
Audio Transcript Auto-generated
- 00:00 - 00:03
just a Athena, your hard ear's Welcome to the continent
- 00:03 - 00:06
Asian of our discussion in Lesson one definition of economic
- 00:07 - 00:08
scarcity and allegation.
- 00:09 - 00:12
Last meeting, I introduced the religion of the word economics
- 00:13 - 00:15
and a definition off scarcity and allocation.
- 00:16 - 00:19
We also talk about the significance of scarcity and allocation
- 00:19 - 00:20
to the concept off.
- 00:21 - 00:27
Let's have a quick recap, our discussion last meeting scarcity
- 00:28 - 00:31
is the state of being scarce or in short supply
- 00:31 - 00:35
or short bitch meaning limited, not enough for everyone.
- 00:36 - 00:38
I also mentioned that scarcity is an economic problem.
- 00:39 - 00:39
Why is this?
- 00:39 - 00:42
So when you have limited resources, you think of how,
- 00:43 - 00:45
what and whom Maybe you think off.
- 00:46 - 00:48
How can you provide what to provide and the home
- 00:49 - 00:49
will you provide?
- 00:50 - 00:53
So if you're if you're going to use the context
- 00:53 - 00:56
of the family, especially if you're a breadwinner in the
- 00:56 - 00:57
family, you think off.
- 00:58 - 01:00
How can I budget my water?
- 01:00 - 01:04
The things that I need to book prioritize my per
- 01:04 - 01:08
prioritizing this to my Children, parents, siblings or extended them
- 01:09 - 01:11
in the context of the economy.
- 01:11 - 01:14
It's like, How can I produce this good?
- 01:15 - 01:17
So I am referring to the country or the society,
- 01:18 - 01:20
so When you say goods, I'm talking about food.
- 01:22 - 01:25
How's materials that we need or anything But we need
- 01:25 - 01:26
for us to be satisfied.
- 01:27 - 01:30
Then the economy will think off.
- 01:30 - 01:35
Budget resource is where to get these resource is on
- 01:35 - 01:36
a lot more.
- 01:37 - 01:40
If you know how to produce the goods you think
- 01:40 - 01:43
now all water their goods to produce for us to
- 01:43 - 01:49
be satisfied, is it food, education, medicine, transportation, security, etcetera.
- 01:51 - 01:51
Lastly, toe home.
- 01:52 - 01:53
Are we producing this good?
- 01:54 - 01:57
So given that we're in the Philippines, so we are
- 01:57 - 02:00
producing Theis goes to the full of peanuts.
- 02:01 - 02:04
And the next question we're going to ask, Are we
- 02:05 - 02:06
producing these to the students?
- 02:07 - 02:10
Freshen ups, bystanders, all people, et cetera.
- 02:11 - 02:17
No. The solution to this problem this solution to this
- 02:17 - 02:19
problem on scarcity is a location.
- 02:20 - 02:23
So how are we going to define allocation when you
- 02:23 - 02:27
say our location is the action or process of allocating?
- 02:28 - 02:38
Are distributing sometime, So distribution off goods distribution of service
- 02:39 - 02:43
is So I mentioned service is because it's not only
- 02:43 - 02:45
goods that we're going to talk about.
- 02:45 - 02:48
We need to think about the service is that we
- 02:48 - 02:51
need to provide to the entire field to the Filipino,
- 02:53 - 02:59
so service's can be security schools, hospitals and more.
- 03:00 - 03:04
So economics is now complicated.
- 03:06 - 03:10
But the question that we're going to ask is, How
- 03:10 - 03:14
are we going to connect the concept off scarcity and
- 03:14 - 03:18
allocation to the entire definition off economic?
- 03:19 - 03:23
It's so the entire definition of economics is a social
- 03:23 - 03:30
science concerned with production, distribution and consumption off goods and
- 03:31 - 03:34
service is it can also be broken down into macro
- 03:34 - 03:39
economics, which concentrates on behavior off the aggregate economy, or
- 03:40 - 03:45
microeconomics, which focuses on individual consumers and businesses.
- 03:48 - 03:52
So let's try Teoh to check these highlighted words.
- 03:53 - 03:58
And first we're going to, um, discuss on social science.
- 03:59 - 04:02
How do you define social science when you say social
- 04:03 - 04:07
science? It's the scientific study of human society and social
- 04:08 - 04:12
relationship. Now, economics is the study of making right decisions
- 04:13 - 04:16
off people living in the society.
- 04:17 - 04:21
That's economics is a social science, deals with human society
- 04:21 - 04:23
and how people interact in the society.
- 04:24 - 04:28
Given that the resources are limited or skits, another word
- 04:29 - 04:31
highlighted is production.
- 04:32 - 04:33
In the simplest explanation.
- 04:34 - 04:38
Production is the process of transforming raw materials to consumable
- 04:39 - 04:45
products for example, ah, captain, transforming it into clothing shirts
- 04:46 - 04:47
What you were wearing now?
- 04:48 - 04:54
Yeah. So the moving you buy T shirts, it means
- 04:55 - 04:56
that you are consuming.
- 04:57 - 04:59
You are making use of your resources.
- 05:02 - 05:04
In the time of the new normal, everything is limited
- 05:05 - 05:05
a scarce.
- 05:06 - 05:09
I remember going to the supermarket and I saw people
- 05:10 - 05:18
rushing by goods can ghouls and ah, pile of empty
- 05:18 - 05:18
can goals.
- 05:19 - 05:22
And then people are just so Prezi are rushing and
- 05:22 - 05:27
buying so much and that thinking off others now this
- 05:27 - 05:30
kind off behavior at this end of average is what
- 05:31 - 05:33
we call this kind of action of this kind of
- 05:33 - 05:35
behavior. This kind off at the truth.
- 05:38 - 05:39
Okay, so it means survival.
- 05:40 - 05:40
Is it for long?
- 05:41 - 05:44
No, it's not like Is it morally right?
- 05:46 - 05:49
If you try to base this to what God's us
- 05:50 - 05:50
God's teaching?
- 05:52 - 05:52
Is it morally right?
- 05:53 - 05:57
It's that if you think about it, you cannot blame
- 05:58 - 05:58
any any.
- 05:59 - 06:03
All these people in times of crisis people needs to
- 06:03 - 06:06
fight to survive, just like history, just like any other
- 06:07 - 06:07
situations in life.
- 06:08 - 06:11
So economics, Baby, think off.
- 06:11 - 06:15
Economics is complicated because it's not only limited to house
- 06:16 - 06:17
the site, he manages the limited resources.
- 06:18 - 06:23
It also talks about production, consumption and distribution off goods
- 06:24 - 06:29
and service is okay, so tryingto take a look at
- 06:29 - 06:31
this diagram so that have a clear picture.
- 06:33 - 06:38
How do we study it's And to understand further how
- 06:38 - 06:45
economic beacon economics works, economists divided economics Two branches, the
- 06:45 - 06:49
two branches of economics of Micro and Macro announced a
- 06:49 - 06:50
smaller, skinless micro.
- 06:51 - 06:55
And the biggest is the purpose of this tradition is
- 06:55 - 06:58
for the economist out beer analysis and solutions to problems
- 06:58 - 06:59
in the economy.
- 07:00 - 07:03
But I would love way a difference off the to
- 07:04 - 07:05
in our lesson.
- 07:05 - 07:06
One point suit again.
- 07:07 - 07:08
Just a freak up.
- 07:08 - 07:14
Looking into this diagram on the screen, economics came from
- 07:14 - 07:17
the Greek word economy A, which means household damage.
- 07:18 - 07:22
And the reason behind that is the scenario in the
- 07:22 - 07:26
household is different from that is happening in the common
- 07:27 - 07:30
scarcity and our location are connected to the concept off
- 07:31 - 07:34
economics because people have unlimited needs and wants, and we
- 07:34 - 07:39
have limited resources, so it's difficult to side dislike, especially
- 07:40 - 07:42
people crave for more everything.
- 07:42 - 07:47
The solution to this problem is olive it, allocating the
- 07:47 - 07:51
resources efficiently, meaning making sure that nothing is wasted.
- 07:51 - 07:58
Everything ISS use to its full potential now if you
- 07:58 - 08:01
consider on studying economics in college.
- 08:02 - 08:06
In some colleges and universities, economics sparked all the business
- 08:06 - 08:09
and market because the foot of the study and economics
- 08:11 - 08:14
or the outcome over studying economics is proper managed.
- 08:15 - 08:17
And do you have that it will be easy for
- 08:17 - 08:21
you to be business owners or c O in the
- 08:21 - 08:25
future? Well, there are a lot of marketing, taxation, some
- 08:26 - 08:27
analysis of income.
- 08:28 - 08:30
But for now, I don't want you to think about
- 08:30 - 08:31
those things.
- 08:31 - 08:35
Just focus on the basic foundations off economics, and we
- 08:35 - 08:38
all we'll all be in the right track.
- 08:40 - 08:42
Okay, I need you to take a look at that.
- 08:44 - 08:48
A knowledge questions that I posted in your class notes.
- 08:49 - 08:49
So I need you toe.
- 08:50 - 08:51
Answer these questions.
- 08:52 - 08:54
This is part of your compilation at the end of
- 08:54 - 08:55
the first trimester.
- 08:56 - 08:59
The first question is, why is scarcity and economic problem?
- 08:59 - 09:03
So I already explained that how can allocation the a
- 09:03 - 09:04
solution to the problem off scarcity?
- 09:05 - 09:08
Is it really the solution to the problem off scarcity?
- 09:09 - 09:12
How is the study of economics connected to household to
- 09:12 - 09:17
try to make a connection, toe economy and household management
- 09:18 - 09:18
or house.
- 09:19 - 09:22
What are the scenarios at home that are similar to
- 09:22 - 09:23
the economy?
- 09:23 - 09:27
So try to cite things happening at home and compared
- 09:27 - 09:29
to what's happening in the economy, tried to check if
- 09:30 - 09:31
it's related or not.
- 09:32 - 09:35
How can you relieve the concept of scarcity to our
- 09:35 - 09:37
situation in a new, more months?
- 09:37 - 09:43
So given that there's so many uncertain as uncertain, this
- 09:44 - 09:51
uncertainty, it's that happened today, this'd year, So I tried
- 09:51 - 09:57
to check If, uh, if what's happening now is a
- 09:57 - 09:58
good example of scarcity.
- 10:00 - 10:03
How do you describe the phrase making right position?
- 10:04 - 10:05
But it's important to make the right position.
- 10:06 - 10:09
And what is it for you this afternoon?
- 10:09 - 10:10
Your heart.
- 10:10 - 10:13
How is that relevant to you since you're already in
- 10:14 - 10:14
grade nine?
- 10:14 - 10:19
So try to check If, um, I capable to make
- 10:20 - 10:20
my decision.
- 10:22 - 10:24
I already in the point off making right decisions.
- 10:26 - 10:28
Okay, so try to answer these a knowledge trick questions,
- 10:29 - 10:31
and I will be checking that before the end of
- 10:33 - 10:37
our topic in module 14 and moving forward.
- 10:38 - 10:40
I will be post acknowledged, check questions just for you
- 10:40 - 10:43
to have your own thoughts.
- 10:44 - 10:50
Are your own ideas on understanding off the videos and
- 10:50 - 10:52
articles that I posted in the content.
- 10:53 - 10:55
I think we're done for today.
- 10:55 - 10:56
And thank you very much for your time.
- 10:57 - 11:01
Enjoy the rest of the day and, uh, have a
- 11:01 - 11:03
great week ahead of.
- 11:04 - 11:05
And this is again your teacher.
- 11:06 - 11:10
So Grega saying Bagis morning or afternoon.