Course information

Economics is a very practical subject.  On the day to day transactions you do, from the budget your parents have given to you, from buying your snacks and school supplies, to saving your allowances, all of these activities involves economics.  Economics is the social science that deals with how society allocates resources among its unlimited wants and needs.  As students you have unlimited needs and wants, however, most of you have a fix allowance.  The challenge now is how to allocate your limited resource which is your allowance to you unlimited needs and wants.

This subject will provide you with the basic understanding of the concepts and principles of economics and current events. At the end of the year, you must be able to do the following: identify and discuss basic economic principles and concepts; Explain the meaning of resources, scarcity, price, human wants, human needs, social science, and allocation; Apply knowledge in economics in allocating scarce resources and in understanding individual choices, business decisions & government policies; Understand the role of resources in our economy; Understand what is Microeconomics; Grasp the analysis of the Market System, especially on Demand and Supply and Equilibrium; Recognise the different Market Structures; Understand what is Macroeconomics; Identify the Circular Flow of products, money and income of a country; Describe the Industrial sector under macroeconomic point of view; Explain a simple theory of income determination; and Understand the different Dimensions of the Philippine Economy.