Jimayna Areglo

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making.

2. Make an essay about, "Economics as a Social Science".

One of the marks of a science is the use of the scientific method and the ability to establish
hypothesis and make predictions which can then be tested with data. Unlike natural scientists and in a
way similar to what happens in other social sciences, economists are generally unable to test their
theories due to its impracticality. Unlike the natural sciences, economics yields no natural laws or
universal constants, so this has led some critics to argue that economics is not a science, or at best, is
just a soft science. [8] Economists in general reply that while this aspect presents serious difficulties, they
in fact do test their hypothesis using statistical methods such as econometrics, using the data generated
in the real world. [9] The field of experimental economics has also seen efforts to test at least some
predictions of economic theories in a simulated laboratory setting – an endeavour which earned Vernon
Smith the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2002.

Economics is a social science, and, unlike the physical sciences, cannot engage in controlled
experimentation to demonstrate how variables are connected.

In the real world, economic variables such as price and income, are constantly changing, and
this creates a problem in demonstrating the relationship between variables. For example, a fall in price is
likely to lead to a rise in consumer demand if we assume nothing else changes.

Of course, for independent reasons, income could also fall while demand does not rise. The fall
in price could have been counteracted by a fall in income. The ceteris paribus rule, that all other things
remain the same, is used whenever attempting to demonstrate the link between economic variables.

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often
shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific
methods to build theories that can help explain the behaviour of individuals, groups and organisations.
Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

As the social sciences have evolved over the last 100 years, they have become increasingly
specialised. This is true for economics, as witnessed by the development of many different strands of
investigation including micro and macro economics, pure and applied economics, and industrial and
financial economics.
3. How can you address the basic economic problems in our country?
Economic reasoning trains our mind as reasoning does in other sciences: It enables us to think
clearly and judge correctly and thus affords useful mental exercise. A careful student of Economics can
easily see through the game of politicians who want to deceive the general public. He will not be misled
by cheap newspaper propaganda. No doubt, “Economics is no philosopher’s stone to turn everything it
touches into gold, but it will help at least to distinguish gold from baser metals.”

The study of Economics helps us to understand how the complicated economic system of today
functions almost automatically without any central control. Every economic disturbance somehow tends
to smoothen itself out. For example, if there is a shortage of a commodity, its price will rise. This will cut
down unnecessary demand so that the demand will be brought down to the level of supply. This is how
economic system adjusts itself in all spheres

Angielyn delos Reyes

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making.

2. Make an essay about, "Economics as a Social Science".

Economics is a social science seeking to analyze and describe the production, distribution, and
consumption of goods and services. That is, economics studies how individuals and societies seek to
satisfy needs and wants. Alfred Marshall informally described economics as "the study of man in the
ordinary business of life" in the late 19th century; the vast number of topics to which the methods of
economic theory have been applied suggests to some that economics is simply "that which economists
do."

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

Economics is a social science, and, unlike the physical sciences, cannot engage in controlled
experimentation to demonstrate how variables are connected.

In the real world, economic variables such as price and income, are constantly changing, and
this creates a problem in demonstrating the relationship between variables. For example, a fall in price is
likely to lead to a rise in consumer demand if we assume nothing else changes.
 Of course, for independent reasons, income could also fall while demand does not rise. The fall
in price could have been counteracted by a fall in income. The ceteris paribus rule, that all other things
remain the same, is used whenever attempting to demonstrate the link between economic variables.

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often
shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific
methods to build theories that can help explain the behaviour of individuals, groups and organisations.
Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

As the social sciences have evolved over the last 100 years, they have become increasingly
specialised. This is true for economics, as witnessed by the development of many different strands of
investigation including micro and macro economics, pure and applied economics, and industrial and
financial economics

3. How can you address the basic economic problems in our country?
Economics is concerned with helping individuals and society decide on the optimal allocation of
our limited resources.

We come to understand the various motives which guide men in economic affairs. It is both a
fascinating and a fruitful study. Economics teaches us many interesting and instructive facts about man’s
behaviour when he is engaged in economic activity. The inner working of his mind in economic matters is
revealed to us.

Economics is like science in that it can be used to improve living standards and also to make
things worse. It partly depends on the priorities of society and what we consider most
important.Economics is important for many areas of society. It can help improve living standards and
make society a better place.

Trixie Jane Agustin

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making. Alternatively, in simple words,
it is economic theory that is put into practice, in a specific setting. It can be at a macroeconomic
(aggregate economy) or microeconomic (individual consumer/firm) level. In a sense, applied economics
provide a true and clearer picture of a business/economic situations so that policy makers and decision
makers make the right choices. Given the nature of the complexity of macroeconomies, applied research
is especially useful in dealing with problems in macroeconomics. With the objective of achieving
potential desired outcomes, economic theories and principles are applied to the situation at hand. At
times, advanced research would involve inter-disciplinary study such as econometrics as well. In spite of
its extensive use of economic principles and theories, Applied Economics by itself is not a field of
economics. Applied economics provides the insights to ensure real world economic stability. In short an
intersection of economic theory, econometrics and real world business problems gives us applied
economics. For example, instead of creating an economic model to examine performance of government
regulation in markets, a researcher can conduct an actual study to examine the government regulatory
performance via data collection and inferences from key stakeholders.

2. Make an essay about, "Economics as a Social Science".

Economics is the study of the production, distribution, and consumption of wealth in human
society, but this perspective is only one among many different definitions. Economics is also the study of
people (as consumers) making choices about which products and goods to buy.

Indiana University says that economics is a social science that studies human behavior. It has a
unique method for analyzing and predicting individual behavior as well as the effects of institutions such
as firms and governments, clubs, and even religions.

Economics is the study of choices. Though some believe that economics is driven purely by
money or capital, the choice is much more expansive. If the study of economics is the study of how
people choose to use their resources, analysts must also consider all of their possible resources, of which
money is but one.

In practice, resources can encompass everything from time to knowledge and property to tools.
As such, economics helps illustrate how people interact within the market to realize their diverse goals.

Beyond defining what these resources are, the concept of scarcity is also an important
consideration. These resources—no matter how broad the category—are limited, which is the source of
tension in the choices people and society make: Their decisions are a result of the constant tug of war
between unlimited wants and desires and limited resources.

Economists often perform experiments and use scientific tools for crafting analyses. However,
much of the attention paid to economics focuses on its non-scientific aspects.

At its core, the field of economics tries to uncover basic universal facts. Like many sciences,
economics has a strong foundation in mathematics, and it is developed by testing hypotheses. In many
ways, economics can be viewed as a field of applied psychology. Understanding how humans behave in
certain situations and respond to changes is essential for the field's development.

Unlike the so-called "hard sciences," however, many economic hypotheses are difficult to test.
Economic systems are run by governments, and it is immoral to cause economic harm to individuals and
populations. With its strong mathematical foundation and its reliance on human behavior, economics
straddles the gap between more basic types of science and so-called "soft sciences" such as
anthropology and sociology.

3. How can you address the basic economic problems in our country?
Economics teaches us the important lesson of the mutual dependence of man on man. We come
to realize how we depend on others for the satisfaction of our wants, and how others depend on us. It
clearly brings home to us the bond that binds worker to worker, industry to industry and country to
country. This knowledge adds to our sense of responsibility and understanding, and thus leads to better
work and a happier society.

The study of Economics makes us useful and intelligent citizens. Most of the problems today are
fundamentally economic in character. It is only Economics that can give us a correct understanding of the
problems of agriculture, industry, trade, transport, etc.

Economics enables us to shape and mould the State policies for solving these problems. A
student of Economics can easily understand questions relating to taxation, currency, exchange, etc. Thus,
it is clear that the study of Economics goes to build up a body of keen, intelligent and useful citizens. The
knowledge of Economics enables everyone to perform one’s duties more intelligently and, therefore,
more efficiently.

Lyca Bacalando

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

Economics is a social science seeking to analyze and describe the production, distribution, and
consumption of goods and services. That is, economics studies how individuals and societies seek to
satisfy needs and wants. Alfred Marshall informally described economics as "the study of man in the
ordinary business of life" in the late 19th century; the vast number of topics to which the methods of
economic theory have been applied suggests to some that economics is simply "that which economists
do."

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

It can be said that economics is a social science that aims at studying human behavior with
respect to optimal allocation of available resources to achieve maximum profit. For example, economics
covers how individuals allocate their resources (income) to purchase different goods and services, so
that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

3. How can you address the basic economic problems in our country?
Economics enables us to shape and mould the State policies for solving these problems. A
student of Economics can easily understand questions relating to taxation, currency, exchange, etc. Thus,
it is clear that the study of Economics goes to build up a body of keen, intelligent and useful citizens. The
knowledge of Economics enables everyone to perform one’s duties more intelligently and, therefore,
more efficiently.

Besides the knowledge that Economics gives us, it has a great practical value in life. Economics is
a science which is closely related to life. In most government departments, knowledge of Economics is
found useful and is sometimes considered indispensable.

The study of Economics is very useful in several professions. It is useful to the banker, to the
businessman, to the agriculturist, and to the industrialist. As a matter of fact, it is useful to all.

Lyca Canoy

1. Define Applied Economics.

Applied economics is a field that applies of economic theories and principles to real-world
situations with the desired aim of predicting potential outcomes. The use of applied economics is
designed to analytically review potential outcomes without the "noise" associated with explanations that
are not backed by numbers. Applied economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

Economists in general reply that while this aspect presents serious difficulties, they in fact do
test their hypothesis using statistical methods such as econometrics, using the data generated in the real
world. The field of experimental economics has also seen efforts to test at least some predictions of
economic theories in a simulated laboratory setting – an endeavour which earned Vernon Smith the
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2002. One of the marks of a
science is the use of the scientific method and the ability to establish hypothesis and make predictions
which can then be tested with data. Unlike natural scientists and in a way similar to what happens in
other social sciences, economists are generally unable to test their theories due to its impracticality.
Unlike the natural sciences, economics yields no natural laws or universal constants, so this has led some
critics to argue that economics is not a science, or at best, is just a soft science.

In the real world, economic variables such as price and income, are constantly changing, and
this creates a problem in demonstrating the relationship between variables. For example, a fall in price is
likely to lead to a rise in consumer demand if we assume nothing else changes.

Economics is a social science, and, unlike the physical sciences, cannot engage in controlled
experimentation to demonstrate how variables are connected.

Of course, for independent reasons, income could also fall while demand does not rise. The fall
in price could have been counteracted by a fall in income. The ceteris paribus rule, that all other things
remain the same, is used whenever attempting to demonstrate the link between economic variables.

As the social sciences have evolved over the last 100 years, they have become increasingly
specialised. This is true for economics, as witnessed by the development of many different strands of
investigation including micro and macro economics, pure and applied economics, and industrial and
financial economics

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often
shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific
methods to build theories that can help explain the behaviour of individuals, groups and organisations.
Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

3. How can you address the basic economic problems in our country?
The study of Economics is very useful in several professions. It is useful to the banker, to the
businessman, to the agriculturist, and to the industrialist. As a matter of fact, it is useful to all.

A householder will arrange his expenditure much better if he has studied Economics. He can
prepare a family budget and put his household expenditure on a rational basis.

A labour leader who knows Economics is able to fight for the rights of labour more effectively. He
can understand clearly the conditions of industry. He will, thus, know when to yield a point gracefully
and when to stand firm in the matter of workers’ demands.

Michelle Amarilla

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

Economics is the study of the production, distribution, and consumption of wealth in human
society, but this perspective is only one among many different definitions. Economics is also the study of
people (as consumers) making choices about which products and goods to buy.

Economics is the study of choices. Though some believe that economics is driven purely by
money or capital, the choice is much more expansive. If the study of economics is the study of how
people choose to use their resources, analysts must also consider all of their possible resources, of which
money is but one.

Beyond defining what these resources are, the concept of scarcity is also an important
consideration. These resources—no matter how broad the category—are limited, which is the source of
tension in the choices people and society make: Their decisions are a result of the constant tug of war
between unlimited wants and desires and limited resources.

Economists often perform experiments and use scientific tools for crafting analyses. However,
much of the attention paid to economics focuses on its non-scientific aspects.

At its core, the field of economics tries to uncover basic universal facts. Like many sciences,
economics has a strong foundation in mathematics, and it is developed by testing hypotheses. In many
ways, economics can be viewed as a field of applied psychology. Understanding how humans behave in
certain situations and respond to changes is essential for the field's development.

Unlike the so-called "hard sciences," however, many economic hypotheses are difficult to test.
Economic systems are run by governments, and it is immoral to cause economic harm to individuals and
populations. With its strong mathematical foundation and its reliance on human behavior, economics
straddles the gap between more basic types of science and so-called "soft sciences" such as
anthropology and sociology.

3. How can you address the basic economic problems in our country?
A labour leader who knows Economics is able to fight for the rights of labour more effectively. He
can understand clearly the conditions of industry. He will, thus, know when to yield a point gracefully
and when to stand firm in the matter of workers’ demands.

It is Economics that we look up to for solving the problem of poverty. ‘Economics alone will not
build a millennium; but in that building—(and in whatever preliminary pulling down may be necessary),
it is an essential tool.’ In view of what has been said above, it is clear that the study of Economics is not
only useful in ordinary life, but also serves as an excellent mental discipline.

Ivette Jane Ecot

1. Define Applied Economics.

Applied economics is a field that applies of economic theories and principles to real-world
situations with the desired aim of predicting potential outcomes. The use of applied economics is
designed to analytically review potential outcomes without the "noise" associated with explanations that
are not backed by numbers. Applied economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

If we look around, we see the farmer tilling his field, the workman working in the factory, the
clerk at his desk, the doctor attending to his pleats, the teacher teaching his students, and so on. They
are all engaged in what is called economic activity. They earn money to satisfy their wants. It is with this
part of man’s life that Economics deals.We may say that when a man is engaged in an economic activity
he is busy earning money. But he does not want money for its own sake. He needs it to buy things which
satisfy his wants. The purpose of all economic activity is the desire to purchase goods to satisfy human
wants. Neither good nor money is an end in itself. They are needed for the satisfaction of human wants
and to promote human welfare.A man wants food, clothes and shelter. To get these things he must have
money. For getting money, lie must work or make an effort. Effort leads to satisfaction.

We have seen that Economics studies human beings. But it does not study them as isolated
individuals living aloof in jungles or in mountain caves. Rather, it studies man living in organized society,
exchanging his goods for those of others, influencing them by his actions and being influenced by them
in turn. He depends on them, and they on him. Economics is thus a social science and not one dealing
with individual isolated human beings. Interest has now almost completely shifted to the economy as a
whole, how it grows and develops, the factors that hinder its growth and the measures that would help
or accelerate it.

A positive science explains the ‘why’ and ‘wherefore’ of things, i.e., their causes and effects. A
normative science, on the other hand, discusses the Tightness or wrongness of things. Economists hold
different views on this point. Some economists think that Economics is only a positive science and as
such explains why things are as they are. It is neutral as regards ends. Others think that it is a normative
science and tells us as the things ought to be.

Our view is that Economics is both a positive and a normative science. It not only tells us why
certain things happen, it also says whether it is the right thing to happen. For example, we know that a
few people in the world are very rich while the masses are very poor.. Economics should explain not only
the causes of this unequal distribution of wealth, but it should also say whether this is good or bad. It
might well say that wealth ought to be fairly distributed. Further, it should suggest the methods of doing
it.

3. How can you address the basic economic problems in our country?
The study of Economics has a special significance for an under-developed economy. In the
backward and under-developed countries, the major problem is how to remove poverty and
unemployment and to raise living standards. These problems can be solved by accelerating economic
development.

The economists have evolved a theory of economic development. From the study of this theory,
we can know the causes which have retarded economic growth and how the process of development
can be initiated and growth accelerated. The theory of economic growth and planning, which is now an
important branch of Economics, furnishes an invaluable guide to the economically backward countries.

Reynald Pacabiz

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making. Alternatively, in simple words,
it is economic theory that is put into practice, in a specific setting. It can be at a macroeconomic
(aggregate economy) or microeconomic (individual consumer/firm) level. In a sense, applied economics
provide a true and clearer picture of a business/economic situations so that policy makers and decision
makers make the right choices. Given the nature of the complexity of macroeconomies, applied research
is especially useful in dealing with problems in macroeconomics. With the objective of achieving
potential desired outcomes, economic theories and principles are applied to the situation at hand. At
times, advanced research would involve inter-disciplinary study such as econometrics as well. In spite of
its extensive use of economic principles and theories, Applied Economics by itself is not a field of
economics. Applied economics provides the insights to ensure real world economic stability. In short an
intersection of economic theory, econometrics and real world business problems gives us applied
economics. For example, instead of creating an economic model to examine performance of government
regulation in markets, a researcher can conduct an actual study to examine the government regulatory
performance via data collection and inferences from key stakeholders.

2. Make an essay about, "Economics as a Social Science".

A positive science explains the ‘why’ and ‘wherefore’ of things, i.e., their causes and effects. A
normative science, on the other hand, discusses the Tightness or wrongness of things. Economists hold
different views on this point. Some economists think that Economics is only a positive science and as
such explains why things are as they are. It is neutral as regards ends. Others think that it is a normative
science and tells us as the things ought to be.

We have seen that Economics studies human beings. But it does not study them as isolated
individuals living aloof in jungles or in mountain caves. Rather, it studies man living in organized society,
exchanging his goods for those of others, influencing them by his actions and being influenced by them
in turn. He depends on them, and they on him. Economics is thus a social science and not one dealing
with individual isolated human beings. Interest has now almost completely shifted to the economy as a
whole, how it grows and develops, the factors that hinder its growth and the measures that would help
or accelerate it.

If we look around, we see the farmer tilling his field, the workman working in the factory, the
clerk at his desk, the doctor attending to his pleats, the teacher teaching his students, and so on. They
are all engaged in what is called economic activity. They earn money to satisfy their wants. It is with this
part of man’s life that Economics deals.We may say that when a man is engaged in an economic activity
he is busy earning money. But he does not want money for its own sake. He needs it to buy things which
satisfy his wants. The purpose of all economic activity is the desire to purchase goods to satisfy human
wants. Neither good nor money is an end in itself. They are needed for the satisfaction of human wants
and to promote human welfare.A man wants food, clothes and shelter. To get these things he must have
money. For getting money, lie must work or make an effort. Effort leads to satisfaction.

Economics should explain not only the causes of this unequal distribution of wealth, but it
should also say whether this is good or bad. It might well say that wealth ought to be fairly distributed.
Further, it should suggest the methods of doing it. Our view is that Economics is both a positive and a
normative science. It not only tells us why certain things happen, it also says whether it is the right thing
to happen. For example, we know that a few people in the world are very rich while the masses are very
poor..
3. How can you address the basic economic problems in our country?
Economists all the world over are now taking keen interest in the problems facing the poverty-
stricken and under-developed countries. The result is that the literature on economic growth has
enormously increased. This literature is of immense benefit for the people and the governments of the
backward countries.

Most of them have adopted planning techniques to bring about rapid economic development
and raise living standards of their people so as to catch up with the advanced and affluent nations of the
world. A great deal has already been achieved in this direction.

Micael Allegado

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making.

2. Make an essay about, "Economics as a Social Science".

Economics is a social science seeking to analyze and describe the production, distribution, and
consumption of goods and services. That is, economics studies how individuals and societies seek to
satisfy needs and wants. Alfred Marshall informally described economics as "the study of man in the
ordinary business of life" in the late 19th century; the vast number of topics to which the methods of
economic theory have been applied suggests to some that economics is simply "that which economists
do."

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

It can be said that economics is a social science that aims at studying human behavior with
respect to optimal allocation of available resources to achieve maximum profit. For example, economics
covers how individuals allocate their resources (income) to purchase different goods and services, so
that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

3. How can you address the basic economic problems in our country?
For example, if there is a shortage of a commodity, its price will rise. This will cut down
unnecessary demand so that the demand will be brought down to the level of supply. This is how
economic system adjusts itself in all spheres. The study of Economics helps us to understand how the
complicated economic system of today functions almost automatically without any central control. Every
economic disturbance somehow tends to smoothen itself out.

A careful student of Economics can easily see through the game of politicians who want to
deceive the general public. He will not be misled by cheap newspaper propaganda. Economic reasoning
trains our mind as reasoning does in other sciences: It enables us to think clearly and judge correctly and
thus affords useful mental exercise. No doubt, “Economics is no philosopher’s stone to turn everything it
touches into gold, but it will help at least to distinguish gold from baser metals.”

Rhea Mae Amistoso

1. Define Applied Economics.

Applied economics is a field that applies of economic theories and principles to real-world
situations with the desired aim of predicting potential outcomes. The use of applied economics is
designed to analytically review potential outcomes without the "noise" associated with explanations that
are not backed by numbers. Applied economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

Economics is a social science seeking to analyze and describe the production, distribution, and
consumption of goods and services. That is, economics studies how individuals and societies seek to
satisfy needs and wants. Alfred Marshall informally described economics as "the study of man in the
ordinary business of life" in the late 19th century; the vast number of topics to which the methods of
economic theory have been applied suggests to some that economics is simply "that which economists
do."

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

It can be said that economics is a social science that aims at studying human behavior with
respect to optimal allocation of available resources to achieve maximum profit. For example, economics
covers how individuals allocate their resources (income) to purchase different goods and services, so
that they can achieve maximum satisfaction.

3. How can you address the basic economic problems in our country?
Economics that can give us a correct understanding of the problems of agriculture, industry,
trade, transport, etc. The study of Economics makes us useful and intelligent citizens. Most of the
problems today are fundamentally economic in character. It is only

The knowledge of Economics enables everyone to perform one’s duties more intelligently and,
therefore, more efficiently. Economics enables us to shape and mould the State policies for solving these
problems. A student of Economics can easily understand questions relating to taxation, currency,
exchange, etc. Thus, it is clear that the study of Economics goes to build up a body of keen, intelligent
and useful citizens.

Economics teaches us the important lesson of the mutual dependence of man on man. We come
to realize how we depend on others for the satisfaction of our wants, and how others depend on us. It
clearly brings home to us the bond that binds worker to worker, industry to industry and country to
country. This knowledge adds to our sense of responsibility and understanding, and thus leads to better
work and a happier society.

Regine Congcong

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".
2. Make an essay about, "Economics as a Social Science".
Economics is a social science seeking to analyze and describe the production, distribution, and
consumption of goods and services. That is, economics studies how individuals and societies seek to
satisfy needs and wants. Alfred Marshall informally described economics as "the study of man in the
ordinary business of life" in the late 19th century; the vast number of topics to which the methods of
economic theory have been applied suggests to some that economics is simply "that which economists
do."

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

Some economists believed that in economics, a problem is solved by adopting a scientific

approach, which involves collecting and analyzing data and making related laws and theories For
example, various economists examined the concept of employment and framed relevant theories, such
as Say’s law, Pigou’s modifications, and Keynes theory of employment.

Economics is considered as a science because there are similarities between the problem solving
process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

Positive science refers to the science that deals with the question of what is, while the normative
science deals with the question of what it should be. Positive science is the description of a concept
whether it is right or wrong. On the other hand, normative science is the evaluation of a concept. After a
very detailed analysis, it is decided that economics is a positive as well as normative science.

3. How can you address the basic economic problems in our country?
The study of Economics is very useful in several professions. It is useful to the banker, to the
businessman, to the agriculturist, and to the industrialist. As a matter of fact, it is useful to all.

Economics enables us to shape and mould the State policies for solving these problems. A
student of Economics can easily understand questions relating to taxation, currency, exchange, etc. Thus,
it is clear that the study of Economics goes to build up a body of keen, intelligent and useful citizens. The
knowledge of Economics enables everyone to perform one’s duties more intelligently and, therefore,
more efficiently.

In most government departments, knowledge of Economics is found useful and is sometimes

considered indispensable. The study of Economics is very useful in several professions. It is useful to the
banker, to the businessman, to the agriculturist, and to the industrialist. As a matter of fact, it is useful to
all.
Leslie Bermoy

1. Define Applied Economics.

Applied economics is a field that applies of economic theories and principles to real-world
situations with the desired aim of predicting potential outcomes. The use of applied economics is
designed to analytically review potential outcomes without the "noise" associated with explanations that
are not backed by numbers. Applied economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

In general terms, economics is a social science that studies the behaviour patterns of human
beings. The basic function of economics is to study how individuals, households, organizations, and
nations utilize their limited resources to achieve maximum profit. The study of economics is divided into
two parts, namely microeconomics and macroeconomics. Microeconomics is a branch of economics that
examines the market behavior of individual consumers and organizations.

It focuses on the demand and supply, pricing, and output of individual organizations. On the
other hand, macroeconomics analyzes the economy as a whole. It deals with issues related to national
income, employment pattern, inflation, recession, and economic growth. With the advent of
globalization there is a rapid increase in complexities in business decision making. Therefore, it is
important for organizations to have a clear understanding of different economic concepts, theories, and
tools.

In the media and in politics, however, the scientific aspects of the field are often ignored.
Politicians might discuss the morality of different economic policies, and they might make promises
based on faulty economic premises. Because economic policies have such a dramatic effect on the lives
of voters, politicians spend a considerable amount of time developing a message that influences voters.

Positive science is the description of a concept whether it is right or wrong. Positive science
refers to the science that deals with the question of what is, while the normative science deals with the
question of what it should be. On the other hand, normative science is the evaluation of a concept. After
a very detailed analysis, it is decided that economics is a positive as well as normative science.

Economics is considered as a social science because there are similarities between the problem
solving process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

3. How can you address the basic economic problems in our country?
Economics is important for an individual. For example, every decision we take involves an
opportunity cost - which is more valuable working overtime or having more leisure time?
 In recent years, behavioural economics has looked at the diverse range of factors that influence
people's decisions. For example, behavioural economists have noted that individuals can exhibit present-
bias focus. This means placing excess importance on the current time period and making decisions our
future self may regret. This includes over-consumption of demerit goods like alcohol and tobacco and
failure to save for a pension.

In classical economics, we often focus on maximising income and profit. However, this is a
limited use of economics. Economics is also concerned with maximising overall economic welfare (how
happy are people). Therefore economics will help offer choices between increasing output and reducing
inequality.

Rhea Mae Anima

1. Define Applied Economics.

Applied economics is a field that applies of economic theories and principles to real-world
situations with the desired aim of predicting potential outcomes. The use of applied economics is
designed to analytically review potential outcomes without the "noise" associated with explanations that
are not backed by numbers. Applied economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

Economics is the study of social behavior guiding in the allocation of scarce resources to meet
the unlimited needs and desires of the individual members of a given society. Economics seeks to
understand how those individuals interact within the social structure to address key questions about the
production and exchange of goods and services.

Economics is the social science that studies the production, distribution, and consumption of
goods and services. Economics focuses on the behaviour and interactions of economic agents and how
economies work.

The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household,
estate," and νόμος [nomos], or "custom, law," and hence means "household management" or
"management of the state." An economist is a person using economic concepts and data in the course of
employment, or someone who has earned a university degree in the subject.

Therefore, it can be said that economics is a social science that aims at studying human behavior
with respect to optimal allocation of available resources to achieve maximum profit. For example,
economics covers how individuals allocate their resources (income) to purchase different goods and
services, so that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

3. How can you address the basic economic problems in our country?
Economics enables us to shape and mould the State policies for solving these problems. A
student of Economics can easily understand questions relating to taxation, currency, exchange, etc. Thus,
it is clear that the study of Economics goes to build up a body of keen, intelligent and useful citizens. The
knowledge of Economics enables everyone to perform one’s duties more intelligently and, therefore,
more efficiently.

Economics teaches us the important lesson of the mutual dependence of man on man. We come
to realize how we depend on others for the satisfaction of our wants, and how others depend on us. It
clearly brings home to us the bond that binds worker to worker, industry to industry and country to
country. This knowledge adds to our sense of responsibility and understanding, and thus leads to better
work and a happier society.

It is only Economics that can give us a correct understanding of the problems of agriculture,
industry, trade, transport, etc.The study of Economics makes us useful and intelligent citizens. Most of
the problems today are fundamentally economic in character.

Chrizzie Bornillo

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

 Economics is the study of the production, distribution, and consumption of wealth in human
society, but this perspective is only one among many different definitions. Economics is also the study of
people (as consumers) making choices about which products and goods to buy.

Implies that economics is a study of behavior patterns of human beings. The basic function of
economics is to study how individuals, households, organizations, and nations utilize their limited
resources to achieve maximum profit. This function of economics is termed as maximizing behavior or
optimizing behavior. In economics, optimizing behavior refers to selecting the most profitable alternative
from the available alternatives.

Therefore, it can be said that economics is a social science that aims at studying human behavior
with respect to optimal allocation of available resources to achieve maximum profit. For example,
economics covers how individuals allocate their resources (income) to purchase different goods and
services, so that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

3. How can you address the basic economic problems in our country?
Economists apply their skills of description, analysis, model building, and prediction to generate
knowledge and, from this, provide advice to private firms, to governments and other organisations.

The first function of the economist is to provide information, called economic intelligence, from
which decisions can be made. For firms to survive and succeed, they need to take many decisions, but
each decision carries with it a risk. The professional economist can help reduce such risks by gathering
and analysing economic intelligence. This economic intelligence is only useful when it can be put into an
economic model, and then applied to the decisions that need to be taken.

The second function of the professional economist is to interpret the data that has been
gathered and provide informed advice to firms, organisations, and governments about the likely costs
and benefits of the decisions they make.

Sheenamae Cezar

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

Economics seeks to understand how those individuals interact within the social structure to
address key questions about the production and exchange of goods and services. Economics is the study
of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires
of the individual members of a given society.

Economics focuses on the behaviour and interactions of economic agents and how economies
work. Economics is the social science that studies the production, distribution, and consumption of
goods and services.

An economist is a person using economic concepts and data in the course of employment, or
someone who has earned a university degree in the subject. The word "economics" is from the Greek
words οἶκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and
hence means "household management" or "management of the state."

Economics is considered as a social science because there are similarities between the problem
solving process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

The study of economics is divided into two parts, namely microeconomics and macroeconomics.
Microeconomics is a branch of economics that examines the market behavior of individual consumers
and organizations. In general terms, economics is a social science that studies the behaviour patterns of
human beings. The basic function of economics is to study how individuals, households, organizations,
and nations utilize their limited resources to achieve maximum profit

With the advent of globalization there is a rapid increase in complexities in business decision
making. Therefore, it is important for organizations to have a clear understanding of different economic
concepts, theories, and tools. It focuses on the demand and supply, pricing, and output of individual
organizations. On the other hand, macroeconomics analyzes the economy as a whole. It deals with
issues related to national income, employment pattern, inflation, recession, and economic growth.

3. How can you address the basic economic problems in our country?
The economist provides information, called economic intelligence, from which decisions can be
made. For firms to survive and succeed, they need to take many decisions, but each decision carries with
it a risk. The professional economist can help reduce such risks by gathering and analysing economic
intelligence. This economic intelligence is only useful when it can be put into an economic model, and
then applied to the decisions that need to be taken.

The economist is to interpret the data that has been gathered and provide informed advice to
firms, organisations, and governments about the likely costs and benefits of the decisions they make.

Mhel Rose Bacordo

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making. Alternatively, in simple words,
it is economic theory that is put into practice, in a specific setting. It can be at a macroeconomic
(aggregate economy) or microeconomic (individual consumer/firm) level. In a sense, applied economics
provide a true and clearer picture of a business/economic situations so that policy makers and decision
makers make the right choices. Given the nature of the complexity of macroeconomies, applied research
is especially useful in dealing with problems in macroeconomics. With the objective of achieving
potential desired outcomes, economic theories and principles are applied to the situation at hand. At
times, advanced research would involve inter-disciplinary study such as econometrics as well. In spite of
its extensive use of economic principles and theories, Applied Economics by itself is not a field of
economics. Applied economics provides the insights to ensure real world economic stability. In short an
intersection of economic theory, econometrics and real world business problems gives us applied
economics. For example, instead of creating an economic model to examine performance of government
regulation in markets, a researcher can conduct an actual study to examine the government regulatory
performance via data collection and inferences from key stakeholders.

2. Make an essay about, "Economics as a Social Science".

Economics is a social science, and, unlike the physical sciences, cannot engage in controlled
experimentation to demonstrate how variables are connected.

Economists in general reply that while this aspect presents serious difficulties, they in fact do
test their hypothesis using statistical methods such as econometrics, using the data generated in the real
world. The field of experimental economics has also seen efforts to test at least some predictions of
economic theories in a simulated laboratory setting – an endeavour which earned Vernon Smith the
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2002. One of the marks of a
science is the use of the scientific method and the ability to establish hypothesis and make predictions
which can then be tested with data. Unlike the natural sciences, economics yields no natural laws or
universal constants, so this has led some critics to argue that economics is not a science, or at best, is
just a soft science. Unlike natural scientists and in a way similar to what happens in other social sciences,
economists are generally unable to test their theories due to its impracticality.

The ceteris paribus rule, that all other things remain the same, is used whenever attempting to
demonstrate the link between economic variables. Of course, for independent reasons, income could
also fall while demand does not rise. The fall in price could have been counteracted by a fall in income.

In the real world, economic variables such as price and income, are constantly changing, and
this creates a problem in demonstrating the relationship between variables. For example, a fall in price is
likely to lead to a rise in consumer demand if we assume nothing else changes.

As the social sciences have evolved over the last 100 years, they have become increasingly
specialised. This is true for economics, as witnessed by the development of many different strands of
investigation including micro and macro economics, pure and applied economics, and industrial and
financial economics.

Economics attempts to explain economic behaviour, which arises when scarce resources are
exchanged. Economics is the scientific study of the ownership, use, and exchange of scarce resources -
often shortened to the science of scarcity. Economics is regarded as a social science because it uses
scientific methods to build theories that can help explain the behaviour of individuals, groups and
organisations.

3. How can you address the basic economic problems in our country?
In recent years, behavioural economics has looked at the diverse range of factors that influence
people's decisions. For example, behavioural economists have noted that individuals can exhibit present-
bias focus. This means placing excess importance on the current time period and making decisions our
future self may regret. This includes over-consumption of demerit goods like alcohol and tobacco and
failure to save for a pension.

In classical economics, we often focus on maximising income and profit. However, this is a
limited use of economics. Economics is also concerned with maximising overall economic welfare (how
happy are people). Therefore economics will help offer choices between increasing output and reducing
inequality.

Economics is important for an individual. For example, every decision we take involves an
opportunity cost - which is more valuable working overtime or having more leisure time?

Jayson Arante
1. Define Applied Economics.
Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

Economics seeks to understand how those individuals interact within the social structure to
address key questions about the production and exchange of goods and services. Economics is the study
of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires
of the individual members of a given society.

An economist is a person using economic concepts and data in the course of employment, or
someone who has earned a university degree in the subject. The word "economics" is from the Greek
words οἶκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and
hence means "household management" or "management of the state."

Economics focuses on the behaviour and interactions of economic agents and how economies
work. Economics is the social science that studies the production, distribution, and consumption of
goods and services.

The study of economics is divided into two parts, namely microeconomics and macroeconomics.
Microeconomics is a branch of economics that examines the market behavior of individual consumers
and organizations. In general terms, economics is a social science that studies the behaviour patterns of
human beings. The basic function of economics is to study how individuals, households, organizations,
and nations utilize their limited resources to achieve maximum profit.

Economics is considered as a social science because there are similarities between the problem
solving process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

Therefore, it is important for organizations to have a clear understanding of different economic

concepts, theories, and tools. It focuses on the demand and supply, pricing, and output of individual
organizations. On the other hand, macroeconomics analyzes the economy as a whole. It deals with
issues related to national income, employment pattern, inflation, recession, and economic growth.

3. How can you address the basic economic problems in our country?
Economists assume that economic events and phenomena do not occur at random, but are
determined by underlying and understandable causes. Unlike the pure scientist, economists cannot
undertake controlled experiments, so they must test their models in different ways. Statistical analysis of
actual economic data can provide a flow of information from which to build models and test hypotheses.
For example, by gathering data about changes in house prices it is possible to deduce factors that cause
house prices to go up or down, and by how much. Economists use index numbers to help make
comparisons between countries and over time.

The ultimate value of an economic model is that it can accurately predict the onset and the
effect of an economic event. The better the model is, the more useful it is in helping economists make
predictions. The ultimate goal of the economist is to predict future behaviour. For example, by using a
demand and supply model and by inputting real data about the housing market, economists can show
that even a small fall in bank lending can trigger behaviour that leads to a significant fall in house prices
in the short run.

Kate Caparro

1. Define Applied Economics.

Applied economics is the application of economic theory and econometrics in specific settings.
As one of the two sets of fields of economics (the other set being the core), it is typically characterized
by the application of the core, i.e. economic theory and econometrics, to address practical issues in a
range of fields including demographic economics, labour economics, business economics, industrial
organization, agricultural economics, development economics, education economics, health economics,
monetary economics, public economics, and economic history. The process often involves a reduction in
the level of abstraction of this core theory. There are a variety of approaches including not only empirical
estimation using econometrics, input-output analysis or simulations but also case studies, historical
analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what
Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It
is a concept with multiple meanings. Among broad methodological distinctions, one source places it in
neither positive nor normative economics but the art of economics, glossed as "what most economists
do".

2. Make an essay about, "Economics as a Social Science".

In general terms, economics is a social science that studies the behaviour patterns of human
beings. The basic function of economics is to study how individuals, households, organizations, and
nations utilize their limited resources to achieve maximum profit.

Economics is considered as a social science because there are similarities between the problem
solving process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

An economist is a person using economic concepts and data in the course of employment, or
someone who has earned a university degree in the subject. The word "economics" is from the Greek
words οἶκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and
hence means "household management" or "management of the state."

Economics seeks to understand how those individuals interact within the social structure to
address key questions about the production and exchange of goods and services. Economics is the study
of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires
of the individual members of a given society.

The study of economics is divided into two parts, namely microeconomics and macroeconomics.
Microeconomics is a branch of economics that examines the market behavior of individual consumers
and organizations.

Economics focuses on the behaviour and interactions of economic agents and how economies
work. Economics is the social science that studies the production, distribution, and consumption of
goods and services.

Therefore, it is important for organizations to have a clear understanding of different economic

concepts, theories, and tools. It focuses on the demand and supply, pricing, and output of individual
organizations. On the other hand, macroeconomics analyzes the economy as a whole. It deals with
issues related to national income, employment pattern, inflation, recession, and economic growth.

3. How can you address the basic economic problems in our country?
Economists assume that economic events and phenomena do not occur at random, but are
determined by underlying and understandable causes. Unlike the pure scientist, economists cannot
undertake controlled experiments, so they must test their models in different ways. Statistical analysis of
actual economic data can provide a flow of information from which to build models and test hypotheses.
For example, by gathering data about changes in house prices it is possible to deduce factors that cause
house prices to go up or down, and by how much. Economists use index numbers to help make
comparisons between countries and over time.

The ultimate value of an economic model is that it can accurately predict the onset and the
effect of an economic event. The better the model is, the more useful it is in helping economists make
predictions. The ultimate goal of the economist is to predict future behaviour. For example, by using a
demand and supply model and by inputting real data about the housing market, economists can show
that even a small fall in bank lending can trigger behaviour that leads to a significant fall in house prices
in the short run.

Mar Joseph Llemos

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making.

2. Make an essay about, "Economics as a Social Science".

Economics is the study of the production, distribution, and consumption of wealth in human
society, but this perspective is only one among many different definitions. Economics is also the study of
people (as consumers) making choices about which products and goods to buy.

It can be said that economics is a social science that aims at studying human behavior with
respect to optimal allocation of available resources to achieve maximum profit. For example, economics
covers how individuals allocate their resources (income) to purchase different goods and services, so
that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized.

3. How can you address the basic economic problems in our country?
Statistical analysis of actual economic data can provide a flow of information from which to build
models and test hypotheses. For example, by gathering data about changes in house prices it is possible
to deduce factors that cause house prices to go up or down, and by how much. Economists use index
numbers to help make comparisons between countries and over time. Economists assume that
economic events and phenomena do not occur at random, but are determined by underlying and
understandable causes. Unlike the pure scientist, economists cannot undertake controlled experiments,
so they must test their models in different ways.

The ultimate value of an economic model is that it can accurately predict the onset and the
effect of an economic event. The better the model is, the more useful it is in helping economists make
predictions. The ultimate goal of the economist is to predict future behaviour. For example, by using a
demand and supply model and by inputting real data about the housing market, economists can show
that even a small fall in bank lending can trigger behaviour that leads to a significant fall in house prices
in the short run.

Jazmine Faith Bernal

1. Define Applied Economics.

Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making. Alternatively, in simple words,
it is economic theory that is put into practice, in a specific setting. It can be at a macroeconomic
(aggregate economy) or microeconomic (individual consumer/firm) level. In a sense, applied economics
provide a true and clearer picture of a business/economic situations so that policy makers and decision
makers make the right choices. Given the nature of the complexity of macroeconomies, applied research
is especially useful in dealing with problems in macroeconomics. With the objective of achieving
potential desired outcomes, economic theories and principles are applied to the situation at hand. At
times, advanced research would involve inter-disciplinary study such as econometrics as well. In spite of
its extensive use of economic principles and theories, Applied Economics by itself is not a field of
economics. Applied economics provides the insights to ensure real world economic stability. In short an
intersection of economic theory, econometrics and real world business problems gives us applied
economics. For example, instead of creating an economic model to examine performance of government
regulation in markets, a researcher can conduct an actual study to examine the government regulatory
performance via data collection and inferences from key stakeholders.

2. Make an essay about, "Economics as a Social Science".

In the media and in politics, however, the scientific aspects of the field are often ignored.
Politicians might discuss the morality of different economic policies, and they might make promises
based on faulty economic premises. Because economic policies have such a dramatic effect on the lives
of voters, politicians spend a considerable amount of time developing a message that influences voters.

In general terms, economics is a social science that studies the behaviour patterns of human
beings. The basic function of economics is to study how individuals, households, organizations, and
nations utilize their limited resources to achieve maximum profit. The study of economics is divided into
two parts, namely microeconomics and macroeconomics. Microeconomics is a branch of economics that
examines the market behavior of individual consumers and organizations.

It focuses on the demand and supply, pricing, and output of individual organizations. On the
other hand, macroeconomics analyzes the economy as a whole. It deals with issues related to national
income, employment pattern, inflation, recession, and economic growth. With the advent of
globalization there is a rapid increase in complexities in business decision making. Therefore, it is
important for organizations to have a clear understanding of different economic concepts, theories, and
tools.

Economics is considered as a social science because there are similarities between the problem
solving process of economics and science. Apart from this, there is another controversial issue related to
whether economics is a positive or normative science.

Positive science is the description of a concept whether it is right or wrong. Positive science
refers to the science that deals with the question of what is, while the normative science deals with the
question of what it should be. On the other hand, normative science is the evaluation of a concept. After
a very detailed analysis, it is decided that economics is a positive as well as normative science.

3. How can you address the basic economic problems in our country?
The ultimate goal of the economist is to predict future behaviour. For example, by using a
demand and supply model and by inputting real data about the housing market, economists can show
that even a small fall in bank lending can trigger behaviour that leads to a significant fall in house prices
in the short run. The ultimate value of an economic model is that it can accurately predict the onset and
the effect of an economic event. The better the model is, the more useful it is in helping economists
make predictions.

Economists assume that economic events and phenomena do not occur at random, but are
determined by underlying and understandable causes. Unlike the pure scientist, economists cannot
undertake controlled experiments, so they must test their models in different ways. Statistical analysis of
actual economic data can provide a flow of information from which to build models and test hypotheses.
For example, by gathering data about changes in house prices it is possible to deduce factors that cause
house prices to go up or down, and by how much. Economists use index numbers to help make
comparisons between countries and over time.

Champagne A. Bantilan

1. Define Applied Economics.

 Applied Economics is the study of economics in relation with real life, real world situations in
conjunction with theoretical ideas. It is used to understand and solve problems in business and
government, rather than just plain-speak ideas. Applied economics is a broader subset of the
overarching social science that is economics – the study of the production and consumption of
goods/services, and analysis of commercial activities and decision making.Applied economics is a field
that applies of economic theories and principles to real-world situations with the desired aim of
predicting potential outcomes. The use of applied economics is designed to analytically review potential
outcomes without the "noise" associated with explanations that are not backed by numbers. Applied
economics can involve the use of econometrics and case studies.

2. Make an essay about, "Economics as a Social Science".

Economics is the study of social behavior guiding in the allocation of scarce resources to meet
the unlimited needs and desires of the individual members of a given society. Economics seeks to
understand how those individuals interact within the social structure to address key questions about the
production and exchange of goods and services.

Economics is the social science that studies the production, distribution, and consumption of
goods and services. Economics focuses on the behaviour and interactions of economic agents and how
economies work. Microeconomics analyzes basic elements in the economy, including individual agents
and markets, their interactions, and the outcomes of interactions. Individual agents may include, for
example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning
aggregated production, consumption, savings, and investment) and issues affecting it, including
unemployment of resources (labour, capital, and land), inflation, economic growth, and the public
policies that address these issues (monetary, fiscal, and other policies).

The basic function of economics is to study how individuals, households, organizations, and
nations utilize their limited resources to achieve maximum profit. This function of economics is termed
as maximizing behavior or optimizing behavior. In economics, optimizing behavior refers to selecting the
most profitable alternative from the available alternatives.

Therefore, it can be said that economics is a social science that aims at studying human behavior
with respect to optimal allocation of available resources to achieve maximum profit. For example,
economics covers how individuals allocate their resources (income) to purchase different goods and
services, so that they can achieve maximum satisfaction.

In addition, economics also studies how organizations make their decisions regarding selection
of a product to be produced, production technique, plant location, and price of the product. Apart from
this, economics also covers how nations utilize their resources to fulfill the needs of the society so that
economic welfare can be maximized which make it clearer for me that economics is definitely a social
science.

3. How can you address the basic economic problems in our country?
 Economics teaches us many interesting and instructive facts about man’s behaviour when he is
engaged in economic activity. The inner working of his mind in economic matters is revealed to us. We
come to understand the various motives which guide men in economic affairs. It is both a fascinating and
a fruitful study.

Economics is concerned with helping individuals and society decide on the optimal allocation of
our limited resources.

Economics is important for many areas of society. It can help improve living standards and make
society a better place. Economics is like science in that it can be used to improve living standards and
also to make things worse. It partly depends on the priorities of society and what we consider most
important.

It is Economics that we look up to for solving the problem of poverty. ‘Economics alone will not
build a millennium; but in that building—(and in whatever preliminary pulling down may be necessary),
it is an essential tool.’ In view of what has been said above, it is clear that the study of Economics is not
only useful in ordinary life, but also serves as an excellent mental discipline.