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COLLEGE OF ENGINEERING
INDUSTRIAL ENGINEERING DEPARTMENT
Course Title
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Course Code
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Credit Units
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Prerequisite
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Prerequisite to :
Faculty
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Term/Time/Room:
Economic Analysis
ECONOMY/ECANALY
Three (3)
None
INDMARK/INDUSMA
Eric A. Siy
_____________________
Course Description:
The course deals with the study of the basic concepts and principles of economics. The first part,
micro-economics, deals with market analysis, the elements of demand and supply, utility and
consumer behavior, theory of production, analysis of cost, competitive and monopoly markets.
The second part, macro-economics, deals with the fundamental concepts of national output and
income, consumption and investment, theory of output determination, fiscal policy and
international trade, aggregate supply and business cycles, and monetary and commercial banking.
Course Objectives:
At the end of the course, the students should be able to:
1. Have a thorough knowledge of the basic concepts and tools of economics, both micro and
macro-economics.
2. Understand the country's present economics situation and apply the theories of fiscal and
monetary policies to solve economic problems.
References:
Samuelson P. and Nordhaus W (2005), ECONOMICS, 18th edition. Boston : McGraw-Hill/Irwin
Mankiw, N. Gregory (2007). Principles of Economics / Mason, OH : South-Western Cengage
Learning
Case K. E. and Fair, R. C. (2004) Principles of Economics. Upper Saddle River, NJ :
Pearson/Prentice Hall
Frank, R. H. and Bernanke, B. S. (2004) Principles of Micro-Economics. Boston : McGrawHill/Irwin
Value Aims:
At the end of the course, the students should:
1. develop analytical minds and be able to solve minor and major problems they will encounter
in their daily lives.
2. inculcate and practice honesty in their lives.
3. know that dedication, patience and selflessness are the qualities of a true and good public
servant.
4. love the country and be able to institute changes in Filipino attitudes that are detrimental to
the country's economic recovery.
Topic
1. Basic economic concepts
1.1 Introduction
- definition of economics
- micro-economics vs. macro-economics
- uses of economics
- economics in government
- production possibility frontier
1.2
Nature of economics
- wants and utilities
- production of utilities
- factors of production
- consumption and production
- scarcity and choice
- opportunity cost
2. Micro-economics
2.1 Basic problems of economic organization
- input and output
- alternative economic
- society's technological possibilities
- scarcity law and law of diminishing returns
- how markets solve the basic economic problem
- market mechanism and prices
- economic role of government
- specialization and division of labor
- money and capital
At the end of this unit, the students must be able to:
1. know alternative economic systems.
2. define the scarcity law and law of diminishing returns and given
examples of real life manifestations of these laws.
3. know how markets operate and the role of prices in this operation.
4. define the role of government in price regulation.
3.
Macro-economics
3.1 Macro-economics fundamental concepts
- major objectives of macro-economics
- macro-economic policies
- aggregate demand and supply
10
12
13
60%
30%
10%
100%
2. Quizzes/Finals
2.1
No make-up examinations will be given. All missed quizzes will be equivalent to zero.
2.2
3. Cheating
Anyone caught cheating or trying to cheat in any manner will be given a final grade of
0.0.
4. Absences
The maximum allowable absences is 7.5 hrs. Anyone who exceeds this limit will be
given a final grade of 0.0.