Course Outline

Faculty of Management & Social Sciences

Course Title: Introduction to Economics

Course Code (ID) ECON 1014

Credits: 3

Section: 1

Course Instructor: Adrian Palma

Program: Elective Course

Semester: 2025-1

Class Meeting Times

Class Venue: Online

Pre-requisites: None

Co-requisites None

Field trip(s): None

Office Location FST/FMSS Room, Toledo Campus

Office Hours: Tuesday/ Thursday 8:00 am - 12:00 pm

Telephone: 631-5095

E-Mail Address: [email protected]

Resources

Required Text: Riddell, Tom and Jean Shackelford, Steve Stamos, Geoffrey
Schneider. Economics: A Tool for Critically Understanding Society.
8th /9th Edition. Boston MA: Pearson Education 2008.

Recommended Text:/s

1. Mankiw, G. (2012). Principles of Economics. (6ed.) South Western Cengage Learning,

OH, USA.
2. Samuelson, P; Nordhaus, W. (2010). Economics. (19ed.). McGraw-Hill Companies, NY.
(Copies available in library)
3. Salvatore, D. and Diulio, E.A. (2003) Principles of Economics – Schaum’s Outline
Series. McGraw-Hill Companies, NY.

Course Description:
This introductory general core course introduces, develops, and exposes students to the major
forces that shape an economy. It generally examines resource use and allocation, problems,
goals, and institutions of an economic system. Topics include: theory and policy in economics
and how these affect economic problems and policy options; microeconomic concepts such as
scarcity, demand and supply, price determination, and macroeconomic concepts such as GDP
(national income analysis), unemployment and inflation.
Course Intended Learning Outcomes

Upon successful completion of this course, students will be able to

1. Demonstrate, discuss and explain basic economic concepts such as laws of demand and
supply, unemployment rate, inflation rate, evaluate economic information and apply
economic reasoning in practical settings.
2. Explain the main features of different types of market structures.
3. Describe the macroeconomic notions of Gross Domestic Product, Money and Banking.
4. Develop an awareness of personal involvement in a complex economy.
5. Relate economic principles to everyday living with the purpose to become better decision
makers and encourage critical thinking.
6. Apply quantitative skills to organize and explain economic concepts concisely and
effectively.
7. Discuss the role of Government in pursuing the objectives of economic growth and
stability.

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 Course Schedule

Date Topics/Sub-topics Teaching Readings and Assessment and

Strategies Assignments Due Dates
and
Activities
Week 1 Economics as a Social Science Lecture, Read Chapter 1 Introduction
Starting Aug 18th discussion,
1. What is Economics? and Revision of
- Economic Theory PowerPoint Course Outline
2. Fields of Economics and Presentation. Reading
Economist Assignment –
3. Paradigm and Ideologies: Scarcity,
- The realm of Theory Opportunity
4. The Realm of Economist Cost and the
- Conservative, Liberal and PPC
Radical Economists
Week 2 Scarcity: “You can’t always Get Lecture, Read Chapter 7 Class Discussions
Starting Aug 25th What You Want.” discussion,
and power
1. Scarcity: A Fundamental point
Economic Fact of Modern Life presentations.
- Scarcity, Choice, and
Opportunity Choice
2. The Production Possibilities
Curve Reading
- Economic Growth and the Assignment –
Production Possibilities Curve Theory of
3. Applying the Concept of Markets
Choice to Personal Decisions

Week 3, 4, & The Theory of Markets Lecture, Read Chapter 8 Week 3

5 discussion, Graded
1. Supply and Demand and power Assignment #1 –
Starting Sep 1 st
2. Markets and Price point Paradigm and
Determination/Supply and presentations Ideologies
Starting Sep 8th
Demand Determination
Starting Sep 15th - Demand: Determinants of
Demand, Normal goods and Week 4:
other types of goods; Ceteris Groups formed
Paribus and the Demand Curve
- Supply: Determinants of
Supply, Ceteris Paribus and the Week 5
Supply Curve Test #1 –
- The Market and the Economic as a
Equilibrium Price Social Science

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 Date Topics/Sub-topics Teaching Readings and Assessment and
Strategies Assignments Due Dates
and
Activities
(Surplus & Shortage) and Scarcity
“Practical”
3. A Tinge of Reality: It’s not a Reading
Ceteris Paribus World. Assignment -
- Shift of Demand vs. Movement Micro:
Along a Demand Curve Perfect &
- Shift of Supply vs. Movement Imperfect
Along a Supply Curve Competition
4. Applying Supply and Demand
- Gasoline Prices etc.
5. Elasticity
- Price Elasticity of Demand
- Price Elasticity of Supply
- Income Elasticity
Week 6 Perfect Competition and Lecture, Read Chapter 9 Graded
Starting Sep 22nd Efficiency discussion, Assignment #2 –
and power Economics in my
Microeconomics point Career Choice
1. Profit Maximization and the presentations.
Competitive Firm
- The Consumer
- The Firm
- Characteristics of Perfect
Competition
2. Specialization, Diminishing
Returns, and Short-run Costs
- Fixed, Variable and Average
Costs
3. The Firm’s Revenues
4. Profit Maximization
- Profit Maximization in the
Short Run
- The Firm in the Long Run
Week 7 & 8 Non-Competitive Markets and Lecture, Read Chapter Week 8
Starting Sep 29th Inefficiency discussion, 10 Test #2 –
Starting Oct 6th and power Microeconomics:
1. Models of Non-competitive point Perfect &
Market Structures: Imperfect presentations Reading Imperfect
Competition & problem- Assignment - Competition and
2. Monopoly solving Macro: GDP, theory of market
- Short-Run Equilibrium for the assignment. Inflation,
Monopolist Unemployment
- Long-Run Equilibrium for the

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 Date Topics/Sub-topics Teaching Readings and Assessment and
Strategies Assignments Due Dates
and
Activities
Monopolist
- Monopoly and Inefficiency
3. Monopolistic Competition and
Oligopoly
- Monopolistic Competition
- Oligopoly
4. Sources of Concentration in the
Economy
Week 9 & 10 MACROECONOMICS: Issues Lecture, Read Chapter Week 10
Starting Oct 13th and Problems discussion, 14 Presentation 1
Starting Oct 20th and power
1. Macroeconomic Goals point Based on covered
- Economic Growth, Full presentations. chapters
Employment, Price Stability
2. Macroeconomic Tools
- Monetary Policy & Fiscal Policy
3. National Accounting Measures
4. Potential Problems with the
National Income Accounts
- Real vs. Nominal GDP
- Value – Added Counting
5. What is counted in GDP?

Week 11 & Unemployment and Inflation Lecture, Read Chapter Week 11

12 discussion, 19 Graded
Starting Oct 27th 1. Unemployment and Inflation power point Assignment #3
Starting Nov 3rd 2. Inflation presentations Reading
- Causes of Inflation and group Assignment - Macroeconomics
3. The Impact of Unemployment work. Fiscal Policies GDP,
and Inflation and Money Unemployment
4. Macroeconomics Solutions and Inflation
Week 13 & Government and Fiscal Policy Lecture, Read Chapter Week 13
14 discussion, 16
1. Fiscal Policy power point Presentation 2
Starting Nov 10 th - Government Spending presentations Based on covered
Starting Nov 17th - Tax Policy and Income Effects and group chapters
- Transfer Payments work.
2. Problems with Fiscal Policy Week 14
3. The Budget and the Economy Oral
Presentation –
The Economic
Crisis of Belize

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 Date Topics/Sub-topics Teaching Readings and Assessment and
Strategies Assignments Due Dates
and
Activities
Week 15 Financial Markets, Money, and Lecture, Read Chapter
Monetary Policy discussion, 17
Starting Nov 24th power point
1. The Uses of Money presentations Final Written
2. Demand for Money and group Report due last
3.Supply of Money work. day of regular
4.Monetary Policy classes
5.Monetary and Fiscal Policy:
- Coordination of Monetary and
Fiscal Policy
University assigned study days

Final Exam period

(This course carries an exam)

Course policies and regulations

1. Academic Honesty: The administration of student discipline in the university

community is a responsibility shared by students, faculty, and administrative staff. The
University of Belize Academic Honesty Policy outlines the University’s expectations for
the integrity of student’s academic work, the procedures for resolving alleged violations
of those expectations, and the rights and responsibilities of students and faculty
throughout the process. All students are expected to conform to the Academic Honesty
Policy. Lecturers are expected to consult with academic department chairpersons to
prevent and respond to violations of the Academic Honesty Policy. Students wishing to
dispute a charge of academic dishonesty, or a sanction made upon them because of such
allegations can do so by appealing to the Dean of Student Affairs to invoke the Discipline
Appeals Process as detailed in the Student Handbook. (Please visit www.ub.edu.bz for a
full description of violations to the Academic Honesty Policy and sanctions.)

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 FMSS FINAL EXAM PROTOCOL
1.1 Conduct of the Exam
a) Students must present a valid form of ID upon entry into the exam room.
b) Students must bring only necessary materials to the exam room and should avoid bringing bags and
personal belongings to the exam room. Only approved materials (for example: pens, pencils, erasers,
rulers, transparent pencil cases, and calculators) are allowed on desks.
 Calculators: Invigilators will inspect calculators. A cell phone cannot serve as a calculator.
 Prohibited items: Cell phones and smart watches must be turned off and stored away.
c) Outerwear such as hats, jackets, or vests is prohibited, except for religious head coverings.
d) Students must not open the exam booklet or begin until instructed by the invigilator.
e) Students must sign an attendance form when submitting their completed exam documents.
f) Students must keep their eyes on their own exam script; exam materials must remain in front of them.
g) Students requiring assistance must raise their hands. Speaking is prohibited unless seeking
clarification from the invigilator.

1.2 Academic Misconduct

a) Being in possession of any unapproved materials, whether on the desk, on person, or concealed
elsewhere, is considered academic misconduct and violators will be dealt with in accordance with
the University’s Academic Honesty Policy.
b) Academic misconduct involving students cheating during final exams will be dealt with in accordance
with the University’s Academic Honesty Policy.
c) Invigilators may confiscate unapproved materials until the end of the final exam. Failure to comply
will result in the student being barred from the final exam.

2. Class Attendance: Students are expected to attend all sessions, and to be on time. Students
must attend at least 80% of class sessions. Unexcused absences beyond this point may result
in a reduction in your grade. You must provide the necessary documentation for any other
absences e.g. doctors certificate if you are ill. You are expected to participate fully in class
discussions and come to class prepared to contribute to class discussions and group work.
Because participation in class is imperative for success, each student’s final grade will be
positively or negatively affected based upon the number of class sessions they attend. Absent
students are responsible for obtaining class notes, handouts, and activities, as well as any
other pertinent information.

If an instructor is late to class, the students are required to wait for the instructor at least
fifteen minutes after the scheduled start of the class period. If the instructor has not arrived
by that time, the students are free to leave unless specifically notified to await the instructor's
arrival.

3. Disability Consideration: Where necessary, and with adequate notice, instructors are
required to make special arrangements, to allow students with special needs to participate
in assessment without being placed at a disadvantage, for example use of enlarged fonts
or Braille. Students requiring such considerations must be medically certified as having a
specified special need.

Class Policies
1. Punctuality: Kindly make every effort to arrive on time to all sessions. Walking into a
session late is unprofessional and distracting to the rest your colleagues. If you will be

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 late for any session, please inform the instructor via an e-mail, telephone call, or text
message.

2. Professional Ethics: In your fieldwork and/or class activities, you are expected to
conduct yourself in an ethical, legal, and professional manner.

3. Readings: Readings will be assigned. You will be expected to attend the class session
prepared to discuss the readings from the required text and/or any additional readings
assigned. The aim is to enhance your understanding and skills related to these materials
and to enable you to share your understanding with class members. Assigned readings
must be completed prior to the class for which they are intended.

4. Writings: The ability to write clearly and effectively is essential to a profession. Written
assignments represent your best professional abilities and excellence. Assignments must
be written in Standard English. Written assignments should be typed and carefully
proofread. Pages that are disorganized and contain errors in grammar, spelling, syntax,
or typing will receive reduced grades. All written work should adhere to the APA /MLA
style as directed by the instructor.

5. Cell phones: As courtesy to your classmates and instructor, please have cell phones
turned off throughout class time. If an urgent matter arises that requires you to have your
cell phone on (on vibrate), please inform the instructor before the session.

6. Missed of late Assignments: Students are expected to do all class assignments and turn
them in on time. If prior approval for late assignment is not granted by the instructor,
points will be deducted from that assignment or the assignment will not be accepted.

7. Technology: Students are required to utilize word processing programs to complete all
assignments. Internet and electronic mail systems will be used as needed to develop
strategies, facilitate class discussion, and enhance communication between professor and
students.

Grading Scale

The final grade will be assigned in adherence with the University of Belize’s Grade Policy. Thus,
final grades will be computed using a combination of semester grades (quiz, essays, tests,
presentations, blog, wiki, quizzes, e-portfolio/ portfolios) and a final examination. The final letter
grade will be assigned using the following University Grading Scale:

95-100 A 80-84 B 65-69 D+

90-94 A- 75-79 C+ 60-64 D
85-89 B+ 70-74 C 0-59 F

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 Assessments
Assignment 1 5%
Assignment 2 5%
Assignment 3 5%
Presentation 1 6%
Presentation 2 6%
Test 1 10%
Test 2 10%
Semester Project- (oral (10%) and written 20%
report (10%)
Attendance & Participation 3%
Final Exam 30%
Total Points 100%

Assignments: Several assignments will be given. Only three assignments will be graded.
Students are required to complete all assignments in order to receive a good grade and full
participation points.

Test: These can take a variety of formats such as multiple choices, true/false, and essay type
questions. Students are therefore urged to prepare accordingly. All questions will be drawn
from material lectured in the course and/or assigned reading.

Participation: Active participation in class is considered to be an integral component of the

learning process. Participation includes attending class and being punctual, responding when
called upon, asking questions and attendance at relevant seminars.

Final Project and Presentation:

Task: The Economic Crisis of Belize

Create a PowerPoint presentation and a written report focusing on one of Belize’s major
economic problems:

Topics:
1. Belize’s climbing debt and what it means for us all
2. Limited Career Opportunities in Belize and how it connects to brain drain.
3. Belize’s failure in managing its wage bill and pension reform laws.
4. BPO Industry Boom. Good or bad for Belize?
5. Belize’s Energy Problem. Is solar or hydroelectric power the solution?

Students are to select one of the 5 topics above. They can research from peer-reviewed articles,
news-articles and provide recent updates related to their topic to support their argument. Students
will work in groups not exceeding 5 persons. Once assigned to a group, any student that is

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 evicted from the group will not be assigned to any other group. Instead, that student will have to
complete the project alone and within the same timeframe.

Sub-Sections Needed for The Report:

1. Introduction/Overview
2. Pros & Cons (if applicable to your topic)
3. Compare & Contrast (if applicable to your topic)
4. Discussion/Analysis
5. Recommendations
6. Conclusion
7. References

Students will prepare a written report and a PowerPoint presentation (oral presentation)

Grading Criteria for presentation: Oral Presentation

Total points: 50 points
Below Expectation Approaching Meets Expectation Exceeds Expectation Total
Expectation
Explanation of Explanation is Explanation shows Explanation shows a Explanation is clear and
Concepts unclear; it lacks evidence of complete shows complete
accuracy and understanding, but understanding of understanding. Concepts and
understanding of facts and concepts are concepts. There are facts are accurate.
concepts. not accurate. some facts and concepts
that are not accurate.
(0-9 points) (11 points) (13 points) (15 points)
Research Model shows no Model shows evidence Model is accompanied Model is accompanied by a Total
research in planning. of research in by a bibliography but bibliography citing at least
planning but does not cites only one research two research references used
cite a bibliography. reference used in in planning the model.
planning the model.
(0-4 points) (6 points) (8 points) (10 points)
Articles Articles do not relate Economic concepts Articles represent Articles clearly represent Total
related to to economic concepts and connections to economic concepts with economic concepts and is
Economics nor make connections real world minor errors and correct, having connections to
to real world applications are shares connections for real world applications.
applications. unclear in the paper. real world applications.
(0-9 points) (11 points) (13 points) (15 points)
Construction, The presentation is The presentation is The presentation is The presentation is carefully Total
creativity, poorly constructed. It constructed with little carefully constructed, constructed with materials
neatness lacks in neatness in neatness and but does not showcase that showcase student's
creativity. creativity. student's creativity. creativity and are
appropriate.
(0-2 points) (3 points) (4 points) (5 points)
Presentation Total
(Individual
Grade)
Does not speak clearly, Eye contact, clear Speaks clearly, makes Anticipates questions and
Group make eye contact, or is speech, or preparation eye contact, and takes ownership of the model.
member 1: unprepared to present to present model is presents model well. (4 (5 points)
____________ model. (0-2 points) minimal. (3 points) points)
Group Does not speak clearly, Eye contact, clear Speaks clearly, makes Anticipates questions and Total
member 2: make eye contact, or is speech, or preparation eye contact, and takes ownership of the model.
___________ unprepared to present to present model is presents model well. (4 (5 points)
model. (0-2 points) minimal. (3 points) points)
Group Does not speak clearly, Eye contact, clear Speaks clearly, makes Anticipates questions and Total
member 3: make eye contact, or is speech, or preparation eye contact, and takes ownership of the model.

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____________ unprepared to present to present model is presents model well. (4 (5 points)
model. (0-2 points) minimal. (3 points) points)
Group Does not speak clearly, Eye contact, clear Speaks clearly, makes Anticipates questions and Total
member 4: make eye contact, or is speech, or preparation eye contact, and takes ownership of the model.
___________ unprepared to present to present model is presents model well. (4 (5 points)
model. (0-2 points) minimal. (3 points) points)
Group Does not speak clearly, Eye contact, clear Speaks clearly, makes Anticipates questions and Total
member 5: make eye contact, or is speech, or preparation eye contact, and takes ownership of the model.
____________ unprepared to present to present model is presents model well. (4 (5 points)
model. (0-2 points) minimal. (3 points) points)

Peer Evaluation Form for Group Work

Your Name:
Write the name of each of your group members in a separate column. For each group member /
person, indicate the extent to which you agree with the statement on the left, using a scale of 1-4:
(1 = strongly disagree; 2 = disagree; 3 = agree; 4 = strongly agree). Total the numbers in each
column.

Evaluation Criteria Group Member 1 Group Member 2

Attends group meetings

regularly and arrives on time.

Contributes meaningfully to
group discussions.

Completes group assignments

on time.

Prepares work in a quality

manner.

Demonstrates a cooperative and

supportive attitude.

Contributes significantly to the

success of the project.

TOTALS

Rubric for Report Paper

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 Total Points: 45 Points

Categories Expert (5) Proficient (4) Apprentice (3) Novice (2) Total

Cover Page Professionally designed Missing one component Missing two Missing three or
cover page that includes: components more of the
Course Name, Course ID, components
Instructor’s Name,
Your Name, Your student
ID number and Date

Integration of Demonstrates full Demonstrates Demonstrates Demonstrates

knowledge understanding and has understanding and some poor or no
applied the concepts application of concepts understanding understanding of
learned in the course. for the most part. and application concepts
of concepts.
Concepts are integrated Some of the conclusion
into the student’s own however, are not
insights. Provides supported in the body
concluding remarks that of the paper
shows analysis and
synthesis of ideas.
Topic Focus The topic is focused The topic is focused but The topic is too The topic is not
narrowly enough for the lacks direction. The broad for the clearly defined.
scope of the assignment. paper is about a scope of the
A thesis statement specific topic but the assignment.
provides direction for the student has not
paper, either by statement established a position.
of a position or hypothesis.
Depth of In depth discussion and In depth discussion and Pertinent content Poor discussion,
Discussion elaboration in all sections elaboration in most was omitted or lacking in most
of the paper. sections of the paper. content runs sections.
excessively.
Quotations from
others outweigh
the student’s own
ideas excessively.

Cohesiveness Ties together information Ties together Sometimes tie Does not tie
from all sources. information from all together together
sources for the most information from information.
Paper flows from one part. all sources.
issue to the next without Paper does not
the need for headings. Paper disjointed from Paper does not flow.
one issue to the next. flows from one
Demonstrates an issue to the next. Does not
understanding of the Demonstrates an demonstrate
relationship among understanding of the Does not understanding of
material obtained from all relationship among demonstrate an any relationship.
sources. material obtained from understanding of
all sources the relationship

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 among material
obtained from all
sources

Recommendat Minimum of 4 valid Made at least 3 valid Made at least 2 Made at least 1
ions recommendation (solution recommendations valid valid
related) recommendations recommendation

Spelling and No spelling and/or Minimal spelling Noticeable Unacceptable

Grammar grammatical mistakes and/or grammatical spelling and number of
mistakes grammar spelling and/or
mistakes grammatical
mistakes

Sources More than 3, properly 2 properly cited sources 1 properly cited Less than 1
cited sources are used to are used to validate sources are used sources are
validate information information to validate used.
information
Citations and Properly uses APA style to Minor errors Many errors Unacceptable
Format format document and cite mistakes
sources

Maximum 45 points
Total

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