Applied Economics: Grade 12
Applied Economics: Grade 12
APPLIED Grade 12
ECONOMICS
Quarter 1
MODULE 2
Week 3 & 4
NOTE: PLEASE USE PAD PAPERS WHEN ANSWERING THE ACTIVITIES.DO NOT WRITE ANYTHING ON THIS MODULE
This module was prepared and reviewed by the teachers of St. Augustine’s
Academy of Patnongon, Inc. We are encouraging the parents to cooperate with us to
successfully deliver learning to their children. We encourage the parents to help us by
giving feedback, comments and recommendations to [email protected] or contact the
following for individual concerns:
Grade 7 Advisers Grade 8 Advisers
09167735045- Miss Chenny L. Magbanua 09269323314- Mrs. Marlyn I. Alvaniz
09554672066- Mr. Danimar Mateo 09062643084- Mr. Norielle S. Oberio
09066293078- Mr. Rio Z. Protacio 09067824564- Mr. Glennford N. Quinto
Introduction
Scope/ overview
This module will focus on the Philippine Economy. To better appreciate the
current state of the economy, three primary macroeconomic goals of a nation will be
discussed. Knowing the goals of the government will help you understand the
different government initiatives and economic policies. Moreover, you will have an
idea of the role of applied economics in helping the government take advantage of
opportunities and solve economic challenges.
Before assessing the state of the economy at this time, it is worthwhile to
know the different economic systems in the world and to what category the
Philippines’ economy belongs.
Economies across the world are managed differently, but aim toward
answering the three fundamental economic questions: what to produce, how to
produce and for whom to produce. Nations decide on the best way to allocate their
scarce resources. Economic systems refer to the different ways of managing a
nation’s available resources to answer the three economic questions.
Activities/ Tasks
How will you describe the economic system of the Philippines? Is it effective in
achieving the country’s economic goals? Discuss your thoughts about it.
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What’s more
The Philippines is now at the dark side of its economic aspect. This because of the
issues that we are experiencing such as COVID-19 pandemic, ABS-CBN closure,
extra-judicial killing, corruption in the government, calamites such as typhoons,
volcanic eruption and earthquakes, etc. How this kind of situations affect in the
economic system of the government?
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What I can do
Cite an example of a government reform or regulation policy, then identify and relate
the reform to the likely macroeconomic goal behind it.
Objectives
The table below indicate the economic performance of the country for 2019 and
2020.
Gross National Income (Gni) and Gross Domestic Product (Gdp) by Expenditure
Shares (in millions)
Gross National Income and Gross National Product by Sector (in millions)
Based on the Tables above, give your opinion on the economic performance of the
country.
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What’s more
MANILA - The threat of the European Union to revoke tariff incentives on Manila’s
exports over human rights concerns is alarming particularly in this time of a
pandemic, the head of a think tank said Saturday.
Dindo Manhit, president of Stratbase ADR Institute, said losing a market would lead
to unemployment, thus aggravating poverty. This, while the Philippine economy has
been dragged into recession by the lingering COVID-19 pandemic.
“Sa panahon ngayon wala tayong dapat mawalang market. 'Pag nawala ang
binebentahan mo ng produkto, kahit hindi sila malaki, tatamaan ang kita ng bansa.
Ang mawawala ay trabaho at ang mawawala 'pag nawalan ng trabaho dadagdag
ang kahirapan ng taongbayan,” Manhit said.
(We cannot afford to lose an export market at this time. If you lose a market, even if
its not that big, it would still hit the income of the country. There could be job loss and
this could worsen poverty.)
The European Parliament called for a review of the tariff incentives extended to
Manila citing human rights abuses and the deteriorating level of press freedom in the
Philippines.
“'Pag tinanggal ito dahil sa isyu ng violation of human rights, dahil sa atake sa media
at journalists nakakalungkot na pangyayari,” Manhit said in an interview on
TeleRadyo on Saturday.
(It’s going to be sad if they remove it because of issues of human rights violations
and attacks against media and journalists.)
The loss of an export market would mean less opportunity to sell Philippine products
and could also impact jobs and push medium enterprises in the country to closure.
“Sana 'wag mangyari, sana pakinggan din ng gobyerno ang mga ganitong
resolusyon,” he said.
(Let’s hope this won’t happen and that the government listens to this kind of
resolution.)
He said it would be better if the government responds and not simply dismiss it as
there are already fears that some export firms might lose their business.
Malacañang on Friday dared EU’s lawmaking body to push through with the threat.
“Dapat sana wag lang awayin, magandang mapag-usapan, meron naman tayong
ambassador doon, ano ba talagang dapat gawin kung talagang misinformation ito,
ipaliwanag ng gobyerno,” he said.
(Let’s not quarrel, it would be better to discuss the best moves since we have an
ambassador there, and if this is really misinformation then the government should
explain.) (news.abs-cbn.com)
2. The government said that they are unfazed of the EU decision if ever. Does
the government made the right decision? Why and why not?
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What I can do
As an ordinary citizen of this country, make your own statement regarding the
status of our economy. How can you address the present challenges that we
are facing that affect our economic growth? Give also your recommendation
for the positive outlook of our economy.
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References:
Boado, Applied Economics, DIWA Senior High School Series, copyright 2017, ppg
33-51.
http://www.bsp.gov.ph
https://news.abs-cbn.com/news/09/19/20/eu-threat-revoke-philippines-tariff-
incentives-may-worsen-poverty