Applied Eco

• exports, means we earn dollars as payment for these goods bought by foreign buyers. In the same manner, if we buy imports, we’re buying goods made from other countries. When we trade with other countries, we need a common currency to use to pay for goods. The most commonly used currency used in trading is the U.S. Dollars.
• Stability: The US economy is one of the largest and most stable in the world, making the US dollar a reliable currency for international transactions. 1. Acceptance: Many countries and businesses worldwide readily accept US dollars, simplifying trade and reducing currency conversion costs. 2. Reserve Currency: The US dollar has been a dominant global reserve currency. Central banks and international institutions hold significant reserves of US dollars, further increasing its global usage
• Countries like Russia, Saudi Arabia, Argentina, Brazil, Bangladesh,

  Pakistan, Iraq, and Thailand
• The layman’s concept of rent is payment for the use of land or buildings belonging to others. It is the compensation made to the owner of such land or building
• rent refers to a payment made to or for a factor of production over and above the amount expected by its owner.
• US dollar as a reserve currency


  The US dollar is a dominant global reserve currency, which means that central banks and international institutions hold significant reserves of US dollars. This further increases the global usage of the US dollar.
• Acceptance of US dollar


  The US dollar is widely accepted by many countries and businesses around the world, making it easier and more convenient to engage in international trade.
• Stability of US economy


  The economy of the United States is known for its strength and reliability, which makes the US dollar a popular and trusted currency for international transactions.
• The International Labour Organization (ILO) has defined minimum wage as, “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract. ” 1.1 Definition and purpose. (2015, December 3). https://www.ilo.org/global/topics/wages/minimum-wages
• FACTORS AFFECTING THE LABOR MARKET

  01. Economic Growth 02. Technology and Automation 03. Education and Skills Development 04. Government Policies 05. Demographics
• Higher income


  Potential for higher wages and better earning opportunities compared to what they can earn in the Philippines
• Global demand for skilled labor


  • Many countries, especially those with aging populations or specific skill shortages, actively recruit skilled workers from other countries, including the Philippines, to fill gaps in their labor markets
• Job security and stability


  Perceived as offering greater job security and stability, especially in industries or sectors with more robust employment practices and regulations compared to the Philippines
• Favorable currency exchange rates


  Can make remittances sent back to the Philippines more valuable, providing financial benefits for both the overseas worker and their family