WCC AERONAUTICAL AND TECHNOLOGICAL COLLEGE Binalonan Airfield, Binalonan Pangasinan
Course Syllabus AY 2013-2014 1ST SEMESTER
ECON 1: BASIC ECONOMICS VISION To be Asia’s top aviation-focused university recognized to produced graduates who can contribute in nation building and global progress. MISSION WCC Aeronautical and Technological College offer quality aviation education by means of comprehensive curricular offering, unmatched experiential learning approach, industry-involved instructors and excellent and modern facilities to graduate professionals in aeronautics and leaders of the world. I. Course Code: ECON 1 II. Course Title: Basic Economics III. Course Description: Introduction to Economics and economic concepts in theory, policy and practice with particular reference to Philippine economic experience. It also includes a general background of the laws of taxation and land reform. IV. Prerequisite: None V. Credit: 3 Units (3hrs./week) VI. Course Requirements: Recitations and quizzes Reporting Cooperative Learning Assignments • • •
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Active Listening and Participation Case Studies Facilitating Sessions Attendance Major Examinations ( Prelim, Midterm, Pre-finals, Finals) Student Evaluation/ Methods of Assessment: The assessment of student’s performance will be based on class participation, assignments, projects, activity works, and examinations. This class is reading intensive, so the students has the ability to manage their time well, carefully critique various theories and make a report that will be critical to receive a passing grade. Classroom Courtesy/ Class Policies: Out of respect for the classmates, there will be no personal conversations, cell phone conversations, or text messaging during class time. Learning can only occur when there is no fear or negativity. Thus, students are expected to show respect, tolerance and compassion for everyone in the room. Disruptive behavior and foul language will not be tolerated; students who engage in these behaviors will be asked to leave the class. Late assignments will not be accepted. Make up quizzes will not be given. Should the student feel that they have a valid reason for missing an assignment or quiz, the instructor should be informed by the student through writing indicating in the letter the reason why they missed and have the school Administrator signed it. Consideration will be given when finals grades are assigned. Attendance: Any student who misses more than 20% of class hours during the semester will receive unofficially dropped (UD) for the course. Special consideration for medical emergencies/conditions will be available for those students who can provide proof of illness or medical certificate. Late for 15 minutes is considered absent.
VII. General Objectives: At the end of the course, the students should be able to: 1. Appreciate the importance of taxation as means of supporting the government in sustaining its programs and projects as opposed to common notion on taxation as a burden. 2. Realize the necessity for land reform program as means of state’s pursuit of social justice. 3. Better understand basic economic principles and processes.
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VIII. Course Contents Contents
Orientation Setting of ‘house’ rules. Discussion of the College Mission, Vision and Objectives. Course Requirements Grading System Subject Description Chapter 1: Introduction to Economics Definition of Economics The History Behind the Word Why Study Economics Career Opportunities for Economists The Economic Method Limitations to economic Models Microeconomics vs. Macroeconomics
Time Allotment
Specific Objectives
Methodology
Instruction al Aids
Evaluation
At the end of the lesson, the students are expected to: 1 hour
Discussion Articulate the institutional Vision, Mission, Goals, Objectives and Policies
3 hours
1. trace the evolution of the word economics through several languages 2. give a standard definition of the term economics 3. enumerate related words to the key terms in the definition of economics 4.generate an original definition for the term economics 5. explain the history behind household management in detail 6. summarize the reasons why students have to study the course Economics in these modern times 7. enume rate th e various care er
Course Syllabus
Discussion/lectur Book, e Workbook /role playing/ games/reporting
Open Forum
Quizzes, assignments, group activities
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opportunities for economists 8. outline the economic method in proper sequence 9. summarize the limitations of economic models 10. explain the various approaches to economic thinking 11. differentiate microeconomics from macroeconomics as regards their aspect of study. Chapter 2: The Central Concept of Economics The Central Concept of Economics Production Possibilities Curve and Frontier
6 hours
Chapter 3: Decision Making in Economics Basic Economic Questions Basic economic Activities Factors of Production and their 3 hours Corresponding Payments Common Economic Goals of Countries Economic System
1. thoroughly explain the central concept of economics in relation to real world applications Lecture/discussio Book, 2. compare and contrast the Production n/ role playing/ workbook, Possibilities Curve (PPC) and the Production games/ reporting worksheets Possibilities Frontier (PPF) 3. demonstrate the use of the PPC and PPF 4. interpret PPCs and PPFs given their diagrams 5. explain the various principles that can be learned from the PPC and PPF as applied to real world scenarios 1. summarize the basic economic questions and their corresponding economic activities 2. identify the four factors of production and their corresponding payments 3. enumerate the common economic goals of countries 4. differentiate the characteristics of the Traditional, Market, Planned and Mixed
Lecture, discussion, games, playing, reporting
Quizzes, assignments, group activities
Book, work Quizzes, book, assignments, role worksheets group activities
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Economic Systems. Chapter 4: Demand Concept Basic Concepts in Demand Non-Price Determinants In Demand Elasticity of Demand Income Elasticity and Cross Elasticity Shifts in Demand
Chapter 5: Supply Concepts Basic Concepts In Supply Non-Price Determinants In Supply Elasticity of Supply Shifts of Supply
6 hours
6 hours
1. explain in your own words the Law of Demand and its related terms and concept 2. analyze and interpret the demand behavior of consumers brought about by changes in the prices of commodities. 3. describe the behavior of consumers as affected by changes in the non-price determinants of demand 4. correctly solve problems related to Demand 5. enumerate all the various types of elasticities of demand 6. explain each type of elasticity of demand in terms of their real world occurrence 7. compute for the corresponding coefficients of elasticity given the problems 8. distinguish favorable from unfavorable shifts in demand 9. plot the demand curves of demand schedules with shifts.
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
1. explain the Law of Supply and its related terms and concepts in your own words 2. analyze and interpret the supply behavior of producers or suppliers brought about by changes in the prices of commodities 3. describe the behavior of producers or suppliers as affected by changes in the nonprice determinants of demand
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
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4. correctly solve problems related to supply 5. enumerate all the various types of elasticities of supply 6. explain each type of elasticity of supply in terms of their real world occurrence 7. compute for the corresponding coefficients of elasticity given the problems 8. distinguish between favorable and unfavorable shifts in supply 9. plot the supply curves of supply schedules with shifts. Chapter 6: Equilibrium Analysis Basic Concepts In Equilibrium Analysis
Chapter 7 Market Structures
3 hours
1. explain the basic concepts of equilibrium in your own words 2. summarize the importance of studying equilibrium analysis according to real world applications 3. compute the equilibrium prices and quantities of given equilibrium problems 4. distinguish a demand gap from a supply gap 5. plot demand and supply equations in a single Cartesian plane and highlight the occurrence of equilibrium, demand and supply gaps 6. solve problems related to equilibrium analysis
Lecture, discussion, games, playing, reporting
1. distinguish and differentiate the various Lecture,
Quizzes, Book, work assignments, book, group activities role worksheets
Book,
work Quizzes, Page | 6
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Market Structures Characteristics of Market Structures
2 hours
market structures from each other in terms of their characteristics 2. summarize the characteristics of each market structure according to the types of products sold, the number of buyer and sellers, barrier to entry or exit, and relative price influence in their respective industries.
discussion, games, playing, reporting
book, role worksheets
assignments, group activities
Chapter 8 Production & Cost Concepts Basic Production Concepts The Production Function Costs Associated With Production Accounting Cost Concepts Economic Cost Concepts
3 hours
1. explain the basic concepts on production theory and production functions 2. summarize the relationships of Total Product, Marginal Product and Average Product, Total Revenues, and Marginal Revenues 3. differentiate between accounting costs and economic costs 4. differentiate between explicit and implicit costs
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
Chapter 9 Revenue and Profit Concepts Revenue and profit Concepts Breakeven Analysis Marginal Revenue and Maximum Profit
3 hours
1. explain basic concepts regarding costs, profits and breakeven comprehensively 2. summarize the relationships between Total Variable Costs, Total Fixed Costs, Total Costs, Total Revenues and Total Profits in terms of their algebraic implications 3. generate the equations of Total Variable costs, Total Fixed Costs, Total Revenues and Total Profits in their proper forms 4. illustrate breakeven analysis using tables and graphs 5. solve problems related to breakeven analysis using the algebraic tabular and
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
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graphical methods Chapter 10 Introduction to Macroeconomics & National Income Accounting Macroeconomics & Microeconomics Common Economic Goals & Major Issues of Countries Inflation Deflation Labor Force and Unemployment The Circular Flow of Income Gross National Product & National Income Accounts
Chapter 11 Basic Taxation Concepts Concept of Taxation Nature of Taxation Basis of Taxation Importance of Taxation Purposes of Taxation Process of Taxation Principles of a Sound Tax System Certain Doctrines in Taxation Meaning and Characteristics of a
4 hours
4 hours
1. enumerate the various macroeconomic goals and issues facing most economies today 2. thoroughly explain the concepts of macroeconomics, inflation, deflation, labor force and unemployment as applied to real world applications 3. illustrate and explain the relationships of the household, business, investment, government and foreign sectors using the circular flow of income 4. measure the economy’s performance using Gross Income National Product Accounting using the Expenditure, Income and Industrial Origin Approaches and popular economic indicators 5. compute for the GNP using current and constant prices
Lecture, discussion, games, playing, reporting
1. explain in your own words the concept, nature, and basis of taxation 2. summarize in brief the importance, purpose, process and principles of taxation and the tax system 3. outline the scope and inherent limitations of taxation 4. explain in your own words certain doctrines of taxation 5. define the term taxation and enumerate
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
Quizzes, Book, work assignments, book, group activities role worksheets
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Tax
its characteristics in order 6. enumerate the various classifications of taxation according to subject, purpose, scope, determination of amount, effect to the taxpayer, and graduation rate 7. distinguish tax from other terms related to it.
Classification of Taxes Distinction of Taxes from Other Related Items
Chapter 12 Agrarian Reform Concepts The Comprehensive Agrarian Reform Program Carp Beneficiaries The ARC Development Strategy Brief Historical Background of the Philippine Agrarian Reform R.A. 6657 vis-à-vis R.A 8371 Two Ways of Land Titling The Program Under Comprehensive Agrarian Reform The Major Programs and Achievements of CARP The Agrarian Reform Community CARP Coverage Retention Limits
4 hours
1. explain in your own words the terms land reform, agrarian reform and comprehensive agrarian reform program 2. summarize in brief the qualifications of CARP beneficiaries 3. outline the various services under CARP. 4. trace the history of agrarian reform in chronological order 5. explain the Agrarian Reform Community Strategy 6. enumerate various contributions of the Presidents of the Philippines in terms of the country’s Agrarian Reform development
Lecture, discussion, games, playing, reporting
Book, work Quizzes, book, assignments, role worksheets group activities
IX. References 1. Azarcon et.Al. Principles of Economics with Taxation and agrarian Reform(A Modular Approach 2nd Edition).Valencia Publishing. Baguio City.c2010 2. De Leon, Hector. Fundamentals of Taxation.Quezon City. Rex Bookstore.c2010 3. De Leon, Hector. Textbook on Agrarian Reform and Taxation. Quezon City. Rex Bookstore.c2010 4. Mankiw, N. Gregory. Principles of Economics, 4th Edition. Thomson South-Western.c2011 Page | 9 ECON 1 (BASIC ECONOMICS)
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5. Case, karl & Ray c. Principles of Economics, 7th Edition. Pearson Prentice Hall.c2011
Prepared by
CLARITA EMILIO EDDIO, MAED Instructor
Noted by:
_________________________________________ DEAN
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