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Quarter 1 – Module 1:
Economics as Social Science and Applied
Science in Terms of Nature and Scope
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Introductory Message
For the facilitator:
As a facilitator, you are expected to orient the learners on how to use this module.
You also need to keep track of the learners' progress while allowing them to manage
their own learning. Furthermore, you are expected to encourage and assist the
learners as they do the tasks included in the module.
This module was designed to provide you with fun and meaningful opportunities for
guided and independent learning at your own pace and time. You will be enabled to
process the contents of the learning resource while being an active learner.
1. Use the module with care. Do not put unnecessary mark/s on any part of the
module. Use a separate sheet of paper in answering the exercises.
2. Don’t forget to answer Let’s Try before moving on to the other activities
included in the module.
3. Read the instruction carefully before doing each task.
4. Observe honesty and integrity in doing the tasks and checking your answers.
5. Finish the task at hand before proceeding to the next.
6. Return this module to your teacher/facilitator once you are through with it.
If you encounter any difficulty in answering the tasks in this module, do not
hesitate to consult your teacher or facilitator. Always bear in mind that you are
not alone.
We hope that through this material, you will experience meaningful learning and
gain deep understanding of the relevant competencies. You can do it!
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Let’s Learn
This module was designed and written with you in mind. It is here to help you
understand and differentiate economics as social science and applied science in
terms of nature and scope. The scope of this module permits it to be used in many
different learning situations. The language used recognizes the diverse vocabulary
level of students. The lessons are arranged to follow the standard sequence of the
course. But the order in which you read them can be changed to correspond with
the textbook you are now using.
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Let’s Try
Choose the letter of the best answer. Write the chosen letter on a separate sheet of
paper.
3. The knowledge gained from studying economics will enable you to _______
a. achieve all of your goals in life
b. become rich
c. make wiser economic decisions throughout your life
d. none of the above
6. It looks as the individual unit such as the household, the firm, and the
industry.
a. microeconomics
b. econometrics
c. macroeconomics
d. descriptive economics
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7. The following are the factors of production except.
a. capital
b. land
c. labor
d. services
9. The things that people need and want are classified into
a. goods and services
b. wealth and services
c. services and choices
d. all of the above
11. What are the resources called that are needed to produce a good or service?
a. Goods and services
b. Needs and wants
c. Factors of productions
d. All of the above
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Lesson Economics as Social Science
1 and Applied Science in
Terms of Nature and Scope
We all want to make wise choices in life and as you grow older, the more important
choices you will have to make. Many of these choices will deal with economics.
Economics is all about making choices. Economics is the study of how people, which
includes countries and companies, make choices on buying, selling, using, and
distributing things.
This lesson helps you understand and differentiates economics as social science and
applied science in terms of nature and scope.
Let’s Recall
Activity 1:
A. List four examples of NEEDS and WANTS below
Needs Wants
1. ___________________________________ 1. ___________________________________
2. ___________________________________ 2. ___________________________________
3. ___________________________________ 3. ___________________________________
4. ___________________________________ 4. ___________________________________
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Let’s Explore
As a senior high school student, the subject may not appeal to you and see
economics as another subject that you must take and pass to meet certain
educational requirement. But you will realize the importance of economics when you
start buying things and realize that the allowance you get from your parents is not
enough to buy the things that you want.
Let’s Elaborate
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ECONOMICS AS AN APPLIED SCIENCE
Applied science is the discipline that utilizes scientific knowledge to develop
practical solutions to society’s problems.
Economics uses theories in analyzing certain situation to help come up with
answers. Economics is being applied and put into practice once economic principles
and theories are applied to real-life situations, and outcomes are predicted because
of this.
Applied economics is thus the study or economics relative to real-life
situations. This is done by observing how theories work in practice. Applied
economics usually deals with numbers on which possible outcomes being reviewed
are based and supported.
Lastly is to understand global affairs and be an informed citizen. This will help
you understand the forces and trends that affect how the economy as a whole. This
includes the idea on why the standard of living depends on a country’s production,
why prices rise when the government print too much money, and why society faces
a short-run tradeoff between inflation and unemployment.
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SCOPE OF ECONOMICS
There are two scope of economics
1. Macroeconomics
− Macroeconomics looks at the economy as a whole and examines the
factors that determine national output or product. It looks at the big
picture such as growth, employment, etc., and choices are made by
large groups (like countries)
2. Microeconomics
METHODS OF ECONOMICS
In most cases, the disagreement is normative in nature because while the facts
may not be in dispute, differing values of economists lead them to dissimilar
conclusions about what should be done. (Quexbook, 2017)
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Let’s Dig In
Activity 1.
Use the terms below. Label each factor of production below.
1 2
. .
3 4
. .
Source: (Powell, Michael K. 2019)
Activity 2.
A. Using the following terms, complete the chart below.
Labor Produces Capital
Needs Services Wants
Goods Natural Resources Four Factors of Production
Entrepreneurship
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.
3
.
8
6 7
.
. .
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.
B. Briefly discuss your answer in the illustration above. Limit your answer to three
to five sentences.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
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Let’s Remember
Let’s Apply
Activity 1.
Cut out and paste news item that is related to any economic issue/
situation. Read and analyze the economic news. List down all the positive
statements and the normative statements
In your own idea/belief, were the normative statements correct or not?
Explain your answer in three to five sentences.
Positive Economics: ___________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Normative Economics: _________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Analysis and Suggestions based on your own ideas or belief: ___________________
__________________________________________________________________________________
__________________________________________________________________________________
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Let’s Evaluate
4. It is the problem on how to make use of the limited and scarce resources
available
a. Economics
b. Economic problem
c. Scarcity
d. Trade-off
Let’s Extend
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Mandaluyong: Anvil Publishing Inc.
Viray Jr, E. & Avila-Bato, J., (2018). Applied Economics (pp. 1-5).
1-5). Quezon City: Pheonix Publishing House, Inc.
Tullao Jr, T. (2015). Understanding Economics in the Philippine Setting. (pp.
Mandaluyong: Books Atbp. Publishing Corp.
Laraya, J. De Leon J., & Santos, R. (2019), Applied Economics (pp. 1-19).
References
Let’s Try Let’s Remember
1.C 1.Macroeconomics
2.B 2.Social Science
3.C 3.Applied Science
4.A 4.Normative Economics
5.B 5.Economics
6.A 6.Want/s
7.D 7.Resources
8.B 8.Services
9.A 9.Descriptive Economics
10.C 10.Opportunity Cost
11.C
12.D Let’s Evaluate
13.B 1.A
14.D 2.C
3.D
Let’s Dig In 4.B
1.Natural Resources 5.B
2.Labor
3.Capital
4.Entrepreneur
5.Four Factors of Production
6.Labor, Capital, Natural
Resources, Entrepreneur
7.Produces
8.Goods & Services
9.Needs & Wants
Answer Key
Development Team of the Module
Writers: Suzanne M. Paderna
Editors:
Content Evaluator:
Language Evaluator:
Reviewers: Joana Feliza P. Guevara
Illustrator: Name
Layout Artist:
Management Team: DR. MARGARITO B. MATERUM, SDS
DR. GEORGE P. TIZON, SGOD Chief
Name of EPS in-charge of Learning Area
DR DAISY L. MATAAC, EPS – LRMS/ALS
Schools Division of Taguig city and Pateros Upper Bicutan Taguig City
Telefax: 8384251