DAILY LESSON LOG Department of Education School Teacher Teaching Dates and Time Session 1: Grade Level Learning Area Quarter WEEK 1 Session 2: Session 3: 11/12 APPLIED ECONOMICS QUARTER 1 Session 4: I. OBJECTIVES A. Content Standards B. Performance Standards C. Learning Competencies/Objectives The learner demonstrates an understanding of… economics as an applied science and its utility in addressing the economic problems of the country. The learners shall be able to … analyze and propose solution/s to the economic problems using the principles of applied economics. Differentiate economics as social science and applied science in terms of nature and scope. II. CONTENT INTRODUCTION TO APPLIED ECONOMICS III. LEARNING RESOURCES A. References 1. TG’s Pages 2. LM’s Pages 3. Textbook’s Pages B. Other Resources IV. PROCEDURES a. Reviewing previous lesson or presenting the new lesson b. Establishing the purpose of the lesson c. Presenting examples/instances of the new lesson SUBJECT ORIENTATION a. The teacher will ask the students about their understanding of economics and its importance. b. The teacher will then present the lesson on the nature and scope of economics as a social science and an applied science. The purpose of this lesson is for the students to differentiate economics as a social science and an applied science in terms of nature and scope. a. The teacher will present examples of economic issues that can be studied as a social science such as income inequality, market equilibrium, and the impact of globalization on the economy. RECALL THE PAST LESSON RECALL THE PAST LESSON There are numerous economic issues that can be studied as a social science. Some examples include: I. Income inequality: This refers to the unequal distribution of income within a society. Researchers can study the causes and consequences of income inequality, such as the impact on economic growth, social mobility, and poverty rates. II. Market equilibrium: This refers to the point at which the supply and demand for a good or service are in balance, resulting in an efficient allocation of resources. Economists can study market equilibrium to understand the factors that influence prices, the role of government intervention in markets, and the impact of market failures. III. Globalization: This refers to the increasing interconnectedness of the world's economies through trade, investment, and the movement of people. Economists can study the impact of globalization on economic growth, job creation, income inequality, and environmental sustainability. IV. Unemployment: This refers to the number of people who are willing and able to work but cannot find employment. Researchers can study the causes and consequences of unemployment, such as the impact on poverty rates, mental health, and social unrest. V. Inflation: This refers to the rate at which the general level of prices for goods and services is rising, resulting in a decrease in the purchasing power of money. Economists can study the causes and consequences of inflation, such as the impact on interest rates, economic growth, and the distribution of income. VI. Fiscal and monetary policy: This refers to the government's use of taxes, spending, and interest rates to influence the economy. Economists can study the effectiveness of fiscal and monetary policy in achieving macroeconomic objectives such as price stability, full employment, and economic growth. VII. Environmental economics: This refers to the study of the relationship between the economy and the natural environment. Economists can study the impact of economic activity on the environment, the role of market-based instruments such as carbon taxes and cap-and-trade programs in reducing environmental harm, and the trade-offs between economic growth and environmental sustainability. b. The teacher will also present examples of economic issues that can be studied as an applied science such as demand forecasting, cost-benefit analysis, and economic modeling. There are many economic issues that can be studied as an applied science. Here are a few examples: I. Demand forecasting: This refers to the process of estimating how much of a product or service will be sold in each period. Applied economists can study demand forecasting to help businesses make better decisions about pricing, production, and inventory management. II. Cost-benefit analysis: This refers to the process of weighing the costs and benefits of a decision or policy. Applied economists can conduct cost-benefit analyses to evaluate the economic impact of public policies, such as infrastructure projects, social programs, and environmental regulations. III. Economic modeling: This refers to the construction of mathematical or statistical models to simulate economic behavior and predict economic outcomes. Applied economists can use economic modeling to understand the effects of changes in policy, technology, or other factors on the economy. IV. Risk analysis: This refers to the process of identifying and quantifying the risks associated with a particular decision or project. Applied economists can conduct risk analyses to help businesses and governments make decisions that minimize the likelihood of financial losses or other negative outcomes. V. Program evaluation: This refers to the process of assessing the effectiveness of a particular program or intervention. Applied economists can conduct program evaluations to determine whether a particular policy or program is achieving its intended goals, and to identify ways to improve its effectiveness. VI. Industrial organization: This refers to the study of how markets and industries operate and how firms interact with each other. Applied economists can study industrial organization to help firms make strategic decisions about pricing, production, and market entry, and to advise policymakers on how to promote competition and efficiency in markets. VII. Labor economics: This refers to the study of the labor market, including issues such as wages, employment, and working conditions. Applied economists can study labor economics to help firms make decisions about hiring and training, and to advise policymakers on how to promote full employment and protect workers' rights. d. Discussing new concepts and practicing new skills #1 The teacher will discuss the nature of economics as a social science, its goals, and its methods of analysis. The teacher will discuss the nature of economics as an applied science, its goals, and its methods of analysis. a. The teacher will provide a Venn Diagram to the students and the students will try to give similarities and differences of Economics as A Social Science and Economics as an Applied Science. e. Discussing new concepts and practicing new skills #2 f. Developing Mastery b. The teacher will call out some students to share their ideas. g. Finding practical applications of concepts and skills in daily living h. Generalizing and abstractions about the lesson c. Evaluating Learning . a. The teacher will facilitate a discussion on the practical applications of economics in daily living. b. The students will identify economic decisions they make every day and how they can use economics to make better decisions. a. The teacher will facilitate a discussion on the generalizations and abstractions about the lesson. b. The students will identify the similarities and differences between economics as a social science and an applied science. a. The teacher will provide an assessment to evaluate the students' understanding of the lesson. b. The assessment may include short answer questions, d. Additional Activities for Application or Remediation V. REFLECTION A. No. of learners who earned 80% in the evaluation. B. No. of learners who require additional activities for remediation who scored below 80%. C. Did the remedial lessons work? No. of learners who have caught up with the lesson. D. No. of learners who continue to require remediation. E. Which of my teaching strategies worked well? Why did this work? F. What difficulties did I encounter which my principal or supervisor can help me solve? G. What innovation or localized materials did I use/discover which I wish to share with other teachers? problem-solving activities, or an essay. a. The teacher will provide additional activities for students who need remediation or for students who want to apply the concepts and skills they learned in the lesson. b. The activities may include research projects, case studies, or simulations.
