Elements of Economics

The Elements of Economics is meant to answer the need for a single instructional material that contains the basic concepts, principles, and theories of economics within the context of the Philippine economy.


Tereso S. Tullao, Jr., PhD

Level/s: High School


The book introduces the students to the three key goals of economics and the major subdivisions of economic discipline.

  • The section on microeconomics addresses the objective of the maintenance of economic order with focus on the market and the price system as the mechanism for resource allocation and maintaining economic order.
  • The portion on macroeconomics answers the goal of economic stability through the discussion on national income determination, perspectives on general equilibrium analysis, and the various policy tools used by government to arrest inflation and mitigate the unemployment of resources.
  • The discussions on economic development respond to the objective of economic progress by presenting various avenues of expanding the productive capacity of an economy as well as the inclusion of a detailed analysis of the problems and issues confronting the advancement of the Philippine economy.



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