WCC AERONAUTICAL AND TECHNOLOGICAL COLLEGE

Binalonan Airfield, Binalonan Pangasinan

Course Syllabus
AY 2013-2014 1ST SEMESTER

ECON 1: BASIC ECONOMICS

VISION To be Asias 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 Page | 1 ECON 1 (BASIC ECONOMICS) CLARITA EMILIO EDDIO, MAED

Active Listening and Participation Case Studies Facilitating Sessions Attendance Major Examinations ( Prelim, Midterm, Pre-finals, Finals) Student Evaluation/ Methods of Assessment: The assessment of students 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 states 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 At the end of the lesson, the students are expected to: 1 hour Articulate the institutional Vision, Mission, Goals, Objectives and Policies 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. enumerate the various career Discussion Course Syllabus Open Forum Methodology Instruction al Aids Evaluation

3 hours

Discussion/lectur Book, e Workbook /role playing/ games/reporting

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 1. thoroughly explain the central concept of economics in relation to real world applications 2. compare and contrast the Production Possibilities Curve (PPC) and the Production 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/discussio Book, n/ role playing/ workbook, games/ reporting worksheets

Quizzes, assignments, group activities

Chapter 3: Decision Making in Economics Basic Economic Questions Basic economic Activities Factors of Production and their Corresponding Payments Common Economic Goals of Countries Economic System ECON 1 (BASIC ECONOMICS)

3 hours

Lecture, discussion, games, playing, reporting

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 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. 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

Chapter 5: Supply Concepts Basic Concepts In Supply Non-Price Determinants In Supply Elasticity of Supply Shifts of Supply

6 hours

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 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 1. distinguish and differentiate the various CLARITA EMILIO EDDIO, MAED Lecture, discussion, games, playing, reporting Quizzes, Book, work assignments, book, group activities role worksheets

Chapter 7 Market Structures ECON 1 (BASIC ECONOMICS)

Lecture,

Book,

work Quizzes, Page | 6

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. 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 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

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

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

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 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 economys 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 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

4 hours

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 ECON 1 (BASIC ECONOMICS)

4 hours

Lecture, discussion, games, playing, reporting

Quizzes, Book, work assignments, book, group activities role worksheets

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Tax Classification of Taxes Distinction of Taxes from Other Related Items

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. 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 countrys Agrarian Reform development Lecture, discussion, games, playing, reporting Book, work Quizzes, book, assignments, role worksheets group activities

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--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

IX. References 1. Azarcon et.Al. Principles of Economics with Taxation and agrarian Reform(A Modular Approach 2 nd 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) CLARITA EMILIO EDDIO, MAED

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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