Syllabus in Economics with Land Reform and Taxation, Page 1 of 7

The Fisher Valley College

No. 5, M. L. Quezon St., Hagonoy, Taguig City ● Phase 2, Bgy. Pinagsama, Taguig City
Phone: 839-1903/394-6695 ● Website: www.fishervalleycollege.edu.ph
_____________________________________________________________________________

COURSE SYLLABUS
1st Semester, A.Y. 2013-2014

COURSE TITLE : ECONOMICS WITH LAND REFORM AND TAXATION

COURSE CREDITS : 3 units
CLASS SCHEDULE : Monday, 10:00-1:00; Friday, 4:00-7:00; Saturday, 1:00-4:00; 4:00-7:00
CLASS WEBSITE : http://tfvc2014.weebly.com
COURSE INSTRUCTOR: Marlon B. Raquel
CONTACT NUMBER : 839-1903 (Main Campus); 394-6695 (C5 Annex)
EMAIL ADDRESS : raquel.marlon@yahoo.com

COURSE DESCRIPTION:

This course covers a comprehensive study of economics and the economics of land reform and
taxation. Topics include important concepts in economics, circular flow of economic activities,
demand and supply, theory of production, theory of cost and profit, different economic
systems, national income accounting, monetary policy, international trade, cooperatives,
globalization, and measuring and forecasting demand. The last part of the course deals with the
Comprehensive Agrarian Reform Program (CARP) and principles of taxation.

LEARNING OBJECTIVES:

At the end of the semester, the student should be able to:

1. Appreciate the fundamental concepts of economics, and its application not only to a broader
treatment, but also to personal exploits as well, performed task based on the fundamentals of
economics and have related the basic economics concepts in view of the current economic
problems;
2. Demonstrate how a market is driven by individual decision;
3. Utilize appropriate economic concepts and principles in evaluating economic problems,
issues and other related economic concerns; and
4. Operate different equations in economics and graph various equations.
 Syllabus in Economics with Land Reform and Taxation, Page 2 of 7

COURSE OUTLINE:

1ST WEEK INTRODUCTION

Getting to Know Each Other
Course Orientation and Discussion of Syllabus

2ND WEEK ECONOMICS: AN INTRODUCTION

Basic Terms in Economics
Economic Resources
Types of Economic Systems
The Economizing Habit and the Tools of Economics
National Development Goals

THE CIRCULAR FLOW OF ECONOMIC ACTIVITIES

Economic Model of Production
Economic Model of Income and Consumption
The Circular Flows of Physical Goods and Money Income
Inflows and Outflows

3RD WEEK DEMAND AND SUPPLY

The Market
The Law of Demand
Shifts in Demand Curve
Supply
Shifts in Supply Curve
Market Equilibrium
Shifts in Demand and Supply
Elasticity of Demand and Supply

THEORY OF PRODUCTION
Production Function
The Law of Diminishing Returns
Production Isoquant
The Isocost Line
The Least-Cost Combination
Returns to Scale

4TH WEEK THE THEORY OF COST AND PROFIT

Cost Concepts
Imputed and Opportunity Costs
Fixed and Variable Costs
Marginal and Average Cost
Total and Marginal Cost
The Shutdown Price
 Syllabus in Economics with Land Reform and Taxation, Page 3 of 7

5TH WEEK PRELIMINARY EXAMINATION

6TH WEEK PURE COMPETITION
Pure and Perfect Competition
A Note on Profits
Profit Maximizing Output
Loss Minimizing Case
The Breakeven Price
The Shutdown Price
Long-Run Adjustments
An Evaluation of a Competitive Market

7TH WEEK MONOPOLY

The PLDT Story
Short-run Equilibrium
Profit Maximization: Total Curve
The Long Run
Price Discrimination
The Welfare Effects of Pure Competition
Monopolies in Philippine Setting

IMPERFECT COMPETITION
Monopolistic Competition
Short-run Equilibrium
Adjustments: Open Entry
Welfare Effects of Monopolistic Competition
Oligopoly
Collusion vs. Independent Action
The Centralized Cartel
The Kinked Demand Curve
The Profitability of Oligopolies
The Welfare Effects of Oligopoly

8TH WEEK NATIONAL INCOME ACCOUNTING

GNP Accounting: Meaning, Purpose, and Limitations
GNP Accounting: Expenditure Approach
GNP Accounting: Income Approach
Factor Contribution by Sector
Gross domestic product vs. gross national product
Current vs. Real GNP
 Syllabus in Economics with Land Reform and Taxation, Page 4 of 7

9TH WEEK MONEY AND MONETARY POLICY

Functions of Money
Money Supply
Banks and Money Supply
Functions of Bangko Sentral ng Pilipinas
Monetary Policies

INTERNATIONAL TRADE
The Need for Trade
Evolution of the Market Economy
Is There a World Economy?
Mercantilism
Trade Practices and Policies
Balance of Payments
Some of Our Trade Problems

10TH WEEK MIDTERM EXAMINATION

11TH WEEK GLOBALIZATION
Philippines 2000
What is APEC?
People’s Assembly
Labor
Women
Food Security
Features of Globalization Present in the Philippines
The ‘Crisis of Globalization’

12TH WEEK COOPERATIVES

History of Cooperatives
The Cooperative Development Authority
Cooperative Principle
Types of Cooperatives
Kinds of Cooperatives
General Steps in Forming a Cooperative

13TH WEEK MEASURING AND FORECASTING DEMAND

Need for a Forecast
Defining the Market
Measuring Current Market Demand
Forecasting Future Demand
Forecasting Models
 Syllabus in Economics with Land Reform and Taxation, Page 5 of 7

Qualitative Techniques
Choosing the Appropriate Forecasting Technique

14TH WEEK PRE-FINAL EXAMINATION

15TH WEEK THE COMPREHENSIVE AGRARIAN REFORM PROGRAM
Land Reform Before 1972
Coverage of CARP
Creation of Support services
Land Distribution
Funding the Agrarian Reform Law

16TH WEEK TAXATION PART 1

Fiscal Policy
Sources and Uses of Public Funds
Taxation: A Tool
Principles of taxation
Burden of Taxation
Income Distribution
The Uses of Fiscal Policy

17TH WEEK TAXATION PART 2

Definition of: Income, Income Tax, Gross Income, and Taxable Income
Personal and Additional Exemptions
Computation of Individual Income Tax
Filing of Returns and Payment

18TH WEEK FINAL EXAMINATION

COURSE REQUIREMENTS AND GRADING SYSTEM:

The College issues two grades for the semester – midterm grade and final grade – as per Article
X, Section B of the College Student Handbook. I will be using the following grading system in the
computation of your grades.

Midterm Grade: Final Grade:

Prelim Exam (Written Exercises) 30% Midterm Grade 40%
Midterm Exam 30% Pre-final Exam (Written Exercises) 20%
Critique Essays 20% Final Exam 20%
Online Assignments 20% Research Paper 10%
100% Online Assignments 10%
100%
 Syllabus in Economics with Land Reform and Taxation, Page 6 of 7

Major Examinations:
Four major examinations will be given throughout the semester. These are prelim, midterm,
pre-final, and final exams. A combination of multiple-choice questions (MCQ), essay questions,
and other types of tests will be given. The examinations will be conducted during examination
weeks. Each exam is equivalent to 100 points. The passing score is 50 points. I will be using the
following formula in determining the equivalent percentage for your scores:

Grade = (Score /No. of Items) x 50 + 50 for example, (50/100) x 50 + 50 = 75%

Critique Essays:
From time to time, you will be instructed to write a news analysis or reaction paper on certain
economic issues that dealt with the Philippine economy at large. You need to make a
compilation of these critique essays in a portfolio. This is an individual work. In writing your
essays, use the following guidelines.

1. Use 8.5’’ x 11’’ bond paper.

2. There should be one inch in all margins.
3. It must be double-spaced all throughout the essay EXCEPT for quotations or excerpts
which must be single-spaced.
4. Use Times New Roman (12-point font size) only.
5. The critique paper must be printed in black ink ONLY.
6. Each critique essay must have a minimum of 300 words. This is equivalent to 1 page.

Submit your portfolio during the midterm examination day. Late submission will not be
accepted. Do not copy from websites. It will be you who will analyze issues, not other people.

Research Paper:
The class will be divided to several groups with at least five (5) members in each group. Each
group will write a research paper which will be presented orally on the 2 nd week of October. A
Powerpoint presentation is required together with the final output of your research.

Each group will focus on ONE TOPIC only. The following are good examples of topics to work on
in your research paper:
1. Assessment of Economic Policies of Taguig City Mayor Lani Cayetano
2. Flat Rate Tax? Perceptions from TFVC Working Students
3. Survival of the Fittest: The Case of 7-Eleven and Mini-Stop Shops
4. A Rising Asian Tiger: Analysis of Philippine Economy
5. Other topics

To do this, each group needs to prepare questionnaires, conduct surveys and/or interviews, and
use simple statistical techniques to analyze the data gathered.
 Syllabus in Economics with Land Reform and Taxation, Page 7 of 7

Online Assignments:
An assignment will be given every two weeks. You need to visit our class website at
www.tfvc2014.weebly.com for instructions and details. Please be reminded of the deadlines of
submission. To avoid the rush, submit your answers BEFORE the deadline, NOT on the due date
of submission. I will inform you in class once the questions are posted online.

Answers submitted through email or handed down to me in class (printed copy) will not be
credited. All answers need to be submitted on the website itself. Familiarize yourself with
computers, websites, and other technology-based stuff. You are provided with internet card by
the school which is included in your school fees. Visit the Computer Laboratory for available
time so that you can do your assignments if you don’t have your own computer and internet.

Also, you need to have an email account and a Facebook account because you will use them
during the submission of your online assignments.

Attendance:
While attendance is not a component of your grade, your attendance will be checked regularly.
You need to affix your signature on the attendance sheet that will be provided to you before
the class discussion starts. Please take note that the maximum allowable absences are four (4)
sessions only. On your fifth absence, you will be dropped from this course regardless of the
reason for absence EXCEPT if you or your family member is sick. In this case, you need to
present a medical certificate.

TEXTBOOKS:

Nayve, Benito, and Virgilio Pagoso (2008). Principles of Economics. Paraňaque City:
Nelson Publication

REFERENCES:

Aban, Benjamin (2006). Law of Basic Taxation in the Philippines. Manila: National Book
Store

De Leon, Hector S. (2005). Textbook on Agrarian Reform and Taxation. Quezon City: Rex
Book Store

De Leon, Hector S. (2008). Textbook on the Philippine Constitution. Quezon City: Rex
Book Store, Inc.

Websites: www.gov.ph, www.neda.gov.ph, www.pids.gov.ph, www.nscb.gov.ph,

www.econ.upd.edu.ph, www.census.gov.ph

Newspapers, video materials, etc .