Economic Analysis


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SAINT AUGUSTINE SEMINARY Suqui, Calapan, City Subject Term Professor : : : ECONOMIC ANALYSIS 1st Semester SY 2011-2012 Pio Crisostomo R. Isidro, M.S. Sociology of Development Course Description This is an introductory course in economics for non-economics major, but it also serves as credit for those who will major in economics. It shall expound on economics as a social science such that students shall have opportunities to learn the methods of analyzing social, national, and international i
  1 SAINT AUGUSTINE SEMINARY Suqui, Calapan, CitySubject : ECONOMIC ANALYSISTerm : 1 st Semester SY 2011-2012Professor : Pio Crisostomo R. Isidro, M.S. Sociology of Development Course Description This is an introductory course in economics for non-economics major, but it alsoserves as credit for those who will major in economics. It shall expound on economics as asocial science such that students shall have opportunities to learn the methods of analyzingsocial, national, and international issues and concerns from the economic point of view.The course also introduces an eco-system based community centered sustainableorganization and management (ECSOM) framework in order to enhance economic analysisat the household and community side as compared to the traditional analytical emphasis onthe firm and industry side of the economic system. The new development paradigm forIntegral Development and Well-being shall also form part of class discussions and researchwith exposure on this area is requi red. There will be a learner’s research component wherein any economic topic taken up in class will be the subject of a term paper that is tobe related to the social teachings of the Church and to the Indigenous concept of development. Course ObjectivesGeneral Objectives:  Upon completion of this course, the students by the knowledge learned and attitudeimbibed and skills gained in understanding the basic economic theories, principles andconcepts, will be able to evaluate economic decisions as well as their implications andrepercussions with regard to the economy, the environment, Indigenous peoples and societyas a whole. Also, they will be able to show the empirical relevance and applications of saidtheories, principles and concepts to economic problems and issues in the context of thepolitical and global milieu.  2 Specific Objectives:  Specifically, the course intends that at the end of the semester, the students will beable to:A. Cognitive 1. Understand the basic economic theories, concepts, principles and policies thatguide or influence the actions of various economic agents in society;2. Know how to apply the analytical methods of economics to social, national, andinternational issues such that the impact and implications of alternative proposed solutionsto households/communities, firms/industries, sectors, and nations can be clarified; and3. Make economic conclusions and recommendations on the basis of analysesundertaken within the con text of Vicariate’s vision an d mission (Sustainable Agriculture),the social teachings of the Church, and the Indigenous paradigm of development.B.  Affective 1. Appreciate the applications of basic economic theories, concepts, and principleslearned through discussions, case reflections, problem solving and analysis;2. Realize the need to interpret and view the existing economic realities from aChristian Filipino, Asian, and global perspective; and3. Develop the values of patience, perseverance and industry in analyzing economicproblems and in looking for appropriate paradigms and solutions or alternatives thereof.C. Psychomotor  1. Utilize appropriate fundamental economic tools in evaluating socio-economicdata or concerns;2. Develop skills in constructing elementary graphs, diagrams, charts, and the likefor the purpose of presentation and data analysis;3. Develop skills in designing simple schematic flows, paradigms or models toexplain economic variables and their fundamental causality or interrelationships; and4. Explore the possibility of alternative theories, principles, and concepts torepresent or explain existing or emerging local and global economic phenomena, especiallywith relevance to the teachings of the Church and the Indigenous people.  Methodology/Delivery Modes 1.   Lecture2.   Oral/Written, Individual and Group Reporting on Assigned Topics3.   Discussion4.   Individual Paper on a chosen topic or area of analysis5.   Transparency/Audio-Visual Presentation  36.   Exposure Grading System 1.   Individual Reporting (20%)2.   Reflection on the Periodic Reading (15%)3.   Group report and analysis (Finals) (30%)4.   Attendance and class participation (10%)5.   Individual analytical reflection (Midterm) (25%) Topical Course Outline/Course Contents (3-hour session per meeting)MEETING TOPICNUMBER1 Consultation/clarification of expectations Lesson 1. Economics as a Science 3 What is Economics, the 3 Major Markets, Economics as a Science?Ref: Stiglitz & Walsh, Chapts. 1-2.The Ten Principles of Economics(Mankiw, Chapter 1)The Circular Flow Model: The Focus of Traditional EconomicsOn Firm (Industry)4 Trade and Comparative AdvantageRef: Stiglitz & Walsh, Chapt. 3Demand, Supply, and PriceRef: Stiglitz & Walsh, Chapt. 4Using Demand and SupplyRef: Stiglitz & Walsh, Chapt. 5 Lesson 2. Development as a Main Concern of Economics 5  4Development as an Integral and General Concept in the Context of theSocial Teachings of the Church6 Development and TransitionRef: Stiglitz & Walsh, Chapt. 37.Sustainable Development: The ECSOM approach and CSBCom Lesson 3. Macroeconomic (National Economy) Issues 7 Macroeconomics and the MacroeconomyMacroeconomic Goals and MeasurementRef: Stiglitz & Walsh, Chapts. 22-23 Topical Course Outline/Course Contents (3-hour session per meeting)MEETING TOPICNUMBER8 National Income Accounts of the Philippines (NSCB & BSP-SPEI)Gross Domestic Product (GDP), Gross National Product (GNP)Three Approaches in Measuring GNP in the Philippines10 Inflation and UnemploymentInvestment, Consumption Expenditure11 A. Fiscal Policy1. Government Expenditures and Revenues2. Taxation: Principles; Types of Taxes; Principles of Tax CollectionB. Monetary Policy: Money Supply, Interest Rate, and Inflation Targeting12 International Trade: Balance of Payments; Peso-Dollar Exchange Rate13 International Trade: Trade Barriers; Role of IMF, World Bank, WTO,& Free Trade Associations Lesson 4. The Microeconomic Issues (Theories of the Firm/Industry) 14 Understanding Consumer Behavior: The law of diminishing satisfaction;The law of supply and demand; Normal goods/services vs. inferior goods/ Services, basic vs. luxury types of goods/services.Ref: Stiglitz & Walsh, Chapt. 615 Understanding the Firm/Enterprise (Theory of the Firm): The law of Diminishing returns; Best factor combination; Cost  –  fixed vs. variablecosts, total cost, average cost, marginal cost; Bases for profit maximizing,
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