11

12
SENIOR HIGH SCHOOL

APPLIED
ECONOMICS
Quarter 3 – Module 1
Economics as Social and Applied Science
in Terms of Nature and Scope

I
NegOr_Q3_AppliedEconomics11_Module1_v2
Applied Economics – Grade 11
Alternative Delivery Mode
Quarter 3 – Module 1: Economics as Social Science and Applied Science in
Terms of Nature and Scope
Second Edition, 2021

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NegOr_Q3_AppliedEconomics11_Module1_v2
Introductory Message

This Self-Learning Module (SLM) is prepared so that you,

our dear learners, can continue your studies and learn while at
home. Activities, questions, directions, exercises, and
discussions are carefully stated for you to understand each
lesson.
Each SLM is composed of different parts. Each part shall
guide you step-by-step as you discover and understand the
lesson prepared for you.
Pre-tests are provided to measure your prior knowledge on
lessons in each SLM. This will tell you if you need to proceed on
completing this module or if you need to ask your facilitator or
your teacher’s assistance for better understanding of the lesson.
At the end of each module, you need to answer the post-test to
self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.
In addition to the material in the main text, Notes to the
Teacher are also provided to our facilitators and parents for
strategies and reminders on how they can best help you on your
home-based learning.
Please use this module with care. Do not put unnecessary
marks on any part of this SLM. Use a separate sheet of paper in
answering the exercises and tests. And read the instructions
carefully before performing each task.
If you have any questions in using this SLM or any difficulty
in answering the tasks in this module, do not hesitate to consult
your teacher or facilitator.
Thank you.

i NegOr_Q3_AppliedEconomics11_Module1_v2
 I

This module was designed to provide you with fun and meaningful opportunities for
guided and independent learning at our own pace and time. You will be enabled to process
the contents of the learning resource while being an active learner.

The module is intended for you to differentiate economics as social science and
applied science in terms of nature and scope.

1 NegOr_Q3_AppliedEconomics11_Module1_v2
 I

Task 1: Let’s check your prior knowledge…

The activity aims to give you a clear understanding of the reason why people have to
practice economics.

Directions: Identify what scarce resource is represented in each picture. Analyze the
supporting sentence of each item and write MICRO if it belongs to microeconomics and
MACRO if it is macroeconomics. Jumbled word is provided to guide you identify the scarce
resource asked. Write your answers in your activity notebook.

OOFD
______
1.
Many people are not able to eat enough in a day because of the lockdowns
during the pandemic.

OMNYE
________
2.

People are having a problem on saving money due to Inflation or increase in

the price level of goods and services.

ERTAW
_______
3.
Global warming has caused water resources in some areas to run-short of.

2 NegOr_Q3_AppliedEconomics11_Module1_v2
 TNEMPLMEYO
______________

4.
Overpopulation and oversupply of the labor force have caused many people to
be unemployed.

NETINRET AESSCC
_________________

5.
Some students in rural areas are having trouble doing their work due to lack
of internet access.

LOOHCS SUPPEILS
__________________

6.
There’s a shortage of school supplies in the market of some remote
islands due to the delayed delivery from the suppliers caused by
restrictions on transportation during the pandemic.

CALMEDI SUPPEILS
___________________

7.

Medical practitioners do not have enough supplies to protect themselves

during the COVID-19 pandemic.

3 NegOr_Q3_AppliedEconomics11_Module1_v2
 ’s In

Task 2: Let’s classify…

Directions: Evaluate the following situations and classify if the situation considers
economics as Social Science or Applied Science. You will be given a hint of what is meant
by social and applied. Copy the given format in your activity notebook.

Social – explain how a particular social group or socioeconomic class behaves within
a society, including their actions as consumers.

Applied - application of economic theory to determine the likely outcomes associated

with various possible courses of action in the real world

• Economics students analyze how to maximize the use of available resources to

overcome scarcity
• Motorists complain of high gasoline prices
• Philippine congress passed the Value Added Tax Law to strengthen the Philippine tax
system
• People have no freedom of choice in arriving at decisions on what to buy
• People always complain about having not enough -- not having enough money to pay
one’s debts, not enough food on the table, not enough income to meet all the family’s
needs.
• Business understands Laws of supply and demand by combining past sales data and
marketing research regarding their target market and production decisions

A Social Economics As Applied Economics

1. 1.

2. 2.

3. 3.

4 NegOr_Q3_AppliedEconomics11_Module1_v2
Task 3. Let’s define…

Based on the activity found in task 2, can you now define economics as social science
and applied science?

Directions: In the box, identify the sentences that define Economics as social science and
Economics as applied science. Copy the given format in your activity notebook.
⚫ the study of society and how people behave and influence the world around them.
⚫ is the application of economic theory and econometrics in specific settings with the goal
of analyzing potential outcomes.
⚫ assesses the relationship between the consumption and production of goods and services
in an environment of finite resources.
⚫ application of economic principles and theories to real situations and trying to predict the
outcomes.

Economics as social science Economics as applied science

1. 1.

2. 2.

’s New

Task 4: Let’s analyze the flow…

As illustrated below, analyze the circular flow of income from good and services, and
answer the following questions.

Figure 1. Circular flow of income from good and services (Irconomics, 2008).

5 NegOr_Q3_AppliedEconomics11_Module1_v2
1. By looking at the diagram, do you think there’s an economic interaction between
households and firms? Why or why not?
2. How do households and firms interact with each other in a modern economy?
3. What is the role of the household in an economy?
4. What is the role of a firm in an economy?
5. When each agent doing their role, why do you think scarcity is still present in an
economy?

is It

Everybody goes through each day faced with constraints or limitations: motorists
complain of high gasoline prices, times when people suffer because of a shortage of
chicken within the market, or insufficient allowance for a student who has to buy books and
faculty supplies. People always complain about not having enough-not enough food on the
table, not enough money to pay one’s debts, or not enough income to fulfill all the family’s
needs.
With this, we can say that there is an existing scarcity and there is insufficiency to
satisfy the requirements of consumers and insufficiency of resources for producers that
hamper enough production of products and services. And that is the reason why we have to
practice economics.
Economics is a branch of social science concerned with the use of limited resources to
meet boundless desires (Rabanal, 2018).
The desire to have as many goods and services as possible is a part of human
behavior. Consumer's salary and purchasing power, however, limit their ability to purchase
goods and services. As a result, consumers must conduct economics in this setting"
(Introduction to Economics, n.d.).
Because economics is derived from the ancient Greek word oikonomia, which means
family or household management (Top 4 Definitions of Economics, n.d.), Alfred Marshall, a
well-known economist, defined economics as a study of humans engaged in everyday
activities. “It investigates part of the individual and social activity that is most intimately
related to the acquisition and use of material requisites of well-being,” he says.
Because of the presence of scarcity, there’s a necessity for man, to create decisions in
choosing a way to maximize the utilization of scarce resources to satisfy as many needs as
possible. As an example, a worker who includes a monthly budget must choose the way to
utilize it to pay the rent, buy food, and buy new clothes. If his budget isn’t enough, then the
worker needs to hand over a number of this stuff. If he decides to not buy new clothes this
year, then this is the choice to give up.

6 NegOr_Q3_AppliedEconomics11_Module1_v2
 The social science of economics is described as the study of the production,
distribution, and consumption of goods and services (The Nature and Scope of Economics,
2018).
Economic studies became one of the most important subjects of recent times as it
evolved over the nineteenth century. Economics plays a critical part in the smooth operation
of both a small store and a country. Without the use of economic principles, no business can
thrive. The field of economics is vast and diverse. The interaction of economic agents and the
way economies run are central to the nature and scope of economics.

Nature of Economics
The topic of whether economics belongs in the realm of science or the arts is
addressed in the nature of economics. Several economists have argued in favor of science,
while others have qualms about the arts.

Economics is treated as a social science because of the following features

(The Nature and Scope of Economics, 2018):

▪ It involves a systematized collection of facts and figures.

▪ It is based on the formulation of theories and laws.
▪ It deals with the cause-and-effect relationship.

These characteristics that demonstrate the nature of economics is linked to science.

Various economic theories are built on logical reasoning, and real-life scenarios are utilized
to develop models on which assumptions are made, much as they are in science.

The foundation of economic theory is the evaluation of human interactions in terms of

desires, decision-making, and constraints. Because of the complexity of human motivation
and systems, assumptions have been established that serve as the foundation for consumer
and company behavior theories, which are both used to simulate circular flow interactions
within the economy.

Economics provides a simple foundation for comprehending the complexity of the

world's relationships. The circular flow picture in Task 4 Figure 1 by Irconomics 2008, for
example, depicts the economic framework associated to the dynamic interconnection of
economic agents. The circular flow is limited to households and businesses in the figure
above, while some renderings include the government and foreign trading partners.

In the case of consumer and corporate behavior, economics gives sophisticated

frameworks for analyzing complicated societal interactions. Representatives who grasp how
salaries and consumption move between consumers and producers are better able to
understand the relationship's symbiosis rather than focusing on the controversial elements
that surface from time to time.

7 NegOr_Q3_AppliedEconomics11_Module1_v2
 Individuals can become better decision-makers in their own lives and maintain a
balance with respect to an externality that has the ability to supplement or hinder their
ambitions by having a grasp of the foundations of economics. Knowing the basics of
economics allows an individual to be an active and informed participant instead of a passive
economic agent, as economic theories serve as a foundation for decision-making and
regulatory policy.

Economics is a social science that studies the relationship between the production and
consumption of commodities and services in a finite resource environment. The discipline
focuses on how economic agents behave or interact both individually (microeconomics) and
collectively aggregate (macroeconomics).

Scope of Economics
The scope of economics is divided into two categories: microeconomics and
macroeconomics (The Investopedia Team, 2021).

Microeconomics studies the behavior of individual market participants such as

consumers, producers, and resource owners, as well as corporations. It is more concerned
with the flow of commodities from the business to the consumer, as well as the movement of
resources from the resource owner to the business. It also deals with the process of
determining the price of commodities, commonly known as Price Theory.

Microeconomics examines individual economic activity, industries, and their

interaction. It has the following characteristics:

• Elasticity: The ratio of change in the percentage of one variable to another variable is
determined by elasticity. For example, demand elasticity of income, demand
elasticity of price, demand elasticity of supply, and so on.
• Theory of Production: It entails the conversion of inputs into outputs in a cost-
effective manner. Packaging, shipping, storage, and manufacturing are only a few
examples.
• Cost of Production: This theory evaluates the object price based on the cost of
resources.
• Monopoly: In this theory, the dominance of a single entity in a certain field is
investigated.
• Oligopoly: It refers to the market domination of tiny businesses.

Macroeconomics is a branch of economics that studies the whole economy and the
issues that affect it. Unemployment, inflation, economic growth, and monetary and fiscal
policy are the main focal areas. Macroeconomics is concerned with the nature of economic
growth, as well as the extension of productive capacity and national income.

8 NegOr_Q3_AppliedEconomics11_Module1_v2
 It is the study of an entire economy. Macroeconomics is a branch of economics that
discusses broad aggregates and their interactions from the top down:

• Growth: It investigates the elements that contribute to economic growth, such as an

increase in a country's output per capita through time.
• Business Cycle: It argues for the central bank and the government to collaborate in
formulating monetary and fiscal policies to track output throughout the business
cycle.
• Unemployment: The unemployment rate is used to calculate it. It is caused by a
number of variables, including pay increases, a shortage of job openings, and so
forth.
• Inflation and Deflation: Inflation refers to an increase in a commodity's price,
whereas deflation refers to a reduction in a commodity's price. These indicators are
useful for assessing the state of a country's economy.

Economics as an Applied Science

Applied Economics, as opposed to economic theory, is the study of economics in real-

world settings. It is the application of economic ideas and theories to real-world
circumstances with the goal of predicting the results.

Simply put, applied economics is the study of how theories work in the real world. At
either the macroeconomic or microeconomic levels, the discipline can be applied.

Microeconomics examines economics at the individual consumer company level,

whereas macroeconomics examines the entire economy.

Figure 2. Economic Theory is all about thinking things up, while Applied Economics is
about trying things out (Market Business News, n.d.).

9 NegOr_Q3_AppliedEconomics11_Module1_v2
 It is the application of economic theory and econometrics to specific situations in
order to analyze possible outcomes. It is characterized by the application of the core, referring
to economic theory and econometrics, as a means of dealing with practical issues in fields
such as demographic economics, labor economics, business economics, agricultural
economics, development economics, education economics, health economics, monetary
economics, economic history, and many others. The phrase “applied economics” was coined
by John Neville Keynes to describe the application of economic theory to the interpretation
and explanation of specific economic occurrences.

What is Econometrics?

Econometrics – is the application of statistical and mathematical theories to economics for

the purpose of (Cambodian Economist Group, n.d.):

⚫ Testing hypotheses
⚫ Forecasting future trends

The results of econometric are compared and contrasted against real-life examples.

Econometrics Example:

Real life application of econometrics would be to study the hypothesis that as a

person’s income increases, spending increases (Macalinao, E. M., 2017).

Figure 3. Part of Econometrics is converting economic theories into data that policy makers
can use (Market Business News, n.d.).

What is the Importance of Applied Economic Application?

1. When economics is applied to a firm, a household, or a country, it helps to eliminate any

attempts to make a situation appear worse or better than it is.
• Applied economics becomes a powerful tool for revealing the genuine and entire
situation so that actions can be taken.
Example:
Applied economics can be used to evaluate a company's earnings. The findings may
aid CEOs in devising tactics to increase sales.

10 NegOr_Q3_AppliedEconomics11_Module1_v2
2. Applied economics serves as a framework for determining what activities can be taken to
improve the current economic condition in a reasonable manner.
• by examining each aspect, it is possible to improve areas where performance is
lacking.
Example:
• Buying and selling products and services
• The utilization of raw materials
• Within the organization, there is a division of labor (e.g., firm, company, agency)
3. Applied economics may educate you the way to avoid making costly mistakes.
• to review what steps were taken to improve and correct situations and continue good
strategies to keep the economy flowing in a correct direction.

By investigating and analyzing real-world economic problems, we should always be

ready to increase human wellbeing among Filipinos. Applying economic theory in our lives
means to handle actual economic issues and be able to do something about it. The concept of
scarcity and selection should encourage us as individuals to assist in our own way to provide
solutions to the country’s economic problems.

’s More

Task 5: Let’s check your understanding…

Directions. Give what is asked for in each item. Write your answers in your notebook.

1. Explain briefly and concisely the economic process where it shows why people have to
practice economics by analyzing the flow of the diagram/illustration below (brainly.ph,
n.d.).

11 NegOr_Q3_AppliedEconomics11_Module1_v2
2. The scope of economics can be understood under two subheads: Microeconomics and
Macroeconomics. Explain in the Venn diagram their differences and similarities.

Micro Macro

3. What role does econometrics play in resolving economic problems? To help you explain
refer to Figure 3 in page 11.

4. Explain applied economics application by stating its importance and their examples.
Make use of a diagram to show your explanation.

12 NegOr_Q3_AppliedEconomics11_Module1_v2
 I Have Learned

Task 6: Let’s reflect and realize…

Direction: In your notebook, complete the following statements.

1. I have learned that

__________________________________________________________________

2. I have realized that

__________________________________________________________________

3. I will apply what I have learned

__________________________________________________________________

13 NegOr_Q3_AppliedEconomics11_Module1_v2
 I Can Do

Task 7: Let’s prove it now…

Direction: Do what is asked. Write your answers on your notebook.

1. Why is economics deeply rooted within the concept of scarcity?

_________________________________________________________________________
_________________________________________________________________________
2. Why is economics important in everyday life?
_________________________________________________________________________
_________________________________________________________________________

3. Why economics considered as social science and applied science?

_________________________________________________________________________
_________________________________________________________________________

4. As a student, how does Applied Economics work in your life situation and your family as a
whole?
________________________________________________________________________
________________________________________________________________________

5. Give at least (1) importance of Applied Economics and explain its contribution to the
consumers or the producers as well.
________________________________________________________________________
________________________________________________________________________

RUBRICS
Excellent Proficient Developing Poor
(4pts) (3pts) (2pts) (1pt)
Information and evidence
are accurate, appropriate,
and integrated effectively

Claims and ideas are

supported and elaborated
Sentence form and word
choice are varied and
appropriate

Creativity/originality is
evident

14 NegOr_Q3_AppliedEconomics11_Module1_v2
Let’s check it out…
Directions: Read the statements or questions below and write your answers on your activity
notebook.
I. Classify the following topics. Write MIC if it falls under Microeconomics; MAC if it falls
under Macroeconomics.

_______1. The inflation rate in the Philippines in the last quarter of 2019 was 4.8%.
_______2. A P340-billion deficit in the Philippine budget is expected in the year 2021.
_______3. Prices of Tire Less vehicles are predicted rise up in December.
_______4. Garlic prices in the past months have risen because producers hoarded their
supplies in their bodega.
_______5. The unemployment rate has dropped because of the increase in the number of
OFWs.
_______6. In the past year, Soda Cola was named the fastest-selling product within the
market.
_______7. Land owners could not increase their rental on land, because of the Rent Control
Law.
_______8. Prices of apples and grapes tend to rise up during the Christmas season.
_______9. The Philippine economy grew at the rate of 5.8% in 2019.
_______10. Philippine congress passed the Value Added Tax Law to strengthen the
Philippine tax system.

II. Multiple Choice: Write only the letter of the correct answer.

1. Is the study that attempts to explain how an economy operates and how the consumer
attempts to maximize his/her wants within limited means.
A. Economics C. scarcity
B. Microeconomics D. Macroeconomics
2. Is a condition where there are insufficient resources to satisfy all the needs and wants of a
population.
A. Scarcity C. insufficiency
B. Economics D. none of the above
3. Economics as __________ because it studies of observing how theories work in practice
A. Social C. psychology
B. Applied D. Scarce

15 NegOr_Q3_AppliedEconomics11_Module1_v2
4. Economics as ____________ science, because it studies human behavior and how
individuals make choices in allocating scarce resources to satisfy their unlimited wants.
A. Applied C. social
B. Scarce D. econometrics
5. An applied economics where there is an application of statistical and mathematical theories
to economics for the purpose of testing hypotheses, forecasting future trends, and compare
and contrast against real life.
A. Microeconomics C. Economics
B. Macroeconomics D. Econometrics

III. Essay:

If you were to advise the president of the Philippines on how to cope with the crisis
on Pandemic we are facing today to solve and improve the lives of the Filipino people, what
would you tell him and why?

Let’s go beyond…

Directions:
Show your regular allowance for the week and describe how you budget this for your
school and personal expenses. Show details by using Pie chart.

Follow up questions:
1. As a student, have you experienced scarcity? How did you manage it?
2. How did your family able to cope with the insufficiency of the resources in order to
survive?
3. What were your reactions upon knowing the way they allocate budget for your schooling
and other basic expenses of the family?

16 NegOr_Q3_AppliedEconomics11_Module1_v2
NegOr_Q3_AppliedEconomics11_Module1_v2 17
Task 2 Task 1
What’s In What I Need to Know
As social economics As applied economics Scarcity of
Motorists complain of high gasoline Economics students analyze how to 1. Food-MICRO
prices maximize the use of available 2. Money-MACRO
resources in order to overcome 3. Water-MICRO
scarcity
4. Employment-MACRO
People have no freedom of choice in Philippine congress passed the Value 5. Internet access-MICRO
arriving at decisions on what to buy Added Tax Law to strengthen the
Philippine tax system 6. School supplies-MICRO
7. Medical supplies-MACRO
People always complain about having Business understands Laws of supply
not enough -- not having enough and demand by combining past sales
money to pay one’s debts, not enough data and marketing research regarding
food on the table, not enough income their target market and production Task 4
to meet all the family’s needs. decisions What’s New
Task 3 Answers may vary
Possible Answer:
Economics as social science- bullets 1,3; As applied - 2,4
1. Yes!
Households and firms interact
in two markets: the market for
goods and services and the
market for factors of
Task 5 production
What’s More 2. households supply economi
1. Answer may vary 2. Answer may vary (possible answer) c resources, such as labor,
Differences: Micro Macro Similarities to businesses in exchange for
-individual markets -whole economics -Allocation of scare resources income, and
-studies the behavior -focused on country wide -both disciplines are about (2) households use their
of individual or global economics maximization incomes to buy goods and
households and firms -dealing issues such as -study how the demand for certain services produced and sold by
in making decisions growth, inflation, resources interacts w/ the ability to business firms
on the allocation of unemployment supply that good to determine how
limited resources 3. They provide firms with
- so on… to best distribute and allocate the
factor services in production,
-so on…. resources among many consumers
and buy finished goods from
firms for consumption.
4. Firms employ different
3. Part of Econometrics is converting economic theories into data that policy makers can factors of production. This
use (possible answer) 4. answer may vary includes employing workers
(labor) to produce goods and
services. By employing
labor, firms pay wages
creating a flow of income to
Task 6 households, which ultimately
Answers may vary can be spent by households on
Task 7 goods produced by
What can I do different firms.
Answers may vary 5. Answer may vary
Assessment Additional Activities
I. 1. MAC 2. MAC 3. MIC 4. MIC 5. MAC 6. MIC 1. Answer may vary
7. MAC 8. MIC 9. MAC 10. MAC 2. Answer may vary
II. 1.A 2. A 3. B 4. C 5. D III. Answer may vary 3. Answer may vary
Glossary
Scarcity - insufficiency of resources to meet the wants of consumers and insufficiency of
resources for producers that hamper enough production of goods and services.

Economics - is the social science that involves the use of scarce resources to satisfy
unlimited wants. A social science that deals with the production, distribution, and
consumption of goods and services.

Econometrics - is the application of statistical and mathematical theories to economics for

the purpose of testing hypotheses, forecasting future trends, and the results of econometric
are compared and contrasted against real life examples.

Macroeconomics - analyzes the entire economy and the issues affecting it.

Microeconomics - examines the behavior of individual entities such as the consumer, the
producer, and the resource owner or firms within the market.

Economic Theory - explains economic phenomena, to interpret why and how the economy
behaves and what is the best to solution.

Applied Science - is the study of observing how theories work in practice. The discipline
may be practiced at macroeconomic or microeconomic levels.

Social Science - study of society and how people behave and influence the world around
them.

18 NegOr_Q3_AppliedEconomics11_Module1_v2
References

Books
Dinio, R. & Villasis, G. (2017). Applied Economics (1st ed.). Sampaloc, Manila: Rex
Bookstore, Inc.

Online Sources

Marker Business News. Applied economics – definition and meaning. MBN Marker business
new, n.d. Accessed December 14, 2021
https://marketbusinessnews.com/financialglossary/applied

Enrique, H. Economics as an Applied Science. September 8, 2017. Accessed December 14,

2021. https://www.slideshare.net/HannahCullen/lesson-2-economics-as-an-applied-
science

Cullen, H. Revisiting Economics as a social science, September 8, 2017, Accessed December

14, 2021.
https://www.slideshare.net/HannahCullen/revisiting-economics-as-a-social-science

The Investopedia Team. Microeconomics vs. Macroeconomics: What’s the Difference? 2021.
Accessed on January 8, 2021. https://www.investopedia.com/ask/answers/difference-
between-microeconomics-and-macroeconomics/

Studious Guy. The Nature and Scope of Economics. 2018. Accessed December 14, 2021.
https://studiousguy.com/nature-and-scope-of-economics/

Market Business News. What is Econometrics? Definition and Examples. n.d. Accessed
December 14, 2021. https://tinyurl.com/3h2y7m3a

Macalinao, E. M. Lesson 2 - Economics as an Applied Science. 2017. Accessed on January 6,

2021. https://www.slideshare.net/HannahCullen/lesson-2-economics-as-an-applied-
science

Rabanal, Gian Paulo M. Applied Economics. 2018. Accessed December 14, 2021.
https://www.slideshare.net/BUGLAS/applied-economics-86952585

AMA Computer University. Lesson 1.1 Introduction to Economics. n.d. Accessed December
15, 2021. https://www.studocu.com/ph/document/ama-computer-university/ab-
economics/week-001-module-introduction-to-economics/12917908

Economics Discussion, shared by Pal, Deepali. Top 4 Definitions of Economics (With

Conclusion). n.d. Accessed December 15, 2021.
https://www.economicsdiscussion.net/economics-2/definitions/top-4-definitions-of-
economics-with-conclusion/14134

19 NegOr_Q3_AppliedEconomics11_Module1_v2
Marshall, Alfred. Principles of Economics. 1920, 8th Edition, p. 1. London: Macmillan and
Co., Ltd.

Cambodian Economist Group. Econometrics. n.d. Accessed December 15, 2021.

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