Course Description:

The purpose of this course is to present the theory of price and output determination. The student will learn how to apply elementary microeconomic principles to
domestic and international policies. In order to maintain student interest and better perform our mission, professors will utilize current aviation examples to illustrate these
economic principles as frequently as possible.

General Objectives:
By the end of the course, students should be able to:

LO1 : Understand introductory economic concepts.

LO2 : Recognize basic supply and demand analysis.
LO3 : Recognize the structure and the role of costs in the economy.
LO4 : Describe, using graphs, the various market models: perfect competition, monopoly, monopolistic competition, and oligopoly.
LO5 : Explain how equilibrium is achieved, in the various market models, in both the long and short run.
LO6 : Recognize how resource markets relate to the product markets.
LO7 : Identify problem areas in the economy, and possible solutions, using the analytical tools developed in the course.
LO8 : Recognize how all the parts of the economy integrate into the whole.
LO9 : Recognize the international economy, and describe how it works.
LO10 : Distinguish the crucial use of elasticity theory in the pursuit of revenue maximization, output efficiency, inter-commodity relationship and the impact of
income changes.

Subject Code : Semester : 1st Semester

Description : Basic Microeconomics S/Y : 2019 – 2020_
Units : 3 units Department : Business Course
No. of Units : 54 hrs
(LO#) Specific Objectives Topic / Contents Activity Title Evaluation Resources Textbook / References Duration
1st& 2nd WEEK PRELIM PERIOD
 Getting to know  Memorizing at least 5  E-books/PDF .
 Give the importance of studying  Lecture names of classmates  Textbook Frank, R.H., (2008). The
economics. Introduction to  Practice Learning  Quiz  Course Syllabus Economic Naturalist: Why 6 hrs
 Discuss the opportunity cost of Economics Activities  Graded Recitation Economics Explains
economics Almost Everything, Virgin
 Illustrate the procedure in Books.
making assignments.
 Discuss the possibilities frontier Harford, T., (2007). The
framework Undercover Economist.
1,2  Define and differentiate Markets: Supply, Abacus.
Demand from Quality Demand Demand, and the
 Discuss the Law of Supply Price System Harford, T., (2008). The
 Discuss the demand and its Logic of Life: Uncovering
determinants the New Economics of
Everything. Little, Brown
& Company.
3rd &4th WEEK
 Enumerate and explain the  Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
Principles of Economics Elasticity and  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
 Illustrate the economic elasticity Production/Costs Activities  Case Study  Course Syllabus Economics Explains
 Discuss the production and costs  Film Viewing Almost Everything, Virgin
 Explain the Consumer Choice: Books.
Maximizing Utility and
Behavioral Economics Market Equilibrium Harford, T., (2007). The
3,4,6  Discuss the market equilibrium Undercover Economist. 6 hrs
and the price mechanism Abacus.
 Illustrate the shifts in the
demand and supply curve and Harford, T., (2008). The
the impact on market Logic of Life: Uncovering
equilibrium the New Economics of
Everything. Little, Brown
& Company.
  Review  Graded Recitation
LO 1,2,3,4,6  Practice Learning  Long Quiz
Review of previous lesson Activities 1 hr

5th WEEK
1,2,3,  To assess the level of attainment  PRELIMINARY  PRELIMINARY  PRELIMINARY
4,6 of the desired outcomes EXAMINATION EXAMINATION EXAMINATION 2 hrs

6th & 7th WEEK MIDTERM

 Discuss the economics of the  Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
Philippines Perfect Competition  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
 Determine the perfect Activities  Case Study  Course Syllabus Economics Explains
competition happen in the  Film Viewing Almost Everything, Virgin
economics of the Philippines Books.
 Discuss the Consumer surplus,
Producer surplus, and total Harford, T., (2007). The
5,7,10 Economic Welfare 6 hrs
welfare. Undercover Economist.
 Identify the impact of price Abacus.
ceilings and floors on market
outcomes. Harford, T., (2008). The
Logic of Life: Uncovering
the New Economics of
Everything. Little, Brown
& Company.

5,10 8th WEEK 3 hrs

 Illustrate the price elasticity of
demand
 Discuss the following topics:
o Elasticity and total
revenue
o Cross elasticity of
demand
o Income elasticity of
demand
o Price elasticity of supply
o Taxation
 Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
 Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
Activities  Case Study  Course Syllabus Economics Explains
Elasticity  Film Viewing Almost Everything, Virgin
Books.
Harford, T., (2007). The
Undercover Economist.
Abacus.
Harford, T., (2008). The
Logic of Life: Uncovering
the New Economics of
 Everything. Little, Brown
& Company.

Review of previous lesson LO 5,7,10  Review  Graded Recitation

 Board Work  Long Quiz 1 hr

9th WEEK
To assess the level of attainment MIDTERM MIDTERM MIDTERM
2 hrs
5,7,10 of the desired outcomes EXAMINATION EXAMINATION EXAMINATION

10th WEEK PRE-FINAL Frank, R.H., (2008). The

 Calculate costs, revenues and  Lecture  Quiz  E-books/PDF Economic Naturalist: Why
profits Costs, Revenues,  Practice Learning  Graded Recitation  Textbook Economics Explains
 Discuss Economic and Profits, and the Activities Case Study  Course Syllabus Almost Everything, Virgin
accounting profit Firm’s Supply  Film Viewing Books.
 Explain the Profit maximization Decision
and the firm’s supply decision in Harford, T., (2007). The
7,8 the short and long run Undercover Economist. 6 hrs
 Discuss the Profit maximization Abacus.
under perfect competition Perfect Competition
 Explain the Firm and industry Harford, T., (2008). The
supply curves under perfect Logic of Life: Uncovering
competition the New Economics of
 Develop Output, price and profit Everything. Little, Brown
in the short and long run. & Company.

4,7 12th & 13th WEEK 6 hrs

 Explain and give example of
Profit maximization by a single
price monopoly
 Discuss the following topics:
o Price discrimination
o Comparison of monopoly
and perfect competition -
efficiency of competition
and inefficiency of
market power
o Contestable markets
o Competition policy
o Natural monopolies and
regulation
 Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
Monopoly  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
Activities  Case Study  Course Syllabus Economics Explains
 Film Viewing Almost Everything, Virgin
Books.
Harford, T., (2007). The
Undercover Economist.
Abacus.
Harford, T., (2008). The
Logic of Life: Uncovering
the New Economics of
Everything. Little, Brown
  Explain the Monopolistic Imperfect & Company.
competition Competition
 Discuss the Oligopoly and the
Introduction to game theory and
the prisoner’s dilemma
14th WEEK Market Failure and
 Discuss the Externalities, public the Case for  Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
goods, common resources and Government  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
information problems.
Intervention Activities  Case Study  Course Syllabus Economics Explains
 Identify the Role of government  Film Viewing Almost Everything, Virgin
in preventing market failure Books.

Harford, T., (2007). The

8,9 Undercover Economist. 3 hrs
Abacus.

Harford, T., (2008). The

Logic of Life: Uncovering
the New Economics of
Everything. Little, Brown
& Company.

Review of previous lesson  Review  Graded Recitation

LO 4,7,8,9  Board Work  Long Quiz 1 hr

15th WEEK
4,7,8,  To assess the level of attainment SEMI - FINALS SEMI - FINALS SEMI - FINALS
2 hrs
9 of the desired outcomes EXAMINATION EXAMINATION EXAMINATION

1,2 16TH WEEK FINALS 3 hrs

 Explain the Behavioral  Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
economics – choice and fairness Behavioral  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
economics, Activities Case Study Course Syllabus Economics Explains
asymmetric  Film Viewing Almost Everything, Virgin
information Books.

Harford, T., (2007). The

Undercover Economist.
Abacus.
 Harford, T., (2008). The
Logic of Life: Uncovering
the New Economics of
Everything. Little, Brown
& Company.

17th WEEK
 Discuss the Costs of production, Firm Behavior and  Lecture  Quiz  E-books/PDF Frank, R.H., (2008). The
economic, accounting profit, the the Organization of  Practice Learning  Graded Recitation  Textbook Economic Naturalist: Why
production function, total cost, Industry Activities  Case Study  Course Syllabus Economics Explains
fixed cost, variable cost, average  Film Viewing Almost Everything, Virgin
cost, marginal cost, short run Books.
and long run costs.
 Give examples of Costs of Harford, T., (2007). The
9 production, economic, Undercover Economist. 3 hrs
accounting profit, the Abacus.
production function, total cost,
fixed cost, variable cost, average Harford, T., (2008). The
cost, marginal cost, short run Logic of Life: Uncovering
and long run costs. the New Economics of
 Differentiate each term from the Everything. Little, Brown
other terms in microeconomics & Company.
concept.

LO 1,2,9  Review  Graded

1 hr
Review of previous lesson  Board Work  Recitation Long Quiz

18h WEEK
To assess the level of attainment of FINALS FINALS FINALS EXAMINATION
1,2,9 2 hrs
the desired outcomes through EXAMINATION EXAMINATION
research paper with proper citation

REFERENCES/TEXTBOOKS:

Gregory Mankiw, N Principles of Economics,4th Edition (Student edition) Dixon, T 2002, The Market Economy, 2nd edn, Leading Edge Education, Sydney. Dixon, T 2001, The Market Economy
– Workbook, Leading Edge,Education, Sydney. King, D 2000, Economics Year 11 Study Guide – the Economic Framework, Academic Associates, Perth. King, D 2000, The Stock Market,
Academic Associates, Perth. Kirkwood, L et al. 1999, Economics for the Real World, Book 1, Longman, South Melbourne. McConnell, J 2000, Economic Activity, Book 1, 2nd edn, McMillan
Education/VCTA, South Yarra. Morris, R, 2000, Economics Down Under, Book 1, 4th edn, Jacaranda/John Wiley & Sons, Melbourne. Tibbit, A 1998, Economic Insights, Book 1, Longman, South
Melbourne, Units 3 and 4 King, D 2000, Economics Year 12 Study Guide, 4th edn, Academic Associates, Perth L et al. 1999, Economics for the Real World, Book 2, Longman, South Melbourne.
Mayer, R 2004, ‘Should there be a three-strikes rule against pure discovery learning? The case for guided methods of instruction’, American Psychologist, vol 59, no. 1, pp. 14–19. McConnell,
J & Nailon, K 1999, Economic Activity, Book 2, 6th edn, McMillan Education/VCTA, South Yarra. McKee, M & Nailon, K 2002, 500 Multiple Choice Questions, Indigo Publishing, Abbotsford.

Course Requirements:
Prelim : Group Activity
Midterm : Group Reports
Pre-final : Group Reports
Final : Research Prepared by:

Students shall be graded as follows: MERLY L. TATAD

Instructor

GRADING SYSTEM : Examination 30%

Quizzes 20% Checked by
Class Standing 10% ____________________________________
Program Head, College Business Department
Exercises/Lab. Projects 30% Date: __________________
Attendance 10%
TOTAL 100%
Approved by:

Administrator, WRI Colleges-Metro Naga

Date: __________________