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econ.1-3-prelim (1).pdf - S E ST. THERESE- MTC COLLEGES...

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ST.THERESEMTCCOLLEGESST. THERESE- MTC COLLEGESIloilo, PhilippinesIssue No. 1Page1of126ECONOMICSAPPLIED ECONOMICSSTUDENT LEARNING MODULERevision No. 1Effectivity Date:01 September 2021Reviewed by:QMRApproved by:President©All Rights ReservedLesson 1Introduction to Economics(6 hours)Competence, Course Outcomes and Learning OutcomesCompetence:Discuss the principles, nature, and components of economicsCourse Outcome/s:By the end of this course, the student is able to:1.Explain the principles, nature, and components of economicsLearning Outcomes:At the end of the lesson, the student is able to:1.Analyze the study of economics.2.Explain why economics is a social science.3.Discuss the importance and role of economics and other social sciences in the market.4.Identify the economic theories.5.Differentiate the two main branches of economics.OverviewWelcome to the study of economics, a subject thatmight have earned a reputation of being difficult tocomprehend. Yes, you can expect that there will bemathematics, scientific theories, and much logic involvedin the study of economics, but there really is no reason tobe intimidated. This module attempts to dispel much ofthe myths of the subject matter by using familiar examples you could easily relate to.The study of economics began when people noticed the need to be practical in theirmanagement of everyday things in their homes and at work; even in the administration of the
ST.THERESEMTCCOLLEGESST. THERESE- MTC COLLEGESIloilo, PhilippinesIssue No. 1Page2of126ECONOMICSAPPLIED ECONOMICSSTUDENT LEARNING MODULERevision No. 1Effectivity Date:01 September 2021Reviewed by:QMRApproved by:President©All Rights Reservedcountry. The applications of the study have developed into various fields of study, but their essenceis similar to where it all began – that of managing households.DiscussionLearning Module 1.1 The Study of EconomicsWe face many choices every day, and thedecisions we make affect not just us but otherpeople as well. For example, every time wepurchase something in the market, the mall or eventhe canteen during recess, business comes alive.Our purchases give those who make and sellgoods a reason to produce and this would likelycause a constructive chain reaction that wouldbring employment and income to many people, including our parents. If we all stop buying,businesses might possibly slow down, and then another chain reaction might occur. These chains ofevents happen every time, and have taken the attention of many people, simply because our livesare affected by them. The choices and decisions we make involve economics, and economics formsa crucial part of everyday living.The wordeconomicscomes from two Greek words “oìкος” (oikos) and “νòµος” (nomos),which literally meanhouseandlaw.Joined together words form a concept that captures theessence of our subject. When the ancient Greeks thought of economics, they were referring to themanagement of their affairs at home, that is how they put order in their own household and property.

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Term
Spring
Professor
professor_unknown
Tags
Economics, ST THERESE MTC COLLEGES

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