First day meeting THE Princess
Huwebes, Hulyo 25, 2013
June 20, 2013
I feel so confident during Economics today. Because I did what Ms. Princess asked us to do which is do some advance reading about Economics obviously. And it was worth it. Because I got to recite so many times and I easily learned the lesson. Oohh, we had an activity where we will make our own "Plan of Activity" for our own business. Erika and I partnered. We chose a clothing store. Since we don't know what our store is called, Erika said "Mitzi's Secret" hahahaha just like Victoria's Secret. Hahaha oh come on guys, laugh with me, give me some credit here I thought it was funny "Mitzi's Secret" hahaha okay fine just humor me but I'll stop the "Mitzi's Secret" joke now. Anyways, the others chose a sari-sari store, an academy, a fast food chain etc. . We were actually the last one called to present our activity since the bell rang already. But the others still haven't so I was glad when Ms. Princess said that they'll just present it next meeting. Mwahahaha take that! It's only fair to continue next meeting.
I learned that the basic economic questions are very important. Like the first question "what to produce?". We may think that this isn't important but it is! Because we must choose what to produce and to know what will give greater value to society. The second question is "how much to produce?" Now that we answered the first question we're now able to identify which goods and services to produce, so now with the second question we can now determine how much of each should be produced by the society. The third question is "how to produce?" After determining what goods and services to produce and in what quantities, we have to determine the best combination of factors to produce such. And with the last question "for whom to produce?" With the three questions answered, we have to ask ourselves who shall consume the goods and services produce. Now, I know that all of these questions are very important because without these I'm sure we'll flunk and suck in making business and we'll have a poor economy.
SCOPE OF ECONOMICS
Oh my gosh I just humiliated myself in front of my classmates and Ms. Princess. Actually it's not just me but also my group mates. Our cheer was horrible because we weren't prepared and didn't practice it. To be honest we didn't have one until I asked GL, my group mate, to create one, good thing he composed one. Our cheers sucked. We're not synchronize. But the other team were prepared and created a good cheer. After the group discussion , Ms. Princess introduced about microeconomics and macroeconomics and some lesson about computing that involves dependent and independent variable. Oh okay what's microeconomics and macroeconomics? Well, these are the two branches of the study of economics. So what's microeconomics now? This is where how individual markets work. It focuses on how individuals make their choices and the interaction of such decisions in the particular market. While the microeconomics look at the individual markets well the macroeconomics is the opposite of it. It looks at the economy as a whole. It looks at aggregate prices, production and income.
I was already nauseating because I found it kinda hard to understand thankfully we're all saved by the bell, we'll just learn it further next meeting.
ECONOMICS AS A SCIENCE
When I found out that science involves economics I was like " oh wow economics is still related to science? Oh come on, give us a break. " But after the discussion I now learned that science is really important in economics because this involves the scientific approach. The sciences are divided into two major groups the natural and social. In natural science this includes the biology, physics and chemistry it deals with the physical objects or phenomena. Meanwhile, social sciences such as sociology, psychology, anthropology deals with the interaction of individual groups and institutions that make up society. Ergo, economics is a social science. I now know because it is a science. Which means it is a systematic body of knowledge which utilizes the scientific approach in explaining how society allocates scarce resources among alternative wants that need to be satisfied. It is social because its central subject is man and how he interacts with other elements of society.
ECONOMICS AND OTHER SCIENCES
Aaaahhhh the never ending Science, well now it is even worse because it involves mathematics oh come on now! Well okay I'm not gonna complain now but as early as now I'm expecting the unexpected. I learned that economics is sooooo soooo very very broad. Yes, wrong grammar but I'm right, right? But okay, I'm starting to accept that even in economics we'll handle mathematics. Well, that's economics. Actually, it is impossible to study economics without it. Because it involves equations tables and graphs and these are helpful for economists. Because they use these to understand and manipulate equations. They also use geometry statistics for tabulating data and represent graphs. I've never been thankful that mathematics exists because if it doesn't then oh my gosh I don't know what will happen to our economy. Oh well, here comes the never ending physics, chemistry and biology this is so hard but I must say without these I'm utterly sure that we won't have technology ( oh heck no! ) and we can't appropriately use our resources. The next is history. I now know why it is part of economics. It is because economists rely on history - the historical data or the economics data- they need all of it to study the society's economy and to provide us with what information they needed to make plans and theories. Oh dear,sociology. Sociology is really important because it provides information on human social relations that helps economists understand the interaction among various economic units. Also, psychology is important because this gives us especially to the economists the knowledge why humans act the way they do and how they learn and change. It is important to the economics because with the help of these information they can study how individuals make economic decisions. Lastly, the ethics. Okay I'll say it again it is important (oh okay everything is important in economics) because it gives the economists a better judgement on how to achieve economic goals. After all the things that I've said the main point is that everyday, okay maybe not everyday that just sucks, we shouldn't grieve that we study mathematics, physics, chemistry, biology, history, sociology, psychology and ethics because all of these are worth learning because if it isn't then oh well, no future for us.
TOOLS OF ECONOMIC ANALYSIS
Well, if science is involve in economics, of course mathematics is involve too. It is important because economic decisions have to be based on precise measures in order to get correct results. When we hear the word "mathematics" our head instantly aches but in economics it simply makes it easier to understand the underlying logical relationships among variables. Okay, dear mathematics, you're now forgiven for this time but next time no. hahahaha Before, I don't exactly know the use of graphs in economics but now I know why it's use and it's importance because it presents economic information clearly and illustrate the relationship among economic variables. Graphs are widely used in economics to explain data. The characteristics of data and theories are better understood if they are illustrated by means of graphs. While graphs are used, statistical analysis are used too you know. It is used to test hypothesis regarding the relationship among economic variables.
NATURAL RESOURCES
Hooray for a cancelled quiz! Yes, you can celebrate with me, I know you feel what I feel when a quiz is cancelled. Seriously, I was really or should I say we were really glad when Ms. Princess announced us that the quiz was cancelled! ( oh yeah! ) Because I wasn't prepared or should I say again, we weren't prepared. Okay, go ahead think of us as some lazy students but we just didn't easily understand the lesson right away. We've learned slope already but when it was applied to Economics I was like "oh my gosh what is slope again? I don't remember it " We rant to Ms. Princess that we're still in the processing mode. So she explained it again and gave us some SW. By that time, I'm actually getting it. You know, I really adore Ms. Princess. Because when we said that we still didn't get it, she's willing to help us understand. No trace of irritation or annoyance etched on her face. Only patience and understanding. Even though we're in the star section (which is the trouble anyway ) she didn't expect us to always easily understand it right away. Because some teachers when we don't get it, for me, I think they will get irritated, have shock and impatient look mark on their beautiful faces. Since we're in the "star section" they're expecting extravagant intelligence on us. Seriously? We're still normal students that have the decency to not get the lessons right away because we're not some totally advance freak students who always ace at everything. Hey, don't get me wrong but I'm not saying that I hate being in the star section, actually, I love everything about it except for the attitude of some teachers when they hear the word "star section". Anyways, that's when it hit me that she's not that bad after all. After our SW, we discussed about natural resources in the Philippines. We even had another SW but with a partner. We're asked to enumerate some natural resources in the Philippines and have to label it if it's Land, Fisheries and Aquatic and Mineral resources.
There are three classifications of Natural resources these are: land, fisheries and aquatic and mineral resources. It greatly affects the economic activity because it is needed for the source of food, fuel, medicine, construction materials and other materials used in production. Yeah I know, it's all cliches. But it is good that I recall these again to remind me to conserve the natural resources so that we can still preserve and use these for the future.
HUMAN RESOURCES
There are things I didn't know before why such absurd studies in economics have to be conducted or studied. But now I'm a complete by describing it as an "absurd studies" because it is the complete opposite of absurd at all. Example of what I'm talking about is the distribution of population and it can be classified by age, sex, education and religion. Yes I know, confusing right? I think you also asked yourself why all of it are needed for the distribution of population. Well, just so you know all of it are important and we'll start with the sex. It is important to know the distribution of population by sex because males and females have different needs. The information on the population of males and females can be used by the government in formulating economics plans that aims to address the needs of every member in the population. The next in sex is age. Yes, age is also considered in the distribution of population. It is divided into two, the working age bracket and the dependent age bracket. For now, I'm part of the dependent age bracket. But now I know all of this, I'll even try harder to study hard and have good education so that when I graduate college I'll have a decent job. Which means I can support myself and will be a part of the working age bracket. My parents won't have to support me and I'll not be a "burden" to them anymore but instead I'll pay them back. It's the time for me to pay back what they are giving to me now. See? Just studying economics makes me feel noble at all, which is a good thing. After age, the next is education! Oh heck, education is really really important and has a great role in this. Imagine, if the government doesn't support or make good schools then there will be no future leaders who will handle the economy and be an asset to the country. So that's why the government is really required to provide good education. They'll also have an advantage on this, because of a good education, new and educated people will handle the economy brightly. Maybe, just maybe, I can be a part of them too. The next is religion, yeah I know you may think that religion isn't part of it but it is partly related. It really has no direct relationship with the economy but religious beliefs influence decisions that have economic implications. So yeah, it is part of it. Lastly, the labor force. It refers to the members of the population 15 years old and over who are either employed or unemployed. You may think I'm crazy for not knowing this, but only now I understood what's the difference of unemployed to underemployed. Unemployed are the ones who are actively looking for a job but can't find one. Before, I thought that they're jobless. But what I didn't now is that they're jobless but they are continuously looking for a job. Not like underemployed, they have a job but they are looking for more! Oh, this is the fun parts in learning economics! And I like it. It makes me knowledgeable around my surroundings especially to the society and the economy.
CAPITAL RESOURCES
Capital resources are like the man made resources. Because they are the produced goods that are used as factor inputs for further productivity. It consists of human capital and physical capital. In human capital, skills and knowledge and quality are the focused of it. While in physical capital, it refers to the equipment structures, inventories. Okay another thing I learned is that inventories means stocks. All I know before is that there are "inventory sales" I don't know, I just shop till I drop but don't actually know the true meaning of it. Again, this is the fun parts in economics. So glad I'm learning it. The next thing is the social overhead capital. Say what? I didn't know this exists before! But now, oh yeah, I can brag about it. This is just so important to learn because we make use of these. These are the public utilities like roads, bridges, ports, railroads and others that are used for transportation. I got interested in this, because I'm enlightened by the importance of the public utilities. Because without it, it will result to slow production and distribution of goods and services by business firms and slow delivery of services by the government! Oh no! No more imported products!! Oh ems, I'm so mean, imported products are more important than the local ones. Uhm no, they're both important but I just like even more the imported products! Oh yes, I think you'll agree too. Because instead of you using your imported phone right now you'll be using myphones, cherry mobile like it's so ewwwyy. Okay, now I'm being mean. But I guess you can see my point right? That social overhead capital is very important or else I wouldn't have my iPhone 5 right now and typing this! Poor me.
The Capital means money. It refers to the stock of buildings, equipment and other productive resources conducted by a business firm. Whereas, investment is the time effort and money that is used or invested. It is also the flow of activity.
I learned that private sector and public sector is responsible for expanding the stock of capital. Which means there will be even more investors and investments and more expansions which will benefit the society. Through more employment and of course, the government by more taxes serving on their desks. It's just a chain reaction, just like what Ms. Princess said. See, even though I'm not reciting, I'm very well listening. ;)
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