International School of Business ECO101 - PRINCIPLES OF ECONOMICS TRIMESTER 3 2020 Unit GuideTRIMESTER | 2020 About Principles of Economics Contacts Below is a list of contacts for this unit. Please liaise directly with your unit instructor regarding appropriate consultation times. It is usually best to make contact with the staff via email Anh Nguyen Unit Instructor Email: [email protected] Tuyen Nguyen 41 Vo Van Tan Street, District 3, HCMC Student Advisor Phone: 028.39305952 | Email: tuyen.nguyen@Isb. edu. vn Unit overview ‘This unit is an introduction to microeconomic and macroeconomic analysis and its applications. In the microeconomic part, we'll look at very basic individual and firm decisions such as what to buy; how much to buy; and what to produce; and how much to produce, From this analysis, a simple model of individual and firm interaction (supply and demand) will result, Then we'll use this model to see how government policies affect the interactions and outcomes of the supply and demand model. This part of the course will also focus on the optimal behavior of the firm. We'll look at how the firm should act depending on whether there is one firm, a couple of firms, or many firms in the same market and haw the actions of individual firms relate back to the model of supply and demand. Finally, we'll study how cansumers make decisions to maximize their satisfaction in the market. The second part of the unit covers topics in macroeconomics - the study of the economy as a whole. It is designed ta provide students with a comprehensive framework for analyzing macroeconomic events and issues. The topics include the determination of output, unemployment, inflation, interest rates, exchange rates, business cycles, and long-run economic growth. The questions of concern will include: Why are some countries rich and others hopelessly poor? What are the sources of economic booms and recessions? Why is there unemployment? What are the sources of inflation? And, how do government policies affect output, inflation and unemployment? Pre-requisitesTRIMESTER 3 2020 Assessment information Learning outcomes Learning outcomes for the unit are outlined below. Upon completion of this unit, students will be able t 1, 2. Explain and apply key economics concepts appropriately. Canstruct sound economic arguments in terms of these concepts. Apply simple economic models to the analysis of relevant economic issues. Apply economic reasoning to make deductions about market behavior. Explain and evaluate the likely effeets of government economic policy. Assessment summary ASSESSMENT ASSESSMENT ITEM AND DUE LEARNING | VALUE DATE OUTCOMES (%) Presentation (Group) 1 LO1-LOS 14% Due: In each class Problem sets (Individual) Lo1-Los 16% Due: In each class Mid-term exam (Individual) 3 LO1-LOS 30% Due: Session 6 Final exam (Individual 4, a1 exam {individual Lo1-to5 40% Due: TBA Final marks and grades are subject to confirmation by the School Assessment ‘Committees which may scale, modify or otherwise amend the marks and grades for the unit, as may be required by University policies. Note: To successfully complete this unit, students must: * Achieve a minimum of 50 marks; * Complete all assessment items; and " attend 80 per cent of class time. See attendance requirements in the section ‘of class policies and rules below.Assessment 1: Presentation (Group) (14%) ‘Overview There will be 7 assigned topics for presentation. All teams (team of 4 students) have to have their presentation recorded at home and uploaded to e-learning system before coming to the class. Each recorded presentation will be awarded 2 points. Due: at the start of each class Marking criteria and standards You are evaluated individually on your comprehension of assigned materials, your presentation skill and teamwork Assessment 2: Problem sets (Individual) (16%) ‘Overview Quizzes are to check the level of knowledge and understanding of students about the theoretical and applied content of the subject and the ability to express them. ‘Questions will cover all materials of the previous class. There will be eight quizzes (length: 15 minutes; style and format: True/False, Multiple Choice, and/or short answer) for 2 points each. For online sections, the quiz will be conducted online, (Questions in problem sets will vary in difficulty to assess different levels of performance from a basic understanding of the material presented to a mastery of the application of the concepts to new and different problems. This assessment task is consistent with the aim of developing deep learning — the ability to apply what you have learned to solve an economic problem, It also tests analytical reasoning skills, Due: at the start of each elass Assessment 3: Mid-term exam (Individual) (30%) overview ‘This is a 120-minute examination and cansists of multiple-choice questions. The midterm exam will cover all the chapters in Microeconomics in the syllabus. Due: Session 6 Length: 120 minutes Details The multiple-choice questions are much the same format as problem sets. You are assessed on concepts and application of microeconomic theory to solve micraeconomic problems. Your analytical reasoning and solving skills are examined.Note: The midterm examination is a closed-book exam. Only an Ad cheat sheet is, allowed to be brought into the examination venue. There is no make-up midterm examination. Marking criteria and standards For multiple-choice questions, the criterion is that students must be able to select the best available answer from the options given. Each question in the exam has the same value — namely, one point. Assessment 4: Final exam (Individual) (40%) Overview This is. a 120-minute examination and consists of multiple-choice and short answer/essay questions. The final exam will cover all the chapters in Macroeconomics in the syllabus. Due: TBA Length: 120 minutes Details You are assessed on concepts and application of macroeconomic theory to salve macroeconomic problems. Your analytical reasoning skills and ability to see the ifficulties in a policy environment are examined. Wote: The final examination is held on-campus. Check the examination timetable for the location (campus, room number) and time (date, hour) of the exam. Note: The final examination is a closed-book exam. Only an Ad cheat sheet is allowed to be brought into the examination venue. Marking criteria and standards For multiple-choice questions, the criterion is that students must be able to select the best available answer from the options given. Each question in the final exam has the same value ~ namely, one point. For short answer/essay questions, the criterion is that students have to give out the right salutions, General submission requirements Assignment cover sheet All assignments are to be submitted with an Assignment Cover Sheet. Group assignments are to be submitted with a Group Assignment Cover Sheet as well as a Peer Evaluation Form. Non-contributing team members can sometimes be an issue with group-work structured assessment. Individual student group work scores may be adjusted because of peer dissatisfaction with a particular student's contribution to group work assignments, as reflected in submissions of the evaluation form Note: Assignment cover sheets and the evaluation form can be located on E+ learning system (http://elearning.isb.edu.vn/). Students are to keep a copy of all assignments submitted for marking.TRIMESTER 3 2020 A professional standard of presentation is expected for all assignments. Assignments should be typed, one and a half spaced, on A4 paper. Use a simple clear format, suitable for a report te senior management in a commercial organisation. All assignments are required to be submitted electronically via E-learning system «http: //elearning.isb.edu.vn/) by 11:55 PM on the due date and if required, in hard copies to the unit coordinator by the due date. The title of assignment submitted via E-learning system shall be as follows: Student ame_Unitname_Name of Assignment. Late assignment and make-up policy Coursework and assignments are expected to be completed within the stated time frame. No late assignments will be accepted unless prior authorisation granted by the coordinator. In case such an authorisation is not granted, grade deduction will be applied. The coordinator may decide not to accept assignments that are not submitted within 3 days after the assignment due date. However, if there are extenuating or unforeseen circumstances, an exception may be granted at the discretion of the unit coordinator and based on a Special Consideration Application for assessment task extension All quizzes, the mid-term test, and final exam must be taken on the assigned dates. If there are extenuating or unforeseen circumstances, the unit coordinator must be contacted prior to the quiz or exam dates to authorize a make-up if required, No make-up quiz or exam will be accepted unless a prior approval granted by the unit coordinator based on a Special Consideration Application for a supplementary examinationSchedule of activities SESSION | PROGRAM SCHEDULE ne Part 1. Introduction Readings: Chapters 1, 2, 3 | Chapter 1: Ten Principles of Economies Course overview Chapter 2: Thinking Like an Economist Farming groups and assigning Chapter 3: Interdependence and the Gains from Trade topics Part 2. How Markets Work Readings: Chapters 4,5, 6 Chapter 4 The Market Forces of Suppiyand Demand Presentation 1 due Chapter 5: Elasticity and Its Application Chapter 6: Supply, Demand, and Government Policies Part 3, Markets and Welfare Readings: Chapters 7, 8, 9 Chapter 7: Consumers, Producers, and the Efficiency of Quiz 3 | Markets Presentation 2 due Chapter &: The Cost of Taxation Online loss Chapter 9: International Trade Part 4. Firm Behavior and the Organization of Industry Readings: Chapters 13, 14, 15 4 Chater 13: The Costs of Production cuir? Chapter 14; Firms in Competitive Markets Presentation 3 due Chapter 15: Monopoly Chapter 16: Monopolistic Competition "Readings: Chapters 16, 17, 21, | Chapter 17: Oligopoly auirs Part 5. Consumer Choice Presentation 4 due Chapter 23: The Theary of Consumer Choice 6 | Midterm.examination Part 6, The Real Economy in the Long-run Readings: Chapters 23, 24, 25 4 Chater28: Measuring Nations Income Presentation § due Chapter 24: Measuring the Cost of Living Chapter 25: Production and Growth Chapter 26: Savings, Investment and the Financial System | Readings: Chapters 26,28 8 | Chapter28: Unemplayment Quizes Online class 9 | Part 7. Money and Prices in the Long Run Readings: Chapters 29, 30StS80N | PROGRAM ScHEDULE WEEKLY READINGS & Chapter 29; The Monetary System Quizs Chapter 30: Money Growth and Inflation Presentation 6 due (part. The Macroeconomics of ‘Open Economies T Readings: Chapters 31, 32 10 | chapter 31: Operconomy Macroeconomics Bascconcepts | Our6 ‘Chapter 32: A Macroeconomic Theory of the Open Economy Pan. hort un Economie Fctuatons andSiakiton Rend Chaos 3 3 chapter 3: Aggregate DemandondgregsteSupey uit? u Chapter 34: The Influence of Monetary and Fiscal Policies on Presentation 7 due Aggregate Demand Online class chapter 8: Shor-hun ade bebween ion and | Roding Chater38 2 Unemployren we Overall review on Matocconomis FINAL EXAM. Tutorials Tutorials following the lecture in each session provide students the opportunity to apply and share knowledge by doing a variety of in-class activities individually or in Broup such as exercises, discussion, and presentation. These activities focus on demonstrating your skills and help you build your ability to achieve the learning ‘outcomes for this unit. Tutorial questions/exercises will be provided in class. You will be expected to have completed specific reading and exercises from the textbook and other required materials prior to attending each lecture and tutorial class. If you have not prepared adequately, yau will not get the full benefit from this learning ‘opportunity. Learning resources Essential reading Mankiw, N. G. (2015). Principles of Economics (8" ed.). Sout Textbook Western Cengage Learning. Recommended reading None