Economics is concerned with the production, distribution, exchange, and consumption of goods and services.

Economists focus on the way in which individuals, groups, business enterprises, and governments seek to achieve efficiently any economic objective they select. As Exchange is involved with money, market and people, it plays a vital role in our economy. It is associated with market and marketing that somehow or in a way make it possible for our Philippine economy to continue in progress and to compete in the global market. Market is any established operating means or exchange for business dealings between buyers and sellers. The earliest markets in history conducted bartering. After the introduction of money, commercial codes were developed that ultimately led to modern national and international enterprise. As production expanded and became less practical, communications and so-called middlemen came to play an ever growing role in markets. Types of markets include retail, wholesale or distributors', producers', raw material, and stock. The term market is also used to denote a place where goods are bought and sold, and to refer to potential or estimated consumer demand. The most basic economic institution in market economies is the system of markets in which goods and services are bought and sold. That is where consumers buy most of the food, clothing, and shelter they use, and any number of things that they simply want to have or that they enjoy doing. Private businesses make and sell most of those goods and services. These markets work by bringing together buyers and sellers who establish market prices and output levels for thousands of different goods and services.
Marketing is the process by which a product or service originates and is then priced, promoted, and distributed to consumers. They involve market research and product development, design, and testing.

It is the process of identifying the goods and services that consumers need and want and providing those goods and services at the right price, place, and time. Businesses develop marketing strategies by conducting research to determine what products and services potential customers think they would like to be able to purchase. Marketing concentrates primarily on the buyers, or consumers. After determining the customers needs and desires, marketers develop strategies that are designed to educate customers about a products most important features, persuade them to buy it, and then to enhance their satisfaction with the purchase. Marketing includes planning, organizing, directing, and controlling the decision-making regarding product lines, pricing, promotion, and servicing. In most of these areas marketing has overall authority; in others, as in product-line development, its function is primarily advisory. Under the market we have the local market, which deals with the local demand like in taboan where we can buy goods and products in low-priced. We can find here various and a lot of manufactured articles, farm products, handicrafts, foodstuff and many more in world market,

which deals with the worldwide demand. This requires greater production and of course good and high quality products for exportation purposes and to compete in the global market. The main exports are electrical and electronic components, textiles, coconut products, and fish. The Philippines has increased its production of durable items, especially electrical and electronic equipment and components, nonelectrical machinery, transport equipment, and furniture. The manufacture of electronic items, especially computer components such as microchips and circuit boards, increased substantially for the export market, The Philippine economy was therefore affected by the worldwide slump in demand for these items. Other types of market such as retail marketinvolving smaller quantities, wholesale market involving bulk in large quantities, seaboard marketfor imported articles and ________ market located in cities each of which has played their important roles in economic-building. Exchange is an essential part of economic process making our nation progressive thereby making our national economy financially stable which will result to more efficient government service and the people are more self-sufficient. In addition, this will somehow alleviate ----------------------

H. Transportation Despite the difficult terrain, the Philippines has an extensive road system; however, only about 22 percent of roads are paved. The Pan-Philippine Highway, also called the Maharlika Highway, is a system of roads, bridges, and ferries that connects the islands of Luzon, Samar, Leyte, and Mindanao. The rail system, concentrated on Luzon, is limited. A light-rail transit system known as Metrorail was opened in Manila in 1985 to help reduce traffic congestion. The national air carrier is Philippine Airlines (PAL). The countrys international airports are Ninoy Aquino International Airport in Manila and Mactan International Airport near the city of Cebu. Subic Bay International Airport, near Manila, serves international commercial flights as well as domestic passenger flights. The country has many seaports, the busiest at Manila, Davao, Cebu, Iloilo, and Zamboanga. Communications The Philippines has 82 daily newspapers. Many are published in Manila in both Filipino and English. The Manila Bulletin, founded in 1900, is the longest-running daily newspaper. Other large-circulation dailies include Abante, People Tonight, Ang Pilipino Ngayon, Philippine Daily Inquirer, and Tempo. Some regional publications are written in local languages, including Ilocano, Hiligaynon, and Cebuano. The official Islamic news journal is The Voice of Islam, founded in 1973 and published in Davao. Freedom of the press is guaranteed under the constitution. The country has an extensive broadcasting system, with hundreds of radio stations and several national television networks.