Economics

the social science that studies the production,

distribution, and consumption of goods and
services.
Economics focuses on
the behavior 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 (labor, capital, and land),
inflation, economic growth, and the public policies that
address these issues (monetary, fiscal, and other policies).
Other broad distinctions within
economics include those between
positive economics, describing
"what is", and normative
economics, advocating "what
ought to be"; between economic
theory and applied economics;
between rational and behavioral
economics; and between
mainstream economics and
heterodox economics.
Economic analysis can be applied
throughout society, in business,
finance, health care, and
government. Economic analysis is
sometimes also applied to such
diverse subjects as crime,
education,the family, law, politics,
religion,social institutions, war,
science, and the environment.
 Outline of the
economics in the
world
 Remember
Economic focuses on the behavior and interactions of economic
agents and how economies work. Macro and Microeconomics has
the same role but different in coverage. Microeconomics analyzes
basic agents ,markets ,their interactions and the outcomes of their
interaction. While Macroeconomics analyzes the entire economy
and issues affecting it, including unemployment of resources,
inflation, economic growth and the public policies that address
these issue.

Economic analysis can be applied throughout society, in business,

finance, health care, and government. Economic analysis is
sometimes also applied to such diverse subjects as crime,
education,the family, law, politics, religion,social institutions, war,
science, and the environment.
History of the
Philippines
 ECONOMIC HISTORY OF
THE PHILIPPINES
 The Philippines was once a model of development and second only to Japan among
east Asian economies. In the 1960s, when South Korea was a land of peasant, the
Philippines was one of Asia's industrial powerhouses. It produced consumer goods,
processed raw materials and had assembly plants for automobiles, televisions and home
appliances. Chemical plants produced drugs. Scrap metal was imported and made into
steel for ships and factories produced cement, textiles and fertilizer.
 Prior to 1970, Philippine exports consisted mainly of agricultural or mineral products in raw
or minimally processed form. In the 1970s, the country began to export manufactured
commodities, especially garments and electronic components, and the prices of some
traditional exports declined. By 1988 nontraditional exports comprised 75 percent of the
total value of goods shipped abroad.
 Prior to 1970, Philippine exports consisted mainly of agricultural or mineral products
in raw or minimally processed form. In the 1970s, the country began to export
manufactured commodities, especially garments and electronic components,
and the prices of some traditional exports declined. By 1988 nontraditional exports
comprised 75 percent of the total value of goods shipped abroad.
 According to The Economist: “What distinguishes Manila from other South-East Asian capitals
is the ubiquitous Jeepney, the loud rickety bus used by the city's poorer inhabitants. Once
modified American Jeeps, nowadays most Jeepneys are cobbled together from second-
hand Japanese lorries. They have become a metaphor for the Philippine economy:
inefficient and easily overtaken. In the 1970s the Philippines was richer than its neighbors. Yet
while it chugged along at growth rates of around 2 percent, other countries stepped on the
gas: it was passed by Singapore, Malaysia, Thailand and, more recently, by China. A former
American colony, it could have made more of its cultural affinities with the United States,
including the widespread use of English. The incompetent and crooked rule of Ferdinand
Marcos from 1965 to 1986 bears some of the blame for its failure to do so. A sluggish
economy combined with a fast-growing population has forced some 8m Filipinos—
equivalent to almost a tenth of the resident population—to seek jobs abroad.
 See Agriculture, See History, The Philippines under Spain and the United States.
Economic Development in
the Philippines in the Early
20th Century
 In the mid-nineteenth century, a Filipino landowning elite developed on the basis of the
export of abaca (Manila hemp), sugar, and other agricultural products. At the onset of
the United States power in the Philippines in 1898-99, this planter group was cultivated as
part of the United States military and political pacification program. The democratic
process imposed on the Philippines during the American colonial period remained under
the control of this elite.
 At the time of independence in 1946, and in the aftermath of a destructive wartime
occupation by Japan, Philippine reliance on the United States was even more
apparent. To gain access to reconstruction assistance from the United States, the
Philippines agreed to maintain its prewar exchange rate with the United States
dollar and not to restrict imports from the United States. For a while the aid inflow
from the United States offset the negative balance of trade, but by 1949, the
economy had entered a crisis. The Philippine government responded by instituting
import and foreign-exchange controls that lasted until the early 1960s.
 Philippines Economy
Under Marcos
 The Philippines economy grew at a relatively high average annual rate of 6.4 percent during
the 1970s, financed in large part by foreign-currency borrowing. External indebtedness grew
from $2.3 billion in 1970 to $24.4 billion in 1983, much of which was owed to transnational
commercial banks. In the 1980s the Philippine economy was hurt by political instability,
authoritarianism, increasing foreign debt, falling commodity prices, corporate
mismanagement and vast unemployment.
 The Philippines found itself in an economic crisis in early 1970, in large part the
consequence of the profligate spending of government funds by President Marcos in
his reelection bid. The government, unable to meet payments on its US$2.3 billion
international debt, worked out a US$27.5 million standby credit arrangement with the
International Monetary Fund (IMF) that involved renegotiating the country's external
debt and devaluing the Philippine currency to P6.40 to the United States dollar. The
government, unwilling and unable to take the necessary steps to deal with economic
difficulties on its own, submitted to the external dictates of the IMF. It was a pattern
that would be repeated with increasing frequency in the next twenty years.
 Entrepreneurship is the act of creating
a business or businesses while building
and scaling it to generate a profit.
 However, as a basic entrepreneurship
definition, it’s a bit limiting. The more
modern entrepreneurship definition is
also about transforming the world by
solving big problems. Like
initiating social change, creating an
innovative product or presenting a
new life-changing solution.
 What the entrepreneurship definition
doesn’t tell you is that
entrepreneurship is what people do to
take their career and dreams into their
hands and lead it in the direction of
their own choice. It’s about building
a life on your own terms. No bosses.
No restricting schedules. And no one
holding you back. Entrepreneurs are
able to take the first step into making
the world a better place, for everyone
in it.
 • An entrepreneur is a person who sets up a
business with the aim to make a profit. This
entrepreneur definition can be a bit vague
but for good reason.
• An entrepreneur can be a person who sets up
their first online store on the side or a
freelancer just starting out.
 The reason why they’re considered entrepreneurs, though some
disagree, is because where you start out isn’t where you’ll end up.
An entrepreneur is someone who starts a side hustle that can
eventually create a full-time, sustainable business with employees.
Same with the freelancer. If you’re focused on creating a profitable
business, you fit the entrepreneur definition.
 However, the entrepreneur meaning involves much more than
being a business or job creator. Entrepreneurs are some of the
world’s most powerful transformers. From Elon Musk sending people
to Mars to Bill Gates and Steve Jobs making computers part of
every household, entrepreneurs imagine the world differently.
 Entrepreneurs create jobs: Without entrepreneurs,
jobs wouldn’t exist. Entrepreneurs take on the risk to
employ themselves. Their ambition to continue their
business’ growth eventually leads to the creation of
new jobs. As their business continues to grow, even
more jobs are created. Thus, lowering
unemployment rates while helping people feed
their families.
 Entrepreneurs create change: Entrepreneurs dream big so naturally
some of their ideas will make worldwide change. They might create a
new product that solves a burning problem or take on the challenge
to explore something never explored before. Many believe in
improving the world with their products, ideas or businesses.
 Entrepreneurs give to society: While some have this notion of the rich
being evil and greedy, they often do more for the greater good than
the average person. They make more money and thus pay more in
taxes which helps fund social services. Entrepreneurs are some of the
biggest donors to charities and nonprofits for various causes. Some
seek to invest their money in creating solutions to help poorer
communities have access to things we take for granted like clean
drinking water and good health care.