College Department
College of Business Administration
COURSE CODE
:
COURSE TITLE
:
COURSE DESCRIPTION
:
The course illustrates the way in which economists view the world. You will learn about basic tools of micro- and
macroeconomic analysis and, by applying them, you will understand the behavior of households, firms and government.
Problems include: trade and specialization; the operation of markets; industrial structure and economic welfare; the determination
of aggregate output and price level; fiscal and monetary policy and foreign exchange rates.
COURSE CREDIT
:
COURSE PREREQUISITE
:
NO. OF HOURS
:
PROGRAM OUTCOMES
Basic Economics with Taxation
3 Units
3 hours per week
PROGRAM OUTCOMES
 Design and develop marketing solutions for current retail environments by employing appropriate marketing strategies.
 Apply knowledge of basic management skills to maximize employee productivity.
 Evaluate and apply marketing practices to create measurable results to meet marketing objectives.
 Use foundational skills and knowledge to remain current with marketing and management strategies and trends and employ them in
new business environments
 Utilize effective communication, problem solving and decision-making skills through the use of appropriate technology and with the
understanding of the business environment.
 Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local
and global business.
 Students will harness, manage and communicate business information effectively using multiple forms of communication across
different channels.
 Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical
professional practice and sustainability considerations.
 Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms,
beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments
 Students will develop the capacity to take initiative, encourage forward thinking and bring about
Business innovation, while effectively influencing others to achieve desired results.
COURSE COVERAGE
WEEK
1
2
OUTCOME







Memorize, discuss, and explain the
VMC mission, vision, and objectives
Master basic economic terminology
(jargon) and use it in appropriate
contexts.
Understand how markets and the price
mechanism function.
Describe the behavior of economic
agents (consumers, firms,
governments…)
Understand economic welfare and
producer and consumer surplus.
Recognize the major macro-economic
indicators for economic activity.
Appraise the role of macroeconomic
policies on firms and households.
TOPIC
LEARNING TASK
Orientation:

 Setting of ‘house’ rules.
 Discussion
of
the
College,
mission,
vision and Objectives.
 Course Requirements
 Grading System
•
•
•
•
•
•
Definition
of
Economics
Economics Principle
Scarcity
Microeconomics vs.
Macroeconomics
Positive Economics vs.
Normative
Importance
of
economics
•
•
•
•
METHODOLOGY
Memorize and understand the 
mission, vision, goals and 
objectives of the college.


Know the definition of
economics
Give some economic
principles
Apply the economic
principles in real life
situations
Differentiate micro from
macroeconomics




ASSESSMENT
Lecture/Discussion
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities submitted
In Class note
Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities submitted
in MS Team class
note

3




4



Interpret, apply and relate economic
principles to current economic issues
Explain and predict how supply and
demand concept will affect prices in
market economies
State the law of demand and law of
supply. State the law of demand and
law of supply.
Graph demand and supply curves
when given demand and supply
schedules.
Differentiate between demand and
quantity demanded; and supply and
quantity supplied.
• The Model of Supply
and Demand
• FuThe Demand Curve
• Variables
Affecting
Demand
• A Change in Quantity
Demanded
• Market supply
• Variables
Affecting
Supply
• Market Equilibrium
• Shortage:
excess
quantity demanded
• Surplus: excess quantity
supplied
Distinguish between economic profit
and accounting profit
Explain how unlimited wants and
scarce resources influence decisionmaking.
Distinguish the goods and services,
factors of production, and tradeoffs
visible in common places and everyday
situations.
.
 Accounting Profit
 Economic Profit
 Difference
between
accounting
and
economic profit
 Economic
decisionmaking
 Resources of the firm
 Economic
problems
faced by the firms.
 Illustrate the models of
supply and demand
 Explain the demand curve
 Enumerate the factors
affecting demands
 Know the factors affecting
supply
 Differentiate surplus and
shortage
 Differentiate
accounting
from economic profit
 Give an illustration of the
two types profit
 Know the factors in decisionmaking
 Illustrate some problems
faced by the firms

Online
discussion
through MS Team

Powerpoint
presentation

Actual realworld
examples
given

Anecdotal
examples

Online
discussion
through MS Team
 Powerpoint
presentation
 Actual realworld
examples
given
 Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
5
PRELIM EXAMINATION
6




7





Interpret economic data, including
unemployment rate, gross domestic
product, gross domestic product per
capita as a measure of national wealth,
and rate of inflation;
Analyze business cycles using key
economic indicators.
Understands key components of
economic growth.
Analyze how productivity, technology
and trade relates to growth.

Define the unemployment rate and the
labor force participation rate and
understand how they are computed.
Identify and discuss the different types
of unemployment.
Describe the different reasons for
unemployment.
Explain how we measure the inflation
rate and why inflation is a problem.
Explain and discuss economic
fluctuations.













Measuring the
Economy
Gross Domestic
Product
The circular flow
Per Capita GDP
Gross National Product
Economic Growth
Business Cycles

Definition of
unemployment
Types of
unemployment
Causes of
unemployment
Costs of
unemployment
Measurement
Solutions
Inflation








Know how to measure
economic growth
Define hat are GNP and GDP
Differentiate the two
Illustrate the circular flow of
the economy
Understand the business
cycle
Define unemployment, and
underemployment
Distinguish the different
types of unemployment
Determine the causes of
unemployment
Give
solutions
for
unemployment and inflation





Online
discussion
through MS Team
 Powerpoint
presentation
 Actual realworld
examples
given
 Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
8
9
MIDTERM EXAMINATION


Understand financial markets; basic
parity concepts
Differentiate the monetary models of
exchange rates






11



Determine how demand and supply
analysis can be used
Analyze and understand the effects of
government intervention in real life
market situations.
Understand how consumers
determine the optimum level of
consumption of a good or service
What is money?
Control of the supply of
money
The demand for money
A model of real money
balances and interest
rates
A model of real money
balances, interest rates
and exchange rates
Long run effects of
changes in money on
prices, interest rates and
exchange rates
 Define and monetary system
 Determine how to control the
supply of money
 Know why there is demand
for money
 Build a model for real
money,
interest,
and
exchange rates
 Determine the long run
effects of interest and
exchange rates

 Price controls
 Minimum wage
legislation
 Subsidies on the market
price
 Total and Marginal
Utility
 The principle of
diminishing marginal
utility
 Show how demand and
supply analysis can be used
 Analyze the effects of
government intervention
 Define what is Marginal
Utility theory
 Know the optimum level of
consumption







Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
12




Learn that the main aim of the firm is
assumed to be that of profit
maximization
Determine how to achieve profit by
producing that output level at which
TR after deducting TC is at its greatest.
Know the relevance of profit in a
market economy Profit maximization
using TR-TC approach
Know the reasons why markets fail to
perform optimally and possible
remedies.
13
14
 The relevance of profit
in a market economy
 Profit maximization
using TR-TC approach
 Normal profit
Supernormal profit and
economic losses
 Market failure
 Appreciate the relevance of 
profit to economy
 Compute profit using the TR- 
TC approach
 Differentiate
normal
,
supernormal
profit,
and 
economic losses

Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
PRE-FINAL EXAMINATION



Understand the types of consumption
and saving, as well as the
determinants of consumption and
saving.
Understanding of the determinants of
investment, excluding the Accelerator
theory, is necessary.
Understand the roles of export and
import in the economy
 Consumption and saving
functions
 Investment
 Government spending
 Exports and import





Know the consumption and
saving functions
Know then determinants of
consumption and saving –
practical examples
Define investment.
List the factors affecting
planned investment and
practical examples.
Know the reasons for
government spending




15
16
 Understand Balance of Payments,
current account, capital and financial
account.
 Familiarization with fiscal measures and
how these can be applied to influence
the economy.



Understand that changing the
interest rate can influence the
economy.
Explain how the interest rate affects
AD, Inflation, Unemployment,
Economic Growth and the Current
account of the Balance of Payments.
Understand the functions of the
Central Bank in an economy.
 The Balance of Payment
 Fiscal policy

Monetary Policy and
the Central Bank
17
REQUIRED TEXTBOOK : 1. www.google.com
2. https://www.investopedia.com
 Define the balance of
payments
 Explain Deficits and
surpluses in the current
account
 Define fiscal policy and the
main components of fiscal
policy.

 Know the policy and the
rate of interest
 Explain how interest rate
can be used to control
inflation, unemployment,
economic growth and the
current balance of the BOP.
 Know the functions of the
Philippine Central Bank

FINAL EXAMINATION






Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given
Anecdotal
examples




Online discussion
through MS Team
Powerpoint
presentation
Actual real-world
examples given




Anecdotal
examples
Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class
note
Virtual recitation
Online Quiz
Attendance
Activities
submitted
in MS Team class note
3. Economics Education at the Dallas Federal -Ryan Deiss and Russ Hennesberry (2017) Digital Marketing for Dummies By Ryan
Deiss and Russ Hennesberry, 2017
4. https://tradingeconomics.com/philippines/unemployed-persons
5. 2005 Prentice Hall Business Publishing Survey of Economics, second edition, By:O’Sullivan & Sheffrin
6. https://www.um.edu.mt/__data/assets/pdf_file/0010/317863/IM_08.pdf
COURSE REQUIREMENTS
:
Major Examination
Case Analysis
Quizzes
Assignment/Seatwork
Role-playing
Recitations
Attendance
COURSE POLICIES
:
1. Students are expected to attend class on a regular basis, thus, they MUST NOT exceed the allowable number
of absences. Otherwise, they will be considered FAILED in the subject due to absences.
2. All policies on academic honesty will be strictly enforced. The consequence of academic dishonesty is failure in
the course and referral of the case to the dean for additional disciplinary action.
3. Students are expected to participate in all class activities, complete written material and exams as scheduled,
make presentation (s) if applicable, and turn in all assignments on time. Failure to do so may result in a reduced
final grade.
Term Grade
GRADING SYSTEM
TRANSMUTATION
Prepared By:
Dr. Richard Oliver F. Cortez
Faculty-In-Charge_
:
:
Class Standing
70%
Major Exams
30%
Prelims
25%
Midterms
25%
Prefinals
25%
Finals
25%
OFFICIAL GRADING SYSTEM
1.0 – (97-100) Marked Excellence
2.2 – (84)
Good
1.1 – (96)
Excellent
2.3 – (83)
Good
1.2 – (95)
Excellent
2.4 – (82)
Good
1.3 – (94)
Excellent
2.5 – (81)
Satisfactory
1.4 – (93)
Very Superior
2.6 – (80)
Satisfactory
1.5 – (92)
Very Superior
2.7 - (79)
Satisfactory
1.6 – (91)
Very Superior
2.75- (78)
Fair
1.7 – (90)
Superior
2.8 – (77)
Fair
1.75- (89)
Superior
2.9 – (76)
Fair
1.8 – (88)
Superior
3.0 – (75)
Passed
1.9 – (87)
Very Good
5.0 – (74 Below) Failed
2.0 – (86)
Very Good
INC.
Incomplete
2.1- (85)
Very Good
DRP.
Dropped
Reviewed By:
Mr. Bernard Raymund M. Reyes, MAEd-AS
College Dean
Approved By:
Dr. Lilibeth F. Taa
VP for Academic Affairs
Dr. Aline Lascano-Manabat
President