Republic of the Philippines

PANGASINAN STATE UNIVERSITY

LINGAYEN CAMPUS
Lingayen, Pangasinan

COURSE SYLLABUS
First Semester, SY 2014 2015
Course Code
Course Title
Time Frame
Unit Credit
Pre- requisite

I.

: SOC. SCI. 104

: BASIC ECONOMICS w/ TAR
: 3 hours / week (54 hours)
: 3 units
: Math 101 (College Algebra)

VISION, MISSION, GOALS AND OBJECTIVES

A. The University Vision

The Pangasinan State University envisions to become an apex of academic excellence that
produces globally competitive and morally upright professionals in Pangasinan and the Ilocos Region.
B. The University Mission
The Pangasinan State University shall provide better service in the professional and technical
training in the arts, sciences, humanities and technology and in the conduct of scientific research,
technological studies and community services. (P.D. No. 1497)
C. The College Mission
The College provides quality education in the arts, sciences and technology geared towards the
development of the individuals as an integral instrument of change and takes leadership role in
research, extension and production to ensure the development and transformation to a decent way of
life for the people and the community it serves.
D. The Goals of the College
The provide substance and directions to its mission, the college shall pursue the following goals:
1. Promote quality and relevant education designed to fully exploit individual potentials
commensurate to the needs of the industry, economy and global competitiveness;
2. Evaluate and design relevant and responsive science and technology based curricular programs
that develop intellectual competence, civic and moral responsibility, cultural integrity, economic
acuity, and scientific perspective.
3. Enhance and strengthen faculty and staff capability and development on a continuing basis.
4. Protect and promote the welfare and interest of Faculty members and administrative staff in terms
of a continuing program for salary increments and other pecuniary benefits, social welfare and
tenure.
5. Expand the conduct of research that generate new perspectives and insights and new
technologies and process appropriate to the needs and aspirations of a developing society and
those which the community enjoys distinctive and comparative advantages.
6. Expand educational opportunities of poor but exceptionally talented students through various
scholarship grants and financial assistance.
7. Provide a conductive leanings atmosphere through the provisions of various student development
services.
8. Expand and establish network of linkages with other institutions both public and private to generate
and complement resources support, intensify impact and strengthen academe industry relations.
9. Develop, test, evaluate and rationalize institutional structures and management systems and
processes to enhance the efficiency, cost effectiveness and responsive of the colleges
programs and projects.

E. The Objectives of the Bachelor of Arts in Economics

The Bachelor of Arts in Economics Program is designed to:
1. Provide the necessary concepts and theories, which could be used in economic analysis and
interpretation of data in the field of research which are useful index in socio-economic
development.
2. Instill in the students the value of undergoing production as one of the major economic activities
leading to economic growth.
3. Expose the students to various analytical and statistical tools in economic analysis.
4. Spearhead the students to participate in governance so as to achieve political mobility towards
better economy and social progress.
5. Prepare the students to become globally competitive in the field of economics, particularly along
entrepreneurship and be able to have comparative advantage relative to others.
II.

COURSE DESCRIPTION
This course centers on the basic principles, concepts, and theories of economics that
attempt to explain why economic problems and economic relationships among variables occur. It
describes how economic players are expected to behave in a given situation. It is also concerned
with economic activities such as production, consumption, distribution, and exchange.

III.

COURSE OBJECTIVES
A. General Objectives
At the end of the course the student should be able to:
1. Have a clear insight of economic concepts, principles, and variables significant in the
understanding of the performance of the economy,
2. Understand the economic behaviors of the different economic units such as the
consumers, firms, government, and foreign sector.
3. Solve mathematical problems as applications to economic concepts and/or theories.
4. .Appreciate events in economic history and understand how the present-day system of
economic came to be.
5. Learn the ways in which the economics explain the activities of man through its tools,
models, principles and standards.
6. Make use of production and consumption concepts in business endeavors or simply in
understanding peoples economic behavior.
7. Manage economic and financial affairs; thereby, achieving a good standard of living for
ourselves, our families and our nation.
8. Understand governments functions in economics and choose leaders who are
economically sensible.
9. Understand what is happening in the economy of the Philippines and the world and know
how nationwide and worldwide economic policies and events affect us all.
B. Specific Objectives.
Specifically, the student should be able to:
1. Understand the need to choose from limited alternatives due to the concept of scarcity,
2. Emphasize the importance of the efficiency criterion in making judgments,
3. Understand the important concepts in determining the sensitivity of producers and
consumers in responding to price and income changes,
4. Determine the effects of tax impositions to different organizations and entities, and
5. Understand the important contributions of land reform in the life of tenants and on the
concept of distribution (of wealth)

IV.

COURSE OUTLINE
A. ORIENTATION
1. Vision, Mission, Goals & Objectives
of the University Campus and AB Economics Program
2. Course Overview
3. Course Requirements
4. Bases for Evaluation

B.

CHAPTER 1:THE NATURE AND SCOPE OF ECONOMICS

Time Allotment
1 hour

5 hours
2

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
C.

Definition of Economics
Importance of Economics
Nature of Economic Choice
The Production Possibilities Frontier
Fundamental Economic Problems / Questions
Types of Economic System
Economic Activities
Economic Resources
Economic Goals
Economic Models
Ceteris Paribus
Normative and Positive Economics
Microeconomics versus Macroeconomics
Circular Flow of Income
Graphs
Linear Relationship

CHAPTER 2: BASIC ELEMENTS OF DEMAND AND SUPPLY

1. The Market
2. Demand
3. Individual Demand and Market Demand
4. Law of Demand
5. Demand Schedule and Demand Curve
6. Non-Price Determinants of Demand
7. Supply
8. Law of Supply
9. Supply Schedule and Supply Curve
10. Non-Price Determinants of Supply
11. Market Equilibrium
12. Shortage and Surplus

6 hours

D. CHAPTER 3: ELASTICITY AND CONSUMER BEHAVIOR ANALYSIS 5 hours

1. The Elasticity Concept
2. Demand, Income, and Cross Price Elasticity
3. Elastic, Inelastic and Unitary Demand
4. Importance of Elasticity Concepts
5. The Concept of Consumer Behavior
6. Total Utility and Marginal Utility
7. The Indifference Curve
8. The Budget Line
9. Utility Maximization
E. CHAPTER 4: PRODUCTION & COST
1. Inputs of Production
2. Production Function
3. Total Product, Marginal Product and Average Product
4. Law of Diminishing Returns
5. Three Stages of Production
6. Cost Analysis
7. Economies of Scale
8. Revenue and Cost
9. Profit Maximization

5 hours

F. CHAPTER 5: MARKET STRUCTURES

1. Basic Market Models
2. Characteristics of Market Models
3. Pure Competition
4. Monopoly
5. Monopolistic Competition
6. Oligopoly
7. Price and Output Determination

4 hours

G.

CHAPTER 6: THE BUSINESS ORGANIZATION

1. Single-Proprietorship
2. Partnership
3. Corporation

3 hours

H. CHAPTER 7: INTRODUCTION TO MACROECONOMICS

1. Definition of Macroeconomics
2. Macroeconomic Goals
3. Components of the Macroeconomy
4. Circular Flow of Funds in a Macroeconomy
5. The Role of the Government in the Macroeconomy
6. Business Cycle
I.

3 hours

CHAPTER 8: NATIONAL OUTPUT AND NATIONAL INCOME ACCOUNTING

4 hours
1. Concept of Economic Growth
2. Indicators of Economic Growth
3. Economic Growth vs. Economic Development
4. Gross Domestic Product
5. Gross National Product
6. Nominal versus Real GDP
7. Approaches to Calculating GDP

J. CHAPTER 9: CONSUMPTION, SAVINGS AND INVESTMENT

1. Consumption Defined
2. The Consumption Function
3. Consumption Patterns
4. Savings Function
5. Investment Function

3 hours

K. CHAPTER 10: INFLATION AND UNEMPLOYMENT

1. The Concept of Inflation
2. Demand-Pull and Cost-Push Inflation
3. Effects of Inflation
4. Deflation
5. Unemployment and Employment
6. Types of Unemployment
7. Causes and Effects of Unemployment

4 hours

L.

CHAPTER 11: MONEY, CREDIT AND BANKING

1. Importance of Money
2. Functions and Kinds of Money
3. Value of Money
4. Peso Devaluation
5. Nature and Functions of Credit
6. Credit Instruments
7. Elements of Financial System
8. The Philippine Financial System
9. Bangko Sentral Ng Pilipinas (BSP)
10. Monetary Policies

4 hours

M.

CHAPTER 12: INTERNATIONAL TRADE

1. International Trade Defined
2. Economic Basis of Trade
3. Absolute Advantage and Comparative Advantage
5. Balance of Trade: Exports and Imports
6. Trade Barriers
7. Economic Issues of International Trade
8. Exchange Rate and Foreign Exchange Market
9. Globalization

3 hours

N.

CHAPTER 13: FISCAL POLICY AND TAXATION

1. Fiscal Policy
2. Government Spending
3. What is Taxation?
4. Objectives and Characteristics of Taxation
5. Classification of Taxes
6. Philippine System of Taxation

2 hours

O.

CHAPTER 14: AGRARIAN REFORM

1. Land Reform
2. The Comprehensive Agrarian Reform Program
3. Beneficiaries and Other Issues

2 hours

V.

LEARNING ENRICHMENT ACTIVITIES

A. Lecture / Discussion
Three-hour lecture will be spent each week. You are encouraged to ask questions at any
time in lectures. For each lecture, there will be provided powerpoint slides covering the main
points, which will be published on the course web page. Should there be queries you wish to
raise in lectures, whether about the course organization or about materials covered, you are
welcome to come to see me during office hours or email me at jameson.n.estrada@gmail.com.
B. Website Interaction
Online materials for this course including syllabus, homework, class notes, worktext
exercises, lecture slides, online tests and links to suggested reading materials can be seen on
the website at www.jamesonestrada.com. You are encouraged to register or subscribe to gain
full access to all the website materials.
C. Supplemental Readings
Conway, Edmund, 50 ECONOMIC IDEAS YOU REALLY NEED TO KNOW, Quesrcusbooks,
Inc., London, 2009
Sowell, Thomas, BASIC ECONOMICS, A COMMON SENSE GUIDE TO THE ECONOMY, 4th
Edition, Hoover Institution, Stanford University, USA, 2010
Osborne, Evan, REASONABLY SIMPLE ECONOMICS: WHY THE WORLD WORKS THE
WAY IT DOES, Apress, USA, 2012
Cox, Jim, THE CONCISE GUIDE TO ECONOMICS, 3rd Edition,Ludwig Von Mises Institute,
Alabama, USA, 2011
D.
E.
F.
G.

VI.

Video Showing (How the Economic Machine Works by Ray Dalio)

Term Paper on Economic Principles, Problems or Issues
Debate on Economic Issues
Role Playing/Documentation of an Economic Issue

BASES FOR EVALUATION

A. Quizzes (30%)
B. Midterm / Final Exams (40%)
C. Participation (30%)
1. Recitation
2. Attendance
3. Research Project

VII.

UTILIZATION OF INSTRUCTIONAL MATERIALS

A.
B.
C.
D.
E.
F.
G.
H.
I.
J.

VIII.

Books and E-books

White board, marker and eraser
Charts
Laptop and Tablet
Worktext
LCD Projector for PowerPoint Lecture Slides
Agribusiness Video Clips for Film Showing
Scientific Calculator
Email and Internet
Learning Website at www.jamesonestrada.com.

REFERENCES
A. BOOKS AND E-BOOKS
Samuelson, Paul A. ECONOMICS McGraw Hill, New York, 2011
Viray, Marcelino, et al. PRINCIPLES OF ECONOMICS (w/ TAR) National Book Store,
Mandaluyong City, 2010
Lucas, Marilou P. et al. BASIC ECONOMICS WITH TAXATION AND LAND REFORM Revised
Edition. Bulacan, Philippines. Trinitas Publishing, Inc., 2009
Medina, Roberto G. PRINCIPLES OF ECONOMICS Rex Printing Company, Inc. Quezon City,
2003
5

Fajardo, Feliciano, R. ECONOMICS, 3RD ED. Rex Printing Company, Inc. Quezon City, 2001
Salazar, Erna M. GENERAL ECONOMICS, TAXATION AND LAND REFORM, IPM Publishing,
Bulacan, Philippines, 2013.
Costalles, Achilles et.al. ECONOMICS: Principles and Applications JMC Press, Inc. Quezon
City, 2000.
Zaide, Sonia M. LIVING ECONOMICS All Nations Publishing Co., Inc. Quezon City, 2000.
Pagoso, Cristobal M. INTRODUCTORY ECONOMICS Rex Printing Company, Inc. Quezon
City, 2003
Villegas, Bernardo M. & Emmanuel A. Macatangay ECONOMICS FOR THE CONSUMER
Sinag-Tala Publishers, Inc. Manila, 2000.
Villegas, Bernardo M. GUIDE TO ECONOMICS FOR FILIPINOS Sinag-Tala Publishers, Inc.
Manila, 2001.
Villegas, Bernardo M & Victor A. Abola. ECONOMICS, An Introduction Sinag-Tala Publishers,
Inc. Manila, 2000.
B. ELECETRONIC SOURCES
http://visualizingeconomics.com/
https://www.khanacademy.org/
http://www.businessweek.com/blogs/econochat
http://gregmankiw.blogspot.com/
http://econbrowser.com/
http://topsitesblog.com/economics-websites/www.econtalk.org
http://gregmankiw.blogspot.com/
http://econbrowser.com/
http://welkerswikinomics.com/blog/
http://econblog.aplia.com/
http://economistsview.typepad.com/
http://www.economicshelp.org/blog/
http://www.ritholtz.com/blog/
http://www.economicpopulist.org/
http://freakonomics.com//

Prepared by:

JAMESON N. ESTRADA
Instructor I

Recommending Approval:

JULIE C. LOMIBAO, Ed. D.

Chairperson, Social Science Dept.

Noted:

FE S. SORIANO, Ed. D.
Associate Dean
Approved:

NELIA C. RESULTAY, Ed. D.

Campus Executive Director