Week 2 Topics

Week 2 Topics

Learning Targets

• Relate economic theories of famous economists to explaining Applied Economic theories

• Relate Applied Economics and Econometrics in explaining economics situations of the Philippines

• Relate scarcity to the causes of fundamental economic problems experienced in the economy

Open Ended

Who is Adam Smith?

Adam Smith

-Scottish social philosopher and political economist.

-Known primarily for a single work—An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Open Ended

In one sentence, briefly explain the invisible hand theory.

The Invisible Hand

metaphor that characterizes the mechanisms through which beneficial social and economic outcomes may arise from the accumulated self-interested actions of individuals, none of whom intends to bring about such outcomes. (Encyclopedia Britannica)

Open Ended

In one sentence, explain the circular flow model in economics?

Circular Flow Model in Economics

An economic model that shows the flow of money through the economy. (Encyclopedia Britannica)

Open Ended

What are the different economic problems that we are currently experiencing now?

SCARCITY

Open Ended

What are your insights after today's discussion?

Multiple Choice

Adam Smith's popular work.

• The Invisible Hand of Economics

• The Circular Flow Model

• The Wealth of Nations

• The Death Note

Multiple Choice

The "invisible hand" concept aligns with which economic theory?

• Marxism

• Keynesian Economis

• Laissez Faire

• Supply and Demand

Multiple Choice

Which of the following is not a factor of production?

• Labor

• Land

• Government

• Capital

Multiple Choice

A factor of production used to buy the tools that labor implements to convert land (i.e., natural resources) into goods.

• Land

• Labor

• Capital

• Entrepreneur

Multiple Choice

The factor of production referring to people who put the other three resources (factors) together to create a successful business.

• Land

• Labor

• Capital

• Entrepreneurs

Poll

I can relate economic theories of famous economists to explaining Applied Economic theories.

• Beginning

• Approaching Proficiency

• Proficient

• Exemplary

Poll

I can relate Applied Economics and Econometrics in explaining economics situations of the Philippines.

• Beginning

• Approaching Proficiency

• Proficient

• Exemplary

Poll

I can relate scarcity to the causes of fundamental economic problems experienced in the economy.

• Beginning

• Approaching Proficiency

• Proficient

• Exemplary