09/12/2023

ECONOMIC ENVIRONMENT

INTRODUCTION TO ECONOMIC ENVIRONMENT

Week 1: Introduction of ECO

 Course Requirement
 Class Rules
 Grouping
 Appointing Monitor
 Introduction and motivation

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INTRODUCTION TO ECONOMIC ENVIRONMENT

Course: ECONOMIC ENVIRONMENT

Academic year: 2023-2024
Lecturer: PhD. Le, Thi Ngoc Tu
Home page: https://tuletn.wordpress.com/
Schedule: Total hours 22 hours
Semester 1: 5 sessions of 2 hours (01 session per week)
Start time: December 04, 2023
End date: January 14, 2024
Tet Holiday: February 05, 2024 - February 18, 2024
Semester 2: 6 sessions of 2 hours (01 session per week)
Start time: February 19, 2024
End date: April 07, 2024
Expected Final exam: April 15, 2024 - April 28, 2024

INTRODUCTION TO ECONOMIC ENVIRONMENT

Assignments

Semester 1 :
02 Continuous assessment and 01 mid-term Test (45 minutes)

Semester 2:
02 Continuous assessment and 01 Final Test (90 minutes)

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INTRODUCTION TO ECONOMIC ENVIRONMENT

Continuous assessment:
Group assignment: Students will be divided into groups of 5-6 students
and assigned a topic by the lecturer.

Presentation: Each group will be required to prepare a 15-minute

presentation on their assigned topic. The presentation will be a
continuous assessment score (No1).

Report: Each group will also be required to prepare a report on their

assigned topic. The report will be a continuous assessment score
(No2).

Group score: The group's score will be used as the score for each group
member, unless there is a group evaluation sent to the lecturer.

Bonus points: Students can improve their continuous assessment score

N01 by discussing actively during class sessions. Each good discussion
will earn 1 bonus point (MAX is 10 for presentation score)

REGULATIONS

In Class:
 Speak English only.

 Be on time. The lecture will start within 5 minutes.

 Be quiet if you come late, and avoid disturbing others

Assignments:
 Submit all reports before the due date. There will be a penalty of
1 point for each day late.

 All reports will be checked for plagiarism using TurnitIN. Reports

with a similarity index or AI index greater than 50% will receive a
score of 0. Reports with a similarity index or AI index 40% - 50%
will receive a maximum score of 6. Reports with a similarity index
or AI index 30%- 40% will receive a maximum score of 7.

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Course Books:
1. Rutherford D, (2007), Economics: the Key Concepts, Taylor &
Francis.
2. Begg D, Vernasca G, (2011), Economics 10th edition, Mc Graw –
Hill UK.

Supplementary materials

Econ101help - Free economics help |

Economics Help
Economics | Khan Academy

INTRODUCTION TO ECONOMIC ENVIRONMENT

What is Economics?

Economics is a social science that studies how individuals,

businesses, governments, and societies allocate scarce resources
to fulfill their unlimited wants and needs.

It analyzes the production, distribution, and consumption of goods

and services.

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INTRODUCTION TO ECONOMIC ENVIRONMENT

How Do Economists Think?

Economists make assumptions (scarcity & trade-offs, rational

behavior, supply & demand, economic growth, ….)

Economists use formal language to construct models based on the

assumptions they make (mathematics, statistics, econometrics, …)

Economists make conclusions based on findings from models

INTRODUCTION TO ECONOMIC ENVIRONMENT

What Do Economists Do?

Explain behavior
 Research and Analysis: Prescribe behavior
 Policy Advice:  Economic Forecasting:
 Economic Modeling:  Economic Development:
 Market Analysis:
 Business and Financial Analysis:
 Academia and Teaching:

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INTRODUCTION TO ECONOMIC ENVIRONMENT

The Main Ideas in Economics

Why Believe in profit Maximization?

How To Deal With Scarcity?
 Scarcity and Choice:
 Opportunity Cost:
 Comparative Advantage:
….
 Supply and Demand:
 Marginal Analysis:
 Rational Behavior:
 Role of Government:
 Economic Growth:
….

NEXT WEEK ACTIVITIES

Topics for the Group 1:

Discuss the “Scarcity" in the hospitality industry, and How

can scarcity affect the quality of service in hotels and
restaurants?

Presentation: In week 2 (15/12/2023)

Report submission: In Week 3 (22/12/2023)

Turnitin: ID class 41649608 , enroll key 123456

References:

Hospitality Industry: All your questions answered (ehl.edu)