Semi Detailed Lesson Plan in Applied Economics

Date: , 2016 Track: Academic

Time: 2:20 – 3:20 P.M.
Grade 11
Strand: ABM Code: ABM_AE12-Ia-d-1

I. OJECTIVES: At the end of the lesson, the learner is able to know the meaning of economics,
understand the economics as a social science and know the main divisions of economics.

II. CONTENT: INTRODUCTION TO APPLIED ECONOMICS

IV. PROCEDURES:
A. Preparation:
1. Daily Routine
1.1 Greetings
1.2 Prayers
1.3 Classroom Management
1.4 Checking of attendance
2. Review of the past lesson
B. Presentation:
1. Motivation
Ask the students’ point of view of the current issue about the foreign investors
coming in our country.
2. Activities
Group the students into three. Each group will discuss within the group about the present
economic status of our country. One representative from each group will report to the
class what they have discussed. They will be given 2 minutes to prepare.
3. Analysis
Let the students discuss on how they get their answers.
4. Abstraction
Lesson Proper (Discussion)
Definition of Terms:

 Economics - is a social science which deals with human wants and their satisfaction.
- is a science that deals with pricing process. Modern economy is a monetary
economy. Prices are paid in money. So money plays an important role in the
economic life of a society.
- is the science of choice.
- - comes from the Ancient Greek oikos meaning “house” and nomos meaning
“custom” or “law”, hence “rules of the house” (hold for good management.
- - it’s the study of scarcity, the study of people use resources, or the study of
decision-making.
 Political economy - is another name for economics. “Polis” in Greek means a State. The
early writers used the term “Political Economy” for the management of the State. A
person who runs a family is expected to make the best use of the income of the
household. Similarly, the State is expected to get the maximum benefit for the society.
 Existence of human wants - is the starting point of all economic activity in the world.
Unless we make efforts, we cannot satisfy wants. Hence, wants, efforts and satisfaction
form the circle of economics.
 Wealth - all the scarce goods which satisfy our wants.
- in economics, we study about the production of wealth, exchange of wealth,
distribution of wealth and consumption of wealth. As wealth is produced to
promote human welfare, we study the relationship between wealth and
welfare.

Main Divisions of Economics:

  Consumption - deals with the satisfaction of human wants.
 Production - refers to the creation of wealth. Strictly speaking, it refers to the creation of
utilities. And utility refers to the ability of a good to satisfy a want.
Three kinds of utility:
 form utility
 place utility
 time utility.

Four factors of production:

 Land
 Labour
 Capital
 organization

 Exchange - in exchange, we give one thing and take another. Goods may be exchanged
for goods or for money. If goods are exchanged for goods, we call it barter. Modern
economy is a money economy. As goods are exchanged for money, we study in
economics about the functions of money, the role of banks and we also study how prices
are determined.
 Distribution – distribution of wealth in the form rent, wages, interest and profits. In
economics, we are not much interested in personal distribution. That is, we do not
analyse how it is distributed among different persons in the society. But we are interested
in functional distribution.
 Public Finance - deals with the economics of government. It studies mainly about the
income and expenditure of government. So we have to study about different aspects
relating to taxation, public expenditure, public debt and so on.

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D. Application:
Divide the class into two. Have a short debate. The issue is about the decision of President
Duterte to stop the Philippine-American Alliance. One group is in the side of favour and other
group is not in favour. They will be given one minute to prepare.

E. Generalization:
Ask the students’ point of view about economics as a social science.

Prepared by:

CRISTIMIE A. DECIERDO

Checked by:

JULITA A. SANORIA