"Economics is the study of people in the ordinary business of life.

"
-- Alfred Marshall, Principles of economics; an introductory volume (London: Macmillan, 1890)

"Economics is the science which studies human behavior as a relationship between given ends
and scarce means which have alternative uses."
-- Lionel Robbins, An Essay on the Nature and Significance of Economic Science (London:
MacMillan, 1932)

Economics is the "study of how societies use scarce resources to produce valuable commodities
and distribute them among different people."
-- Paul A. Samuelson, Economics (New York: McGraw-Hill, 1948)

The Philippines has abundant source of natural resources in areas such as agriculture, natural
beauty and minerals.
The Philippines has fertile lands, diverse flora and fauna, extensive coastlines and rich mineral
deposits. Thereís a wide variety of vegetation, different varieties of fruit bearing trees and fishes
and seafood. Filipinos living in rural areas rely on mostly natural resources. They eat and
cultivate their own plants and vegetables because it is easy to do so with fertile lands.

Endemic species in the Philippines includes the Tamaraw (Bubalus Mindorensis) or also known
as Mindoro Dwarf Buffalo which is classified as critically endangered. And the Tarsier
(Haplorrhine Primates), which are local sensations, that tourists from all over the world are very
much interested with.

The Philippines lack of predators with the exception of snakes. Because lions, tigers and the likes
are can only be found in zoos. Snakes such as pythons, cobras and birds of prey such as the
national bird known as the Philippine Eagle, are found in some parts of the Philippines. Other
native animals include the Palm Civet Cat, the Mouse Deer, the Visayan Warty Pig and several
species of bats.

Philippine rainforests boasts an array of flora including several types of orchids and rafflesia as
(giant flowers).
Among the trees in the Philippines, the Narra tree is considered to be the most important type of
hardwood while the Banyan Trees or ìBaleteî are situated in most areas.

- water , oceans , lakes , and rivers- soils- plants / flora- animals / fauna

- air , wind , the atmosphere

The main resources that humans use are coal, which is organic material that has been squashed
so tightly that it can burn for hours. We then there is gas which is given of organics when they
die. then there is oil which is organics that is compressed very tightly that the organics turn into
crude oil coal, minerals, lumber, trees, fish,
Philippines Economic Development
Philippines economic development has been very fast in recent years. However, in last three
decades, growth rate has been fastest. Real gross domestic product for this time was estimated to
be 7 percent, but growth has slowed down a bit in 2008, which came to about 4.5% because of
world financial crisis
. Economic development in Philippines economy has been because of high government
spending. A hard working service sector and large allowance from millions of Filipinos working
abroad played an important role in Philippines economic development. Since, Macapagal-Arroyo
came into power in 2001 there has been an economic growth of 5 percent. Still, Philippines
needs a further increase in growth rate in order to sustain growth in economy.

More economic development of Philippines is required to alleviate poverty from that country and
address imbalances in distribution of income
. It also stresses on high population growth. Macapagal-Arroyo also has taken great care
introduce new revenue measures to constrict expenditures of country. New developments in
economy of Philippines can be expected because of positive efforts in lowering fiscal deficits,
narrowing debt and debt service ratios. There has been an increase in expenditure in
infrastructure of country. Economic prospects of Philippines
have grown, which in turn would augur well for economic development at Philippines.

Though there has not been any negative impact on macroeconomic outlook of Philippines
economy, yet this nation has faced some setbacks because of various external reasons. It has also
faced challenges from regional competitors. Main focus of Philippines has been to develop
employment opportunities and lessen poverty. Long term Philippines economic development can
only be possible if these areas are properly taken care of.

For many lay people, economic development - by which we mean the analysis of the economic
progress of nations - is what economics as a whole is designed to address. Indeed, what but to
find the "nature and causes" of economic development was Adam Smith's purpose? For modern
economists, however, the status of economic development is somewhat more uncomfortable: it
has always been the maverick field, lurking somewhere in the background but not really
considered "real economics" but rather an amalgam of sociology, anthropology, history, politics
and, all-too- often, ideology.

Nonetheless, few of the greatest economists actually ignored it outright. As already noted, Adam
Smith and indeed, perhaps the entire Classical School was concerned with what might be termed
"economic development". Schumpeter's first famous book was entitled a Theory of Economic
Development (1911). The German Historical School - and its English and American counterparts
- could very well be deemed part of development economics. The entire theory of economic
growth can be said to be geared towards it or even underlying it.

Nonetheless, "economic development", as it is now understood, really only started in the 1930s
when, prompted by Colin Clark's 1939 quantitative study, economists began realizing that most
of humankind did not live in an advanced capitalist economic system. However, the great early
concern was still Europe: namely, postwar European reconstruction and the industrialization of
its eastern fringes - as exemplified by the pioneering 1943 article of Paul Rosenstein- Rodan and
Kurt Mandelbaum's 1947 tome. It was only some time after the war that economists really began
turning their concerns towards Asia, Africa and Latin America.

To this end, decolonization was an important catalyst. Faced with a new plethora of nations
whose standards of living and institutions were so different from the European, modern
development theory, by which we mean the analysis not only of growth but also of the
institutions which could induce, sustain and accelerate growth, began in earnest. Early
development theorists - such as Bert Hoselitz, Simon Kuznets, W. Arthur Lewis, Hla Myint were
among the first economists to begin analyzing economic development as a distinct subject.

The post-war formation of the United Nations - and its attendant agencies, such as the World
Bank, the I.M.F., the I.L.O. and the various regional commissions - proved to be another
important impetus. The commissioning of numerous studies by these institutions led to the
emergence of a non-academic strand of development theory.

Endemic species in the Philippines includes the Tamaraw (Bubalus Mindorensis) or also
known as Mindoro Dwarf Buffalo which is classified as critically endangered. And the Tarsier
(Haplorrhine Primates), which are local sensations, that tourists from all over the world are very
much interested with.

The Philippines lack of predators with the exception of snakes. Because lions, tigers and the likes
are can only be found in zoos. Snakes such as pythons, cobras and birds of prey such as the
national bird known as the Philippine Eagle, are found in some parts of the Philippines. Other
native animals include the Palm Civet Cat, the Mouse Deer, the Visayan Warty Pig and several
species of bats.

Philippine rainforests boasts an array of flora including several types of orchids and rafflesia as
(giant flowers).
Among the trees in the Philippines, the Narra tree is considered to be the most important type of
hardwood while the Banyan Trees or ìBaleteî are situated in most areas.