𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 ┊ .𐙚˙⋆.˚ ᡣ𐭩

Key terms in Economics

• Economics — the branch of knowledge concerned with the production, consumption, and transfer of wealth.

• Economic goods — things that have value or price like food, clothing, and shelter. We need money in order to have these things and because of the unlimited needs, the said goods become scarce. 

• Free goods — Air, water, and sunlight are considered free goods. Man get it free in natural form. To fully understand economics, economists expounded on macroeconomics and microeconomics.

• Microeconomics — is centered in studying the small unit of the economy. It tackles the individual behavior of the consumers, producers and the market such as products and services which the consumer would like to consume, and products and services that suppliers would like to supply.

• Macroeconomics — is the study of the behavior of the entire economy. It focuses on the aggregate activities of the government, industry, and households.The whole operation of the economy is the center of discussion in macroeconomics.

Relationship of Economics

• Economics and sociology — Sociology studies society's composition, relationships, and institutions, with cultural and economic factors influencing collective actions. In Filipino culture, the father is traditionally the breadwinner, while the mother cares for children and household chores. However, gender equality has evolved, with both parents working to support the family. This gender equality in Filipino culture contributes to family and economic progress, emphasizing the importance of family roles in economic development.

• Economics and Political science — The study of government structure, functions, and laws is crucial as they impact our lives and the economy. Understanding economics is essential for understanding political issues like tax reforms, agrarian reform, budget deficits, and government form.

• Economics and history — History is the recorded struggles and progress of humans from past to present, influencing local and global economies. It serves as a guiding principle for preserving freedom and influencing modern Filipino life and economic activities.

• Economics and Ethics — Ethics and economics are interconnected, with ethics focusing on individual morality and guiding citizens towards economic development. Self-discipline is crucial for proper project implementation and economic activities. Government officials should be morally upright to prioritize the people and economy. Economic progress can be achieved through good values, gender equality, respect for human rights, laws, health, safety, and environmental considerations.

• Economics and geography — Geography studies a country's physical features, products, and population, impacting economic activities. El Nino effects affect certain regions. Extreme heat or La Nina, caused by excessive rainfall, impacts economic activities like production, consumption, and distribution. Geographical factors, such as the location of provinces, also affect the distribution of goods and services, resulting in varying economic activities and product output

• Economics and Physics — Physics, the study of matter and energy, is crucial for modern technology and innovation, enabling the economy to sustain and meet people's needs.

• Economics and Chemistry — Chemistry studies chemical composition for various goods, utilizing new technology to boost efficiency and competitiveness in global markets and economies.

• Economics and biology — Biology studies living things like humans, animals, and plants, crucial for economic development. Agriculture, fisheries, and livestock contribute to understanding biology, including species propagation, reproduction, and disease control. Healthy animals and plants benefit people's health and livelihoods, particularly in rural areas. Hog raising technology aids farmers and families in a decent living.

• Economics and Psychology — Psychology studies the mind's influence on human behavior, influencing thoughts and actions. It is related to economics, emphasizing positive outlooks, open minds, and accepting failures in business ventures, highlighting how human behavior impacts economic activities.

• Economics and mathematics — Economics and mathematics are interconnected fields that study numbers, statistics, and mathematical equations. 

→ Mathematics helps understand the effects of price, wage, budgeting, and oil price increases on daily activities. 

→ Statistics, on the other hand, is the science of learning from data and making economic decisions. 

Both fields significantly influence people's lives and the economy, and are integral to daily activities, from simple to complex.

Simplified Relationship of Economics

• Economics and sociology — Sociology studies societal composition, relationships, and institutions, with cultural and economic factors influencing collective actions. Filipino culture emphasizes family roles in economic development, with gender equality evolving.

• Economics and Political science — Understanding government structure, functions, and laws is crucial for comprehending political issues like tax reforms, agrarian reform, budget deficits, and government form, impacting our lives and the economy.

• Economics and history — History is the record of human struggles and progress, influencing local and global economies, preserving freedom, and influencing modern Filipino life and economic activities.

• Economics and Ethics — Ethics and economics are interconnected, guiding citizens towards economic development through self-discipline, good values, gender equality, respect for human rights, laws, health, safety, and environmental considerations.

• Economics and geography — Geography influences economic activities by examining physical features, products, and population, with El Nino and La Nina effects affecting regions and provinces, affecting production, consumption, and distribution.

• Economics and Physics — Physics, the study of matter and energy, is vital for modern technology and innovation, ensuring the economy sustains and meets people's needs.

• Economics and Chemistry — Chemistry studies chemical composition of goods, utilizing new technology to enhance efficiency and competitiveness in global markets and economies

• Economics and biology — Biology studies living organisms like humans, animals, and plants, crucial for economic development. Agriculture, fisheries, and livestock contribute to understanding species propagation, reproduction, and disease control.

Economics and Psychology — Psychology explores the impact of the mind on human behavior, emphasizing positive outlooks, open minds, and accepting failures in business ventures, highlighting the influence of human behavior on economic activities.