AE - APPLIED SCIENCE

• The Philippines is given the monicker tiger economy or an economy having the potential to have a stronger power.
• On a micro level, scarce resources refer to time, money, and opportunities for new experiences.
• On a macro level, there are four resources that societies must properly allocate.
• Land Consists of all natural resources, physical land, and even raw materials
• Labor These are the contributions of the workforce, whether physical or mental.
• Capital Refers to investments made to improve production
• Physical Capital Physical tools and equipment that make production more efficient.
• Human Capital Investments that are made toward improving the human element of production.
• Economic Growth The overall expansion of an economy is measured through the increase of GDP.
• Entrepreneurship The intellectual capacity to organize and put together other factors of production to produce goods and services the society needs.
• Economic Development Measure of the welfare of an economy’s members. Takes into consideration a wider range of statistics beyond wealth. Look at quality of life and living standards
• Inclusive Growth helps eliminate poverty and improve living standards