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Lesson 1
Basic Concepts of Economics
Pre-test
I. True or False: Carefully read each sentence
and determine if the sentence is true or if the
sentence is false.
1. Economics comes from the Greek word oikonomia
which means household chores.
2. Economics is considered a field of social science.
3. Economics is relevant because it is part of
everybodys life.
4. There are three (3) divisions of Economics, the
microeconomics, the macroeconomics and the home
economics.
5. As a science, Economics is related to other sciences.
II. Essay. Answer the following using five (5)
sentences and above.
?
Economics as defined
From the Greek words Oikos meaning household
and nomos meaning management
= household management
ECONOMICS
MACROECONOMICS
MICROECONOMICS
General, economy as a whole
Specific
Deals with the economic behavior of
the whole economy or its aggregate
Deals with the economic
such as
behavior of the individual government, business, unemployment,
units such as inflation and the like.
consumers, firms, the owners
of factors of productions Refers to management of
income, expenditures, wealth or
resources of a nation.
Types of Economics
1. Household Economics most common use of economics is
for the family. At this level, anyone who knows the economic
principles will be able to improve the running of the
household.
2. Business Economics when a person or group of persons
begins to work, they come under the system of business
economics in their workplace. In this type, you deal with the
rent, salary, profits and others.
3. National Economics Economic factors of problems
affecting the whole nation. Deals with the management of
income, expenditures, wealth or resources of a nation.
4. International Economics The highest stage of economic
activities involving the business of one country with other
countries like trade, tourism, exchange rates.
Is Economics a science?
Explain why if yes or why not if no
?
Economics as a Science
Is a science because it is an organized body of
truth, coordinated, arranged and systematized
with reference to certain general laws and
principles.(Observation, Formulation of theories, Gathering of
data, Experimentation, Conclusion, Generalization)
NATURAL
POLITICS SCIENCE
ECONOMICS
ETHICS/ SOCIOLOGY
RELIGION
HISTORY GEOGRAPHY
Essence of Studying
Economics
To understand the world better
Applying the tools of economics can help you understand global
and cataclysmic events such as wars, famines, epidemics, and
depressions. Economics has the power to help us understand these
phenomena because they result from the choices we make under
the condition of scarcity.
PASTORAL STAGE
AGRICULTURAL STAGE
HANDICRAFT STAGE
INDUSTRIAL STAGE
ROWTOWS 5 STAGAES OF
ECONOMIC DEVELOPMENT
AGE OF
D HIGH
R MASS
I
P V C
R E
T O
E
C A TO N
T
O K S
R N E M U
A D
O A M
D I
I T F T P
T I F U T
I R
O
O I
N N I
O
A T
L TO Y N
TAKEOFF
The Development of Philippine
Economics
Pre-
Hispanic
PNOY
Govt