i

Unit Outline: 2020

Department: Department of Management Development
Unit title: Economic, Principles and Applications
Unit reference code:
 This Unit Outline must be read in conjunction with RIM Academic Policies, which sets out
Institute policies and procedures, including information on matters such as plagiarism, grade
descriptors, moderation, feedback and deferred exams

1: General Information

1a. Teaching period and year offered: Term II-2020

1b. Credit point value: 10 Credit Points

1c. Unit level: Post Graduate

1d. Name of Unit Convener and Course Coordinator and contact details (including
telephone and email):

Unit Convener:
Jit Tshering & Dorji Pem
Associate Professor, Assistant Lecturer
DRC, DMD
Email: jit_tshering@rim.edu.bt or dorji_pem@rim.edu.bt
Phone No: 02-531014/351013

Course Coordinator
Dorji Pem
Assistant Lecturer
DMD
Email: dorji_pem@rim.edu.bt
Phone No: 02-531014/351013

Program Assistant:

Jangchub Dema

Email: jangchub_dema@rim.edu.bt

Phone no: 02-351014/351013 extension 139

Page 2 of 13
2: Academic Content

2a. Unit description or syllabus

The study of principle of economics allows you to look at the world in which you live in a
different way-in a rational and an objecting way. It gives you a better understanding of the
decisions you are making every day, and at the same time develops your reasoning and
analytical skills. At the end of the course, you should be able to talk about economic issues
with relative comfort, as you will have a better idea about how the economy works.

The real world is about making choices regarding the efficient use and management of a
society’s scare resources. This course is a study of the principles of economics and
applications. Students will be introduced to various concepts and ideas of microeconomics
and macroeconomics.

The objective of this course is to make the students familiar with different tools and
techniques used by economic agents in their decision making process. For example at micro
level, how a consumer determines the level of consumption of goods to maximize his
satisfaction or how firms operating in different markets determine the level of output and set
the price to maximize the profit-these issues will be addressed in this course. Other major
issues to be discussed include: How competitive market facilitates efficient allocation of
resources to maximize welfare of the society and how intervention of the government in the
market leads to inefficient allocation of resources etc. At macro level student will study
economy as a whole: the underlying causes of short term and long term economic growth,
analysis of aggregate levels of income and employment, inflation, interest rates and other
important economic variables.

The course is expected to improve understanding of the students of methodologies of

Economics and enhance their skills to analyze any economic problem and find a solution to
it.

2b. Learning outcomes

On completion of this unit, students will be able to:

1. Demonstrate an understanding of the concepts of scarcity and opportunity cost and the
use of marginal analysis to evaluate tradeoffs and make decisions.
2. Explain how markets work to allocate resources and the optimal individual decisions-
making that underlies market outcomes.
3. Apply optimization techniques to decisions made by households, firms, and government.
4. Describe the significance of incentives in the decision- making process.
5. Examine economic fluctuations and the impact of monetary and fiscal policy using
IS/LM model.
6. Outline the basics of national income accounting

Page 3 of 13
 7. Describe the roles of fiscal and monetary policy in fighting recessions and inflation
8. Measure living standards, inflation, and unemployment for use as economic indicators.
9. Relate the importance of financial institutions and use the loadable funds model to
analyze various government policies.

2c. Graduate attributes developed in the unit

The unit is expected to develop the following attributes among the graduates:

1. Discipline specific knowledge and skills - Knowledge appropriate to the level of study
at par with the international standards
2. Strategic and critical thinking - critical and analytical thinking and judgment to create
innovative solutions to challenges
3. Leadership Skills –be able to manage, guide and make timely decision
4. Communication skills- using oral, written and interpersonal communication to inform,
motive and effect change.

2d. Prerequisites and/or co-requisites

2d. Prerequisites and/ or co-requisites

Not relevant

3: Delivery of Unit and Timetable

3a. Delivery mode

 This unit will be delivered in 13 sessions of 3 hours each, spread over a term. The
pedagogy of the course will comprise of classroom lecturers, problem solving, case
studies and assignments.

3b. Timetable of learning activities

Page 4 of 13
Seminar Delivery
Topics Required reading
Session Methods
I. Microeconomics  Chapter 1 2 &3 Economics principles
Introduction to and Application by Mankiw.
Economics  Principles of Economics by Gans,
 Ten Principles of King,Stonecash and Mankiw
Economics Pptx. Slides  UNICEF Regional Office for South Asia.
 Thinking like an and video (2017). Gender Equality: Glossary of
Economist recording. Terms and Concepts.
Week 1
 Gains from trade Illustration https://www.unicef.org/rosa/media/1761/fi
 Gender Issues: and problem le/Gender%20glossary%20of%20terms
how economic solving %20and%20concepts%20.pdf
issues impact
women and men  Other Bhutanese sources
differently;
introduction main
gender concepts.

Pptx. Slides
and video  Chapter 4
How market works
recording.  Economics principles and Application
Week 2  The market forces
Illustration by Mankiw.
of supply and
and problem  Principles of Economics by Gans,
demand King, Stonecash and Mankiw
solving

Pptx. Slides
and video  Chapter 5
How market works
recording.  Economics principles and Application
 Elasticity and It’s
Week 3 Illustration by Mankiw.
application
and problem  Principles of Economics by Gans,
solving King, Stonecash and Mankiw

Week 4 Markets & Welfare  Chapters 7

 Consumers, Pptx. Slides  Economics principles and Application
producers and the and video by Mankiw.
efficiency of recording.  Principles of Economics by Gans,
Illustration King, Stonecash and Mankiw

Page 5 of 13
  Global Gender Gap Report (appears
markets online annually
 Gender inequality https://www.weforum.org/reports/the-
and problem
and the global-gender-gap-report-2018)
solving
feminization of  NSB Statistical Yearbook of Bhutan
poverty (e.g. Tables 4.6 and 4.7 of 2019
Yearbook)
http://www.nsb.gov.bt/publication/publ
ications.php?id=3

Pptx. Slides
and video  Chapters 8
Markets & Welfare
recording.  Economics principles and Application
 The cost of
Week 5 Illustration by Mankiw.
Taxation
and problem  Principles of Economics by Gans,
solving King, Stonecash and Mankiw

 Chapter 23
 Economics principles and Application
by Mankiw.
 Principles of Economics by Gans,
II. Macroeconomics
King, Stonecash and Mankiw
Pptx. Slides
 Measuring a and video UN General Assembly. (2019). World
Nation’s Income recording. survey on the role of women in
Week 6  Disaggregating Illustration development: Report of the Secretary-
gender disparities and problem General: Why addressing women’s income
in national income solving and time poverty matters for sustainable
development. Pages 16-26 or 16-33.
https://www.unwomen.org/en/digital-
library/publications/2019/06/world-survey-
on-the-role-of-women-in-development-
2019

Page 6 of 13
  Chapter 24
 Economics principles and Application
by Mankiw.
 Principles of Economics by Gans,
Pptx. Slides King, Stonecash and Mankiw
II. Macroeconomics and video  Verma, R. and Ura, K. (2015). Gender
recording. differences in Gross National
Week 7  Measuring the cost Illustration Happiness in Bhutan: Analysis of GNH
of living Surveys. Paper presented at the
and problem
International Conference on Gross
solving National Happiness on GNH, 4-6
November 2015, Paro, Bhutan.
file:///C:/Users/kschroeder/Documents/
BCF/10.%20Partnerships/BCF-WV-
Humber/3.%20Gender%20Differences
%20in%20GNH%20in%20Bhutan.pdf
Lecturer  Chapter 25
The real economy in
Illustration/ca  Economics principles and Application
the long run
Week 8 se discussion by Mankiw.
 Production &
and problem  Principles of Economics by Gans,
growth King, Stonecash and Mankiw
solving
 Chapter 26
The real economy in Lecturer  Economics principles and Application
the long run Illustration/ca by Mankiw.
 Saving, Investment se discussion  Principles of Economics by Gans,
Week 9 King, Stonecash and Mankiw
and the Financial and problem
 A compass towards a just and
System solving
harmonious society: 2015 GNH Survey
Report. Centre for Bhutan Studies &
GNH Research.
Week Lecture  Chapter 29
10 Money & Prices in Illustration/  Economics principles and Application
Long run. case by Mankiw. Principles of Economics
 The Monetary discussion by Gans, King, Stonecash and Mankiw
System and problem  Verma, R. and Ura, K. (2015). Gender
solving differences in Gross National
Happiness in Bhutan: Analysis of GNH
Surveys. Paper presented at the
International Conference on Gross
National Happiness on GNH, 4-6
November 2015, Paro, Bhutan.
file:///C:/Users/kschroeder/Documents/
BCF/10.%20Partnerships/BCF-WV-

Page 7 of 13
 Humber/3.%20Gender%20Differences
%20in%20GNH%20in%20Bhutan.pdf
 Global Gender Gap Report
http://www3.weforum.org/docs/WEF_
GGGR_2020.pdf
Money & Prices in Lecture
Long run.  Chapter 30
Illustration/ca
Week  Economics principles and Application
 Money Growth se discussion
11 by Mankiw. Principles of Economics
and Inflation and problem
by Gans, King, Stonecash and Mankiw
solving
Short run economics Lecture  Chapter 33
fluctuations Illustration/ca  Economics principles and Application
Week
 Aggregate Demand se discussion by Mankiw.
12
& Aggregate and problem  Principles of Economics by Gans,
Supply solving King, Stonecash and Mankiw
Short run economics  Chapter 34
Lecture
fluctuations  Economics principles and Application
Illustration/ca
Week The influence of by Mankiw.
se discussion
13 Monetary and Fiscal  Principles of Economics by Gans,
and problem
Policy on Aggregate King, Stonecash and Mankiw
solving
demand

3d. Required Reading:

As given above under 3c

4: Unit Resources

4a. Lists of required texts/readings

Prescribed reading/teaching materials:

Core text:

Principles of Economics, Joshuan Gans, Stephen King, Robin Stonecash N. Gregory

Mankiw-3rd edition

Supplementary Reading:

Economics, Principles and Applications, Mankiw

4b. Materials and equipment

Page 8 of 13
 In order to deliver the unit effectively, the following materials & equipment are required:

White Boards – 1No

LCD projector – 1 No.
White4cScreen
Unit website
– 1 No.
Computer (laptop/desktop) – 1 No
Overall, Textbook in library and electronic copy available

4b. Unit website

Moodle site

5: Assessment

5a. Assessment overview

As a part of the assessment for the unit, students will be assessed and evaluated base on a
number of assessment methods such as case study discussion, pop quizzes, midterm exam
and final exam.

5b. Assessment item description including assessment criteria

Page 9 of 13
The following assignments/examinations shall be used to compute final grade:

As a part of the assessment for the unit, students will be evaluated based assignment and
written exams.
Assessment 1: Written Assignment 25 %
Written assignment shall be carried out individually by the student based on the given format
in the class. Students will be asked to submit the assignment on week 11, towards the end of
second term. The paper will be evaluated using the following criteria.
 Clarity on the objectives of the paper and issues/problems highlighted for the study

 Literature Review – subject valid and relevance i.e. Evidence of a comprehensive

knowledge and full critical review of the literature relevant to the study.

 Analysis – Clear evidence of high level of analysis using appropriate techniques/

theories.
- Clear presentation of justified findings and logical
- Conclusions, recommendations, based on the research evidence.

Assessment 2: Mid-term class test-35%

As part of the assessment for this unit, there will be a mid-term class test during week7. The
exam will be 2 hours in length and take in class. The exam will cover all materials covered to
that point.
This will be a closed book examination and will test on concepts, your application of
knowledge to case studies and on analyzing ability.

Assessment 3: Final Examination-40%

3-hour unseen written exam will be conducted at the end of the term. The final exam is
scheduled during the examination period. This will be a closed book examination and will test
on concepts, your application of knowledge to case studies and on analyzing ability.

Page 10 of 13
 Proportion Penalties Date- work expected
5c.Assessment
Due dates of total Due dates application for to be returned to
Form/methods
marks late submission student
Refer 5, however, extensions can only be given by the unit convener. Presentation of a
Assignment 1: Non-
certificate Two weeks from the
Written from a medical25 % practitioner
Week 11is required. Requests
Acceptance and for extensions must be made
before the due date of submission. Late submission, date of extension,
without approved conduct will incur
Assignment non- complete
aAssessment
penalty of 5%total
2: marks a day Failing to sit for
Mid-Term 35% Week 7 test will be Week 9
Exam
5d. Weighting within the unit - to 100 per cent awarded zero*
Assessment 3: Failing to sit for
Examination
Final
As in 5b 40% test will be
Week
Examination awarded zero*
5e. Identification of the learning outcome/s the assessment item addresses

Learning Outcomes (Refer 2b for details of

Assessment Items Remarks
outcomes)
Written Assignment 1,2,3,4,5,6,7,8,9
Mid-Term Exam 1,2,3,4,
Final Exam 5,6,7,8,9

5f. Identification of the graduate attributes the assessment item addresses

Graduates’ attributes (Refer 2c for details of graduates’
Assessment Items Remarks
attributes)
Written Assignment 1,2,3,,4
Mid-Term Exam 1,2,3,,4
Final Examination 1,2,3,,4

5g. Special assessment requirements—if any

Not Applicable here

5h. Supplementary assessment criteria

Not Applicable here

5i. Requirements for academic integrity

Students are expected to be well versed with the Academic Integrity Policy of the RIM and
standing rules and regulations on Plagiarism.
5j. Text-matching software
Students have a responsibility to uphold ethical values on all matters.

Cheating, plagiarism, and falsification of data are dishonest practices thatPage 11 of 13

contravene
academic values and professionalism.
 Appropriate software or other means may be used for purposes of detecting plagiarism or
unethical behavior among students.

6: Student Responsibility

6a. Workload
Students will be required to put in at least 150 hours over the 15-week semester or an average
of 10 hours per week including the time spent in the classes and preparation for the unit
including reading the required materials, cases, text books, journals, group discussions, data
collection, etc.

Students who do not have adequate background in public administration/management will be

required to spend more time than 150 hours for the unit.
6b. Special needs

Students with special needs due to disability or due to other circumstances should inform their
Unit Convener well in advance so that appropriate arrangements can be made

6c. Attendance requirements

Students are required to maintain 80% of attendance in the unit failing which they will not be
allowed sit for the final examinations. Further, final marks will not be declared if the students
do not meet the attendance requirement

6d. Withdrawal

Withdrawal from the Unit will be governed by the Academic Rules and Regulations of the
RIM

6e. Required IT skills

Students must possess basic IT skills including the skills to use Microsoft Office Word,
Microsoft Office Excel, and Microsoft Power point including the skills to use internet

6f. Costs
All costs related to the scholarship of the course/unit will be borne by Royal Government of
Bhutan except where specified. For example, student will be buy their own stationeries
Page or
12pay
of 13
for reproduction costs beyond a certain limit.
 6g Work Integrated Learning

6h. Additional information

As may be announced by the course coordinator and unit convener from time to time

7: Student Feedback

All students enrolled in this unit will have an opportunity to provide anonymous feedback on
the unit at the end of the Semester via the Unit Feedback Survey (USS).

8: Authority of this Unit Outline

This unit outline is prepared based on the:

 Credit Policy
 Institutional teaching and learning policy
 Graduate Attributes Policy
 Academic Progress Policy
 Assessment Policy
 Course and Unit Specifications Policy

The contents of the Unit is also benchmarked with the similar Unit offered in the University
of Canberra, Australia (based on the validation exercise carried out during 2007/2008).

Changes in the contents of this Unit will be governed by the Academic Rules and Regulations
of the RIM

Page 13 of 13