LET Elementary Social Sciences — Economics & TaxationConcept Map
LET Elementary candidates who build concept maps early in review tend to retain Economics & Taxation better through the long stretch to exam day. The Economics & Taxation concept map on this page shows the sub-topics Professional Regulation Commission (PRC) includes most often in LET Elementary Social Sciences, and how they branch off the central idea.
Exam context
Professional Regulation Commission (PRC) runs the Licensure Examination for Professional Teachers — Elementary on Bi-annual. Its Social Sciences section sits under a "Core" weighting, and Economics & Taxation is the 4th chapter in the 8-chapter LET Elementary Social Sciences rotation. The LET Elementary passing mark is Weighted average of 75% with no grade below 50%, and the most recent 2026 paper drew about a meaningful share of questions from Social Sciences.
Economics & Taxation - Concept Map
Central Concept
Economics and Taxation are fundamental concepts that elementary teachers must understand to effectively teach Araling Panlipunan and develop civic awareness in K-12 students, particularly in understanding how societies manage scarce resources and fund public services.
Related Concepts
Concept
Basic Economic Principles
Sub Concepts
- Scarcity
- Opportunity Cost
- Factors of Production
- Economic Systems
Relationship To Central
Foundation concepts that underpin all economic understanding
Concept
Market Mechanisms
Sub Concepts
- Supply and Demand
- Market Structures
- Equilibrium
- Price Determination
Relationship To Central
Core processes that determine prices and resource allocation in the Philippine economy
Concept
Money and Banking
Sub Concepts
- Functions of Money
- Bangko Sentral ng Pilipinas
- Commercial Banks
- Interest Rates
Relationship To Central
Essential for understanding how the Philippine financial system operates
Concept
Economic Indicators
Sub Concepts
- GDP
- Inflation
- Unemployment
- Economic Growth
Relationship To Central
Measures that help evaluate Philippine economic performance
Concept
International Trade
Sub Concepts
- Exports and Imports
- OFW Remittances
- Exchange Rates
- Balance of Trade
Relationship To Central
Understanding Philippines' role in global economy
Concept
Taxation System
Sub Concepts
- Types of Taxes
- BIR and BOC
- Tax Principles
- Public Services Funding
Relationship To Central
Government's primary method of funding public services including education
Concept
Personal Finance
Sub Concepts
- Saving
- Budgeting
- Needs vs Wants
- Financial Literacy
Relationship To Central
Practical application of economic concepts for elementary pupils
Concept
Economic Sectors
Sub Concepts
- Primary Sector
- Secondary Sector
- Tertiary Sector
- BPO Industry
Relationship To Central
Understanding how the Philippine economy is organized
Concept Connections
To
Opportunity Cost
From
Scarcity
Strength
strong
Relationship
Scarcity forces choices which create opportunity costs
To
Market Equilibrium
From
Supply and Demand
Strength
strong
Relationship
Supply and demand forces determine equilibrium price and quantity
To
Public Education
From
Taxation
Strength
strong
Relationship
Tax revenue funds public schools where elementary teachers work
To
Inflation
From
Bangko Sentral ng Pilipinas
Strength
strong
Relationship
BSP controls monetary policy to manage inflation rates
To
GDP
From
OFW Remittances
Strength
strong
Relationship
Remittances contribute significantly to Philippine economic output
To
Economic Sectors
From
Factors of Production
Strength
moderate
Relationship
Different sectors utilize different combinations of production factors
To
Elementary Teaching
From
Personal Finance
Strength
strong
Relationship
Teachers can use personal finance concepts in practical Araling Panlipunan lessons
To
Philippine Business Environment
From
Market Structures
Strength
moderate
Relationship
Understanding market types helps explain Philippine business landscape
To
Mixed Economy Philippines
From
Economic Systems
Strength
strong
Relationship
Philippines operates a mixed economic system combining market and government elements
To
Government Revenue
From
BIR and BOC
Strength
strong
Relationship
These agencies collect the majority of government tax revenue
To
Social Problems
From
Unemployment
Strength
moderate
Relationship
High unemployment contributes to poverty and social issues in communities
To
Exchange Rates
From
International Trade
Strength
moderate
Relationship
Trade flows influence currency exchange rates
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