Applied Economics

The application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.

• economics

• applied economics

Refers any subject that deals with human behavior. Political science, Psychology, Ethics, etc.

The study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants.

• economics

• applied economics

• scarcity

• applied science

the limited availability of a commodity, which may be demand in the market or by the commons. Also includes an individual’s lack of resources to buy commodities.

• scarcity

• relative scarcity

• absolute scarcity

Known as factors of production, are the resources used to produce goods and services.

A division of economics that is concerned with the overall performance of the entire economy.

• Macroeconomics

• Microeconomics

Concerned with the behavior of individual entities such as the consumer, the producer, and the resources owner. It is more concerned on how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm.

• Macroeconomics

• Microeconomics

A persistent problem in the Philippines because of increase in population.

• unemployment

• poverty

• income inequality

• quality of infrastructure

Not only an economic problem but also a social problem of a country. Increase in population, increase in the cost of living, unemployment, inequality in the distribution of income

• unemployment

• poverty

• income inequality

• quality of infrastructure

Refers to the gap in income that exists between the rich and the poor.

• unemployment

• poverty

• income inequality

• quality of infrastructure