Economics & Taxation - Concept Map
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
Basic Economic Principles
Sub concepts
- Scarcity
- Opportunity Cost
- Factors of Production
- Economic Systems
Relationship to central
Foundation concepts that underpin all economic understanding
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
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
Economic Indicators
Sub concepts
- GDP
- Inflation
- Unemployment
- Economic Growth
Relationship to central
Measures that help evaluate Philippine economic performance
International Trade
Sub concepts
- Exports and Imports
- OFW Remittances
- Exchange Rates
- Balance of Trade
Relationship to central
Understanding Philippines' role in global economy
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
Personal Finance
Sub concepts
- Saving
- Budgeting
- Needs vs Wants
- Financial Literacy
Relationship to central
Practical application of economic concepts for elementary pupils
Economic Sectors
Sub concepts
- Primary Sector
- Secondary Sector
- Tertiary Sector
- BPO Industry
Relationship to central
Understanding how the Philippine economy is organized
Concept connections
- ScarcityOpportunity CostScarcity forces choices which create opportunity costs
- Supply and DemandMarket EquilibriumSupply and demand forces determine equilibrium price and quantity
- TaxationPublic EducationTax revenue funds public schools where elementary teachers work
- Bangko Sentral ng PilipinasInflationBSP controls monetary policy to manage inflation rates
- OFW RemittancesGDPRemittances contribute significantly to Philippine economic output
- Factors of ProductionEconomic SectorsDifferent sectors utilize different combinations of production factors
- Personal FinanceElementary TeachingTeachers can use personal finance concepts in practical Araling Panlipunan lessons
- Market StructuresPhilippine Business EnvironmentUnderstanding market types helps explain Philippine business landscape
- Economic SystemsMixed Economy PhilippinesPhilippines operates a mixed economic system combining market and government elements
- BIR and BOCGovernment RevenueThese agencies collect the majority of government tax revenue
- UnemploymentSocial ProblemsHigh unemployment contributes to poverty and social issues in communities
- International TradeExchange RatesTrade flows influence currency exchange rates
Diagrams
Complete Economics & Taxation Concept Map for Elementary Teachers
Comprehensive mind map showing all key concepts in Economics & Taxation that elementary teachers need to understand for the LET and for teaching Araling Panlipunan effectively
Supply and Demand Market Process
Shows how supply and demand interact to determine market prices, using familiar Philippine examples like sari-sari stores
How Taxes Fund Public Services in the Philippines
Illustrates the flow from tax collection to public services, showing how taxes directly benefit elementary school pupils and communities
Philippine Economic Sectors Contribution to GDP
Shows the relative contribution of each economic sector to Philippine GDP, highlighting the dominance of the service sector including BPO
Economic Development Stages of Philippines
Shows the economic development progression of the Philippines from agricultural to service-based economy