ECO 223, Microeconomics syllabus

I. Course Code: Eco 223
II. Course Title: Microeconomics
III. Credit: 3 Units
IV. Total Number of Hours: 54 Hours (18 Weeks)
V. Course Description

Economics is all around us. The natural resources, how man survives in the limited supply of goods and service, the role of the government in the distribution of limited wealth and services, the function of the different areas of the society – all lead to the world of economics. The use of technology, the economic “outsourcing” concept, the economic theory, institutional material, real world applications helps the learner to understand economics in its real sense of the world.

The knowledge of economics guide readers/learners to understand the society where he is part of; to find ways or learn ways of thinking to utilize one’s resources to the fullest, to have a stable meaning on the global affairs; to perform one’s task, roles, and obligations in managing one’s environment effectively and efficiently.

VI. Objectives: At the end of the semester, the learner should be able to :
1. Cite economic terms relevant to the present times and compare the practices in the different types of economics the country is experiencing.
2. State the common economic problems the country is facing and propose the nearest possible solution to those economic problems using the available resources.
3. Produce needed products and service creatively exploring the use of available resources and express the love of country through these products and services.
VII. Course Content
Preliminary Period
A. On textbook
1. An overview of the scope and method of economics.
2. Examining the economic problem: scarcity and choice.
3. On demand and supply and market equilibrium.
4. On demand and supply applications.
5. On elasticity.
6. Understanding household behavior and consumer choice.
7. The production process: understanding the behavior of profit maximizing firms.
8. On short run cost and output decisions.
9. On long run cost and output decisions.
10. Input demand: labor and markets.
11. Input demand: capital market and the investment decisions.
12. A look at general equilibrium and the efficiency of perfect competition.
B. Supplementary materials
1. Business journals.
2. Latest newspaper articles.
3. Internet articles related to topics.
Midterm Period
A. On textbook
13. On monopoly and antitrust policy.
14. On monopolistic competition and oligopoly.
15. A look at externalities, public goods, imperfect information, and the social choice.
16. On income distribution and poverty.
17. Public Finance: examining the economics of taxation.
18. An introduction to Macroeconomics.
19. On measuring national output and national income.
20. A look at long-run and short run concerns: growth, productivity, unemployment, and inflation.
21. On aggregate expenditures and equilibrium output.
22. On government and fiscal policy.
23. On money supply and Federal Reserve System.
24. A look at money demand, the equilibrium interest rate, and the monetary policy.
B. Supplementary materials
1. Business journals.
2. Latest newspaper articles.
3. Internet articles related to topics.

Final Period
25. On money, interest rate and output: analysis and policy.
26. On aggregate demand, aggregate supply, and inflation.
27. A look at the labor market, unemployment and inflation.
28. Examining macroeconomics issues and policy.
29. The stock market.
30. On household and firm behavior in the macroeconomy.
31. A look at long run growth.
32. Examining the debates in macroeconomics: monetarism, new classical theory, and supply side economics.
33. On international trade, comparative advantage, and protection.
34. Examining open economy macroeconomics: the balance of payments and exchange rate.
35. On globalization.
36. A look at economic growth in developing and transitional economies.
C. Supplementary Materials
1. Business journals.
2. Latest newspaper articles.
3. Internet articles related to topics.

VIII. References:
1. An Introduction to Principles of Economics, 8th Edition, Karl E. Case, Ray C. Fair, Pearson Education Inc., 2007.
2. Economics, Pagoso et. al., 1999.

IX. Requirements
1. Class participation – reporting, interaction with class discussion, oral and written exercises, group work and case analysis.
2. Passing mark in major examinations.

X. Grading System
Preliminary Exam – 20%, ME – 25%, FE – 25% and CS – 30%.