ECONOMICS
Study of scarcity and choice
PHILIPPINES
THEORIES AND MODELS
APPLIED SCIENCE
SOCIAL SCIENCE
Deals with human behaviour
The application of economic principles and theories to real situations.
Applying scientific knowledge to practical problems
can explain how our society works
the study of observing how theories work in practice
teach valuable lessons on how to avoid the recurrence of a negative situation.
The scholarly study of human society and social relationships
Karl Marx
Economic theroies seek to explain and proposes frameworks
used by Economist
propose MODELS
It uses scientific methods to build theories that can help explain the behaviour of individual that is needed in economics
Population Theory
Thomas Maltus
1789
POPULATION= exponenial rate
FOOD=arithmetical rate
LAW of DEMAND and SUPPLY
- +prices = - demand
Adam Smith
helps understand economic phenomena
The Philippines' economy is considered as one of the most dynamic economies in East Asia and the Pacific.
Economic growth is expected to rebound gradually in 2021-2022 as global conditions improve, and with more robust domestic activity bolstered by the public investment momentum and a boost from 2022 election-related spending.
Has a mixed economic system which includes a variety of freedom, combined with centralized economic planning government regulation.
The Philippine economy suffered its deepest contraction on record in the second quarter and revised down its forecast for the year amid one of Asia's strictest lockdowns against the coronavirus.
John Stuart Mill
Philippine economy is poised to remain strong
Philippine economy is projected to grow at 6.5 percent in 2018, 6.7 percent in 2019, and 6.6 percent in 2020.
Jeane-Baptist Say