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ACC214 Basic Economic Problems

This document discusses basic economic problems in the Philippines. It identifies factors that determine economic development such as level of production, quality of life, and sustainable development. The major obstacles to development mentioned are poverty and inequality, unemployment, and inflation. Unemployment is defined as those willing and able to work being unable to find jobs, and different types of unemployment like frictional, cyclical, seasonal, and structural are outlined. Underemployment and current labor trends are also briefly discussed.

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KRISTINA DENISSE SAN JOSE
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41 views10 pages

ACC214 Basic Economic Problems

This document discusses basic economic problems in the Philippines. It identifies factors that determine economic development such as level of production, quality of life, and sustainable development. The major obstacles to development mentioned are poverty and inequality, unemployment, and inflation. Unemployment is defined as those willing and able to work being unable to find jobs, and different types of unemployment like frictional, cyclical, seasonal, and structural are outlined. Underemployment and current labor trends are also briefly discussed.

Uploaded by

KRISTINA DENISSE SAN JOSE
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Basic Problems in Economic Development

AY 2022-2023 | Second Term | MW 12:00PM – 2:00PM

Instructor: Kenneth John E. Alimosa, CPA


Topic Objective

Discuss Basic Economic Problems in the Philippines

How understanding economics can be a tool in solving the


problems

#SGVforABetterPhilippines
Factors in Determining the State of Economic Development

► LEVEL OF PRODUCTION
► Economic growth is measured by the increase in a country’s Gross Domestic
Product, which is often vis-à-vis with the population
► QUALITY OF LIFE
► This variable considers aspects such as health, nutrition, education, environment,
and income distribution in analyzing development. Development is defined as a
significant change in the quality of life of individuals.
► SUSTAINABLE DEVELOPMENT
► Considers the impact of human activities on the environment and believes that
environmental degradation has significant economic impact

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Major Obstacles to Development

► Poverty and Inequality


► Unemployment
► Inflation

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Poverty and Inequality

► Todaro defines poverty as the condition where a population is only


able to meet its basic subsistence needs such as food, clothing and
shelter.
► Economic inequality refers to the unequal access to wealth and income
► Absolute Poverty refers to the severe deprivation of basic human
needs which include food, safe drinking water, sanitation facilities,
health, shelter, education and information.

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Unemployment

► Refers to the portion of the labor force who is willing to engage in


productive activities yet fails to do so.

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Types of Unemployment

► Frictional Unemployment
► Cyclical Unemployment
► Seasonal Unemployment
► Structural Unemployment

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Underemployment

► State of individual being employed but his or her talents, expertise are
underutilized or are not matched to the job.

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Current Trends in Labor and Employment

► Compressed work proposal


► Caregivers, nurses, and Medical Practioners needed abroad.
► K-12 curriculum

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#SGVforABetterPhilippines

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