FAR EASTERN UNIVERSITY

INSTITUTE OF ACCOUNTS, BUSINESS AND FINANCE

BUSINESS ADMINISTRATION DEPARTMENT

Course Code : ECO 1

Course Title : Principles of Economics

Course Prerequisite : None

Course Credit : Three (3) units

Course Description : An introduction to microeconomics and macroeconomics, including an overview of the market economy, national income,
employment and price level determination, stabilization policies, and taxation programs. This course also explores on
government policies
on agrarian reform.

General Course Objectives: This course aims to enhance the understanding of students on the micro and macro concepts of economics with practical
understanding not only of the day-to-day market and business operations, but also of the way government plays its role in the
economy. Through this course, the class can work together on their mini companies to tryout theories and exercise their
entrepreneurship creativity. The class can also invite speakers, who are industry practitioners, to get the feel of how basic
concepts are practically working in the industry, given some limitations set forth by the government.

Revised as of May, 2010

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Course Content:

Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
Week 1  The students should be oriented  Orientation  Class room  Direct  Discipline  Would be able to
on the rules and regulations that  1.Class rules management Instruction know some
the teacher applied in the  2.Grading system  Teamwork classmates
classroom.  3.Seat plan  Interpersonal  Groupings
 4.Class list skills  Accountability  To understand the
 5.Groupings classroom rules.

Week 2  At the end of the Session, the  Unit 1- Nature of  Relating  Lecture  Frugality  Recitation
student is expected to : Economics significant
contributions  Discussion  Teachability  Critic paper
 1.Describe and compare how  Historical
man manages his resources in Background  Comparing  Quiz
every stage of the society’s concepts
historical development in o Ancient
satisfying his wants and needs.
o Medieval
 2. Value the importance of
acquiring skills of identifying o Classical
effective means of managing
scarce resources in a certain o Neo-Classical
time and place to satisfy wants
and needs.

 3. Connect the relationship

involve in the development of
man’s way of managing
 resources in every stage of the
society’s historical development.

Revised as of May, 2010

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Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
Week 3  At the end of the Session, the  B. Economics as a  Analytical  Editorials  Appreciative  Group assignment
student is expected to : social science on identifying
 1.Explain why Economics is  1.Definition of  Reasoning  Group sharing  Resourcefulnes programs,
considered a science. Economics s problems, structure
 2. Appreciate how Economics /etymology  Participatory of institutions under
utilizes other branches of the  2. Relationship of discussion each economic
Social Sciences in formulating economics to other sector in the
solutions to solve the problem of social science. Philippines.
scarcity.
 3. Construct a generalization in
the significance of the tools and
methods use in Economics and
its pursuit in managing resources
effectively and efficiently to
satisfy wants and needs of man.
Week 4  At the end of the Unit, the  Unit 2 – Basic  Reasoning  Lecture  Thankfulness  Board Activity
student is expected to answer Concepts of
the following questions: Economics  Problem  Class  Thriftiness  Graded Recitation
 Why should everyone  Basic Economic solving Discussion
understand basic economics? Problem  Fairness  Quiz
 What is scarcity and why must all  Scarcity and Choice  Judgement  Assignment
societies deal with it?  Opportunity Cost
 Why is economics sometimes and Trade- Offs  Open Forum
called  Marginalism and
 “the study of scarcity and Efficient Market
choice”?
 What are trade-offs and
opportunity costs?
 What is marginalism and efficient
market

Revised as of May, 2010

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Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
Week 5  At the end of the Unit, the  Unit 3 – The  Analytical  Lecture  Gratefulness  Critic Paper
student is expected to : Economy ability
 Analyze the role and the  Group  Fairness  Quiz
significance of the different  1.Economic Sectors  Reasoning Discussion
economic sectors on how they / Units  Integrity
allocate distribute resources in  Synthesis  Role playing:
satisfying the needs of the  2. Economic  Different  Honesty
society. Activities / sectors of an
 Form sound judgment in the Processes economy
implications on how the wants
and needs are satisfied base on  Circular Flow
the type of economic system
adapted by a society.  Economic Systems
 Connect the five basic economic
questions to the type of
economic system that could be
adapted in analyzing a socio-
economic problem in the
Philippine setting.

Week 6  At the end of the Unit, the  Unit 4 – The Market  Analytical  Group  Responsibility  Graded Recitation
student is expected to answer Economic Systems skills presentation
the following questions:  Class  Moral  Quiz
 Why the private property, the  The Pillars of Free  Leadership Discussion uprightness
price system, and the Enterprise  Film showing
competition are called the “pillars  Communicati /documentary  Love of country
of the free enterprise’?  Attributes on skills video of
 How do profits and other /advantages and different  Discipline
incentives keep the economy disadvantages of  Decision poverty
moving? Free Enterprise making skills stricken areas  Integrity
System.

Revised as of May, 2010

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 Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
 What is the role of the  The Role of Profits
government in the Market and other Economic
Economic System ? Incentives
  Free Enterprise: The
Theory and the
Reality .
 The Role of
Government in the
Market Economy

Week 7  PRELIMINARY EXAM

Week 8-10  At the end of the Unit, the  Unit 5 – Demand &  Analytical  Lecture  Patience  Paper work about
student is expected to : Supply Analysis skills Analysis on Market
 Analyze certain factors that  Demand and Supply  Actual local  Flexibility in Action
affect and determine the law  Planning and market
Quantity Demand (Qd) and  1.Determinants of organization  visit to monitor  Initiative  Graph Activity
Quantity Supplied (Qs). Demand skills prices.
 Know how do price, demand and  Determinants of  Teachability  Quiz on D& S
supply interact and affect each Supply  Problem  Graphical analysis
other.  3.The effects of solving skills Analysis  Creativity
 3. Construct and appreciate Changes in  Quiz on Elasticity
graphs and tables in interpreting  Demand & Supply
how factors can affect the supply  The Price System
and demand, and the ability of  Market Equilibrium
the consumers to satisfy wants  B. Elasticity Concept
and needs based on the  Price Elasticity
elasticity of the goods and  Income Elasticity
services.
 Cross Elasticity

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 Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
Week 11  At the end of the Unit, the  Unit 6 – Production  Reasoning  Lecture  Resourcefulnes  Exercises
student is expected to : Concept skills s
 Explain the significance of the  1.Economic  Value  Participatory  Quiz
different factors involved in the Resources judgments Discussion  Thriftiness
production of goods and  Diminishing  Time
services. Marginal Returns management  Concept  Social
 Value the importance of  Marginal Benefits Identification responsibility
acquiring skills of identifying the and Costs
quality and quantity of factors
involved in the production of
goods and services on their role
of attaining the objective of
uplifting the economic condition
of the state.

Week 12  MIDTERM EXAMINATION

 At the end of the Unit, the  Unit 7 – The Role of  Role-playing  Group  Accountability  Graded Recitation
Week 13 student is expected to answer Consumer in the Dynamics
the following questions: Economy  Decision  Integrity  Quiz
 Who are the prime movers of the  1.Role of the skills  Class
economy. Consumer Discussion  Thriftiness
 What are the sources of personal  2. Sources of  Communicati
wealth. Income on skills  Assignment –  Love of country
 How do the personal budgets,  3. The Decision to  by the use of
banks and other financial Save by Consumers diagram ask  Love of family
institutions, consumer credit and  The Decision to the students
etc help you use your money Spend by to illustrate
wisely? Consumers some of the
 The Consumer and different
the Government actions done

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 Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
 How do the government and by the
private agencies protect government to
consumers? protect
consumers
Week 13-14  At the end of the Unit, the  Unit 8 – The Role of  Analytical  Lecture  Resourcefulnes  Graded Recitation
student is expected to answer Labor ability  Assignment- s  Case analyses
the following questions:  1.Trends in the  Decision  Ask the  Love of family related to issue
Labor Force making skills student to cut  Love of country about “Labor”
 How was the labor force been  2. How are Wages clippings  Patience
changing ? Determined  Time /articles about  Initiative
 How Non-market management “ Labor  Benevolence
 How do market and non-market Forces Affect condition in
forces determine wages? Wages ? the Philippines
 The Labor “ and relate
 How did labor Unions came into Movement in the this to our
being in the Philippines. Philippines economy.
 Recent  Group
 4. How do labor management Developments in dynamics
relations changed over the Labor –
years? Management
Relations.

Week 15-16  At the end of the Unit, the  Unit 9 – The Role of  Interpersonal  Lecture  Love of country  Graded recitation
student is expected to answer Government skills
the following questions:  Group  Love of family  Critic paper on
 1.Government and  Teamwork assignment- evaluating the
 1.Why was the government’s the Philippine  Patience fairness of tax
role in the economy grown so Economy .  Time collection in the
rapidly ? management  Integrity Philippines.

 Quiz

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 Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
 2. How does national  2. How does the  Ask the
government spends its money? National student to
Government spend identify the
 3. Where do taxes go? its money? different
services their
 4. How are the taxes transform  3. National and respective
into benefits ? Local Finances municipality
provide them
 5. What are the main sources of  4. Types of Taxes: and relate this
taxes? Progressive, to the
Proportional and implementatio
 6. Why the national government Regressive n of the tax
deficits and national debt been a collecting
matter of controversy?  5. Budget Deficit procedure of
and the National the said
Debt municipality

 6. Proposals to  Recitation
Reduce the Deficit
 Class
discussion

Week 17  At the end of the Unit, the  Unit 10- The  Judgement  Lecture  Love for country  Graded recitation
student is expected to answer Comprehensive
the following questions: Agrarian  Analytical  Group  Fairness  Quiz
 Reforms Program in ability presentation
 1.What is the government’s the Phils.  Integrity
program on land tenure?   Leadership
 1.Comprehensive skills  Honesty
Agrarian Reform
Program (CARP)  Cooperation

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 Week Learning Objectives Focal Points/Topics Competencies Teaching Values Evaluative Measures
Strategies
 2. How successful is the  2. Cooperatives  Presentation
implementation of the skills
Comprehensive Agrarian Reform
Program (CARP) in the Phils.

 3. How successful is the creation

of the Cooperatives in the
Philippines?

Week 18  Departmental Exam

Computation of Grades:

COMPUTATION OF PERIODIC GRADES

Class Standing
 Average Quizzes (AQ) 30 %
 Class Participation (CP) 20 %
 Major Examination (PEx/MEx/FDex) 50 %
Total 100 %

Passing Grade is 70% with an equivalent point of 3.00

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A. COMPUTATION OF 1ST PRELIMINARY GRADE (1st PG)

1st PG = AQ (30%) + CP (20%) + PEx (50%)

B. COMPUTATION OF 2ND PRELIMINARY GRADE (2nd PG) AND MIDTERM GRADE (MG)

2nd PG = AQ (30%) + CP (20%) + MEx (50%)

MG = 1ST PG (50%) + 2nd PG (50%)

C. COMPUTATION OF 3RD PRELIMINARY GRADE (3RD PG) AND FINAL GRADE (FG)

3rd PG = AQ (30%) + CP (20%) + FDEx (50%)

FG = MG (50%) + 3rd PG (5

D. TRANSMUTATION OF FINAL GRADE

Point Descriptive
Grade System Equivalent
95.00% 100.00% 1.00
92.00% 94.00% 1.25 Superior
89.00% 91.00% 1.50
86.00% 88.00% 1.75 Very Good
83.00% 85.00% 2.00
80.00% 82.00% 2.25 Good
77.00% 79.00% 2.50
74.00% 76.00% 2.75 Fair
70.00% 73.00% 3.00 Barely Satisfactory
Below 70.00% 5.00 Failure

Revised as of May, 2010

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Textbook: Principles of Economics by N. Gregory Mankiw, Cengage 2009

References: O'Sullivan, Arthur. c2007. Economics : principles in action. Boston : Pearson Prentice Hall,

Gabay, Bon Kristoffer G. , 2007. Economics : its concepts and principles. Manila : Rex Book Store

Tucker, Irvin B. c2008. Economics for today's world. Mason, Ohio : Thomson Higher Education,

Slavin, Stephen L c2008. Economics. Boston : McGraw-Hill,

Brue, Stanley L. c2007 Essentials of economics. Boston : McGraw-Hill /Irwin,.

Dizon, Efren Vincent M. 2006. Outline in taxation. Manila : Rex Book Store,

Co Untian, Crescencio P. 2008. Tax accounting digest : an accountant guide. Manila : Rex Book Store,

Aquino, David Robert C. 2006. The Tax navigator : a casebook. Quezon City : Central Book Supply,

Dimaampao, Japar B. 2008 Tax principles and remedies. Manila : Rex Book Store,.

Journals: For on-line journals and magazines: http://search.epnet.com (EBSCO) Foreign:

Harvard Business Review

Journal of Management Education
Journal of Money Credit & Banking
Journal of Policy Analysis & Management
Management Today
Office Pro
Office Solution

Revised as of May, 2010

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 Public Personnel Management
Local:
Amcham Business Journal
Journal of Business Education & Law

MAGAZINES:
Business Week
Fortune
American Chamber of Commerce’s Business Journal

WEBSITES: Online / URL:

REVIEWED BY: APPROVED BY:

DR. MARIA TERESA A. MARTINEZ MR. EARL JOSEPH BORGOÑA

Program Head, Business Administration OIC Dean - IABF

Revised as of May, 2010

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