LET Elementary Social Sciences — Economics & TaxationSlides
Visual slide deck for Economics & Taxation. Perfect for reviewers who prefer seeing concepts laid out with diagrams and bullet points rather than long paragraphs. Built specifically for LET Elementary Social Sciences aspirants preparing for the 2026 cycle.
Exam context
The Licensure Examination for Professional Teachers — Elementary is conducted by Professional Regulation Commission (PRC) and is scheduled for Bi-annual. The Social Sciences subtest is marked as "Core" in the official pattern, and Economics & Taxation appears in position 4th of 8 in the LET Elementary Social Sciences review rotation. Passing mark: Weighted average of 75% with no grade below 50%. Recent LET Elementary 2026 papers have drawn roughly a meaningful share of questions from this subject.
Economics & Taxation - Slides
This chapter provides essential knowledge about economics and taxation concepts that Filipino elementary teachers need for the Licensure Examination for Teachers (LET). These concepts are integrated into Araling Panlipunan lessons in the K-12 Basic Education Curriculum and are fundamental to developing civic awareness among Grades 1-6 pupils. Understanding these principles helps teachers explain daily economic activities, government services, and responsible citizenship to young learners.
Slides
Introduction to Economics
Economics affects every aspect of Filipino life, from the sari-sari store owner deciding what products to sell, to government officials allocating funds for school infrastructure. As elementary teachers, understanding these concepts helps you explain why families make certain choices and how communities work together.
Notes
Connect economics concepts to familiar Filipino experiences to make learning meaningful for pupils
Topic
Introduction to Economics
Slide Id
S1
Visual Type
mermaid
Image Prompt
Slide Number
1
Mermaid Diagram
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mindmap root((Economics)) Microeconomics Household Decisions Business Choices Market Behavior Macroeconomics National Economy Government Policy International Trade Elementary Teaching Araling Panlipunan Civic Awareness Daily Life Examples
Type
mermaid_mindmap
Description
Mind map showing the branches of economics and their relevance to elementary teaching
Scarcity and Opportunity Cost
In the Philippines, scarcity is evident in many situations. A family with limited income must choose between different needs. A student with limited study time must prioritize subjects. Understanding this concept helps pupils make better decisions.
Notes
Use concrete examples from pupils' daily experiences to explain abstract economic concepts
Topic
Scarcity and Choice
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S2
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mermaid
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2
Mermaid Diagram
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flowchart TD A[Limited Resources] --> B{Must Make Choice} B --> C[Option 1: Study] B --> D[Option 2: Play] C --> E[Benefit: Good Grades] C --> F[Opportunity Cost: Fun Time] D --> G[Benefit: Entertainment] D --> H[Opportunity Cost: Learning]
Type
mermaid_flowchart
Description
Flowchart illustrating how scarcity leads to choices and opportunity costs
Factors of Production
These factors work together in Philippine agriculture, manufacturing, and services. Understanding them helps explain how goods and services are produced in our economy.
Notes
Relate factors of production to local businesses and occupations familiar to pupils
Topic
Factors of Production
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S3
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mermaid
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3
Mermaid Diagram
Code
mindmap root((Factors of Production)) Land Farmland Forests Minerals Earns Rent Labor Human Skills Physical Work Mental Work Earns Wages Capital Tools Machines Buildings Earns Interest Entrepreneurship Risk Taking Organization Innovation Earns Profit
Type
mermaid_mindmap
Description
Mind map showing the four factors of production and what they earn
Economic Systems
The Philippines has a mixed economy where private businesses operate alongside government services. This system allows market competition while providing public goods like education and healthcare.
Notes
Emphasize how the Philippines' mixed economy affects daily life and government services
Topic
Economic Systems
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S4
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mermaid
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4
Mermaid Diagram
Code
flowchart TD A[Economic Systems] --> B[Traditional] A --> C[Command] A --> D[Market] A --> E[Mixed] B --> F[Custom Based] C --> G[Government Control] D --> H[Competition] E --> I[Philippines System] I --> J[Private Business] I --> K[Government Services]
Type
mermaid_flowchart
Description
Flowchart showing different economic systems with focus on the Philippines' mixed economy
Supply and Demand
Supply and demand determine prices in markets. During typhoon season, vegetable prices rise because supply decreases while demand remains the same. Understanding this helps explain price changes pupils observe.
Notes
Use examples of price changes pupils can observe in their community markets
Topic
Supply and Demand
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S5
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mermaid
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5
Mermaid Diagram
Code
flowchart TD A[Market Forces] --> B[Supply] A --> C[Demand] B --> D[Higher Price = More Supply] C --> E[Higher Price = Less Demand] D --> F[Equilibrium Point] E --> F F --> G[Market Price Set]
Type
mermaid_flowchart
Description
Flowchart showing how supply and demand forces determine market equilibrium
Money and Its Functions
Money makes trade easier than bartering. The Philippine peso, issued by Bangko Sentral ng Pilipinas (BSP), serves all these functions in our economy.
Notes
Connect money functions to pupils' experience with allowances and saving
Topic
Money Functions
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S6
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mermaid
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6
Mermaid Diagram
Code
mindmap root((Money Functions)) Medium of Exchange Replaces Barter Widely Accepted Easy Transactions Unit of Account Measure Value Compare Prices Record Keeping Store of Value Save for Future Maintain Worth Financial Security Payment Standard Credit Basis Loan Terms Future Payments
Type
mermaid_mindmap
Description
Mind map illustrating the four main functions of money with practical applications
Philippine Banking System
The banking system helps people save money safely and provides loans for important needs. Many Filipino families use banks for remittances from OFW relatives and for saving for children's education.
Notes
Explain how banks help families save and access credit for important needs
Topic
Banking System
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S7
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mermaid
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7
Mermaid Diagram
Code
flowchart TD A[Philippine Banking System] --> B[BSP Central Bank] A --> C[Commercial Banks] A --> D[Rural Banks] A --> E[Microfinance] B --> F[Issues Currency] B --> G[Monetary Policy] C --> H[Deposits and Loans] D --> I[Agricultural Support] E --> J[Small Business Loans]
Type
mermaid_flowchart
Description
Flowchart showing the structure of the Philippine banking system and their functions
Inflation and Its Effects
When inflation occurs, the same amount of money buys fewer goods. Filipino families experience this when rice, gasoline, or electricity prices increase, affecting household budgets.
Notes
Use familiar examples like food and transportation costs that pupils can relate to
Topic
Inflation
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S8
Visual Type
mermaid
Image Prompt
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8
Mermaid Diagram
Code
flowchart TD A[Inflation Causes] --> B[High Demand] A --> C[Rising Costs] A --> D[Imported Price Rise] B --> E[General Price Increase] C --> E D --> E E --> F[Reduced Buying Power] E --> G[Budget Adjustments] F --> H[Economic Uncertainty]
Type
mermaid_flowchart
Description
Flowchart showing causes of inflation and its effects on purchasing power
Gross Domestic Product (GDP)
GDP helps measure how well the Philippine economy is doing. Higher GDP usually means more jobs, better incomes, and improved living standards for Filipino families.
Notes
Relate GDP growth to job opportunities and improved living conditions for families
Topic
GDP and Economic Measurement
Slide Id
S9
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mermaid
Image Prompt
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9
Mermaid Diagram
Code
pie title Philippine GDP by Sector "Services" : 60 "Industry" : 30 "Agriculture" : 10
Type
mermaid_pie
Description
Pie chart showing the approximate contribution of different sectors to Philippine GDP
International Trade
International trade allows the Philippines to sell products we make well and buy things we need from other countries. OFW remittances support many Filipino families and contribute significantly to our economy.
Notes
Emphasize how international trade and OFW remittances support Filipino families
Topic
International Trade
Slide Id
S10
Visual Type
mermaid
Image Prompt
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10
Mermaid Diagram
Code
flowchart LR A[Philippines] --> B[Exports] C[Imports] --> A D[OFW Remittances] --> A B --> E[Electronics] B --> F[Garments] B --> G[Coconut Products] C --> H[Oil] C --> I[Machinery] C --> J[Chemicals]
Type
mermaid_flowchart
Description
Flowchart showing the flow of exports, imports, and remittances in Philippine international trade
What is Taxation?
Taxation is how the government raises money to provide services that benefit everyone. Without taxes, there would be no public schools, hospitals, roads, or police protection.
Notes
Connect taxation to public services that pupils directly benefit from, especially education
Topic
Introduction to Taxation
Slide Id
S11
Visual Type
mermaid
Image Prompt
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11
Mermaid Diagram
Code
flowchart TD A[Citizens and Businesses] --> B[Pay Taxes] B --> C[Government Revenue] C --> D[Public Services] D --> E[Education] D --> F[Healthcare] D --> G[Infrastructure] D --> H[Security] E --> I[Benefits Citizens] F --> I G --> I H --> I
Type
mermaid_flowchart
Description
Flowchart showing how taxes flow from citizens to government and back as public services
Types of Taxes in the Philippines
Different types of taxes serve different purposes. VAT is the most visible to families as it's included in prices of goods and services they buy daily.
Notes
Help pupils recognize different taxes they encounter in daily life
Topic
Types of Taxes
Slide Id
S12
Visual Type
mermaid
Image Prompt
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12
Mermaid Diagram
Code
mindmap root((Philippine Taxes)) Income Tax Personal Income Business Profit Progressive Rates VAT 12 Percent Rate Goods and Services Consumer Payment Excise Tax Alcohol Tobacco Fuel Products Luxury Items Property Tax Real Estate Annual Payment Local Government Customs Duties Imported Goods Port Collection Trade Protection
Type
mermaid_mindmap
Description
Mind map showing the main types of taxes in the Philippines and their characteristics
Tax Collection Agencies
Different government agencies collect different types of taxes. The BIR is the largest tax collection agency, responsible for income tax and VAT that fund most government services.
Notes
Explain the role of each agency in collecting taxes for government services
Topic
Tax Collection
Slide Id
S13
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mermaid
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13
Mermaid Diagram
Code
flowchart TD A[Tax Collection] --> B[BIR] A --> C[BOC] A --> D[LGUs] B --> E[Income Tax] B --> F[VAT] B --> G[Excise Tax] C --> H[Customs Duties] C --> I[Import Taxes] D --> J[Property Tax] D --> K[Business Tax]
Type
mermaid_flowchart
Description
Flowchart showing different tax collection agencies and their responsibilities
How Taxes Fund Public Services
Tax money directly supports the public services that Filipino families rely on daily. Without taxes, there would be no free public education or government health services.
Notes
Emphasize how taxes directly benefit pupils through free education and other services
Topic
Tax Use for Public Services
Slide Id
S14
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mermaid
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14
Mermaid Diagram
Code
flowchart TD A[Tax Revenue] --> B[Education] A --> C[Healthcare] A --> D[Infrastructure] A --> E[Social Services] A --> F[Security] B --> G[Teacher Salaries] B --> H[School Buildings] C --> I[Public Hospitals] D --> J[Roads and Bridges] E --> K[4Ps Program] F --> L[Police and Military]
Type
mermaid_flowchart
Description
Flowchart showing how tax revenue is allocated to different public services
Personal Finance for Elementary Pupils
Teaching personal finance early helps pupils develop good money habits. Understanding these concepts prepares them to make wise financial decisions as adults.
Notes
Use practical examples from pupils' allowance and spending to teach financial literacy
Topic
Personal Finance
Slide Id
S15
Visual Type
mermaid
Image Prompt
Slide Number
15
Mermaid Diagram
Code
flowchart TD A[Personal Finance] --> B[Saving] A --> C[Budgeting] A --> D[Needs vs Wants] B --> E[Future Security] C --> F[Spending Plan] D --> G[Smart Choices] E --> H[Good Money Habits] F --> H G --> H
Type
mermaid_flowchart
Description
Flowchart showing the components of personal finance education for elementary pupils
Teaching Economics in Elementary Classroom
Making economics concrete and fun helps pupils understand abstract concepts. Using familiar Filipino contexts makes learning more meaningful and culturally relevant.
Notes
Emphasize hands-on activities and Filipino cultural connections for effective learning
Topic
Teaching Strategies
Slide Id
S16
Visual Type
mermaid
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16
Mermaid Diagram
Code
mindmap root((Teaching Economics)) Classroom Activities Play Money System Budget Games Market Simulation Filipino Context Tingi System Sari-sari Store Cooperative Values Integration Thrift Honesty Civic Duty Curriculum Links Araling Panlipunan Math Applications Values Education
Type
mermaid_mindmap
Description
Mind map showing strategies for teaching economics concepts in elementary classrooms
Chapter Summary: Key Concepts
Understanding economics and taxation helps elementary teachers explain daily economic activities to pupils and develop their civic awareness. These concepts are fundamental to the K-12 curriculum and responsible citizenship.
Notes
Review all key concepts and their applications in elementary teaching contexts
Topic
Chapter Summary
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S17
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mermaid
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17
Mermaid Diagram
Code
mindmap root((Economics & Taxation)) Basic Economics Scarcity and Choice Supply and Demand Money Functions Philippine Context Mixed Economy International Trade OFW Remittances Taxation Types of Taxes Collection Agencies Public Services Teaching Application Classroom Activities Filipino Examples Values Integration
Type
mermaid_mindmap
Description
Comprehensive mind map summarizing all major concepts covered in the economics and taxation chapter
References
- National Internal Revenue Code (NIRC) as amended
- TRAIN Law (Republic Act 10963)
- K-12 Basic Education Curriculum - Araling Panlipunan
- DepEd Learning Competencies for Elementary Social Studies
- Bangko Sentral ng Pilipinas educational materials
- Bureau of Internal Revenue taxpayer education resources
- Philippine economic statistics and reports
In summary
Economics and taxation are fundamental concepts that every elementary teacher must understand to effectively teach Araling Panlipunan and develop pupils' civic awareness. These concepts help explain daily life experiences, from family budgeting to government services. As future teachers, understanding how economic principles work in the Philippine context enables you to make abstract concepts concrete and meaningful for Grades 1-6 learners. Remember that economic literacy is not just about numbers and theories – it's about developing responsible citizens who understand their role in society and make informed decisions for themselves and their communities. Integration of these concepts with Filipino cultural practices and values makes learning more relevant and engaging for your pupils.
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