines decision making of individuals and businesses

• identifying and analysing how systems interact with eo globally

• discussion of behavior

in the real world

• provides data driven recommendations

• partial predictor of trends and patterns

  • gini coefficient

within the philippines

• driven by the service industry mostly

• labor = important capitals of the ph

• economic policy = driven towards foreign investments

• import of goods currently exceed exports