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ATENEO SCHOOL OF GOVERNMENT

Master in Public Management, Technology-Based Enterprise Development


Course Syllabus for
APPLIED ECONOMICS
COURSE DESCRIPTION
This course in Applied Economics has been designed to give MPM students a
working knowledge of Economics, the social science that deals with the optimal use of
scarce material resources to maximize the satisfaction of human material needs and
wants.
This course focuses on the basic concepts and principles that underpin all of
economics. Microeconomic concepts such as scarcity, opportunity costs, marginal costs,
and efficiency will never lose their central role in economics as long as scarcity itself
exists. Macroeconomic concepts like national income, employment and unemployment,
inflation and deflation, balance of payments and foreign exchange rates will remain to be
the primary concerns of all economies. In addition, the course will deal with the
economics of long-term growth, poverty, and development, specifically in the Philippines
in comparison with its ASEAN neighbors.
As an overview course, it will integrate and link all of these areas of concern and
will show their importance in managerial decision-making. Thus the course aims to teach
MPM students the economic way of thinking about business decisions, and even
decisions in not-for-profit organizations, NGOs, and cooperatives. The course provides
MPM students with a working knowledge of the most critical aspect of the business
environment in which their organizations operate, and a familiarity with the tools of
analysis that will help them navigate successfully through its turbulence.
COURSE OBJECTIVES
By the end of this course, the students would have been able to competently:
1. Understand the basic microeconomic framework whereby the economic forces of
the market create both opportunities and constraints for making profit.
2. Understand the application of economic theory that has stood the test of time and
continues to be relevant to many facets of modern business and not-for-profit
decision-making
3. Describe how present-day economies function and evaluate the nature of
debates that permeate among the political, economic, and industry leaders,
including the efficacy of monetary and fiscal policies.
4. Assess the emerging globalization of production, investments, and trade in the
world

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5. Analyze the current problems of development, underdevelopment, and poverty


within the context of a major set of issues
6. Integrate the ethical dimension in the discussion of various economic concepts
and theories
7. Demonstrate the use of information technology in researching, analyzing, and
presenting economic data in class.
COURSE METHODOLOGY
The course will make use of a variety of methodologies appropriate to adult
learners who already have experience working in an organization and are prepared to
meet graduate-level standards of performance. These methodologies may include any of
the following:

Lectures by the faculty


Field, library, or Internet research by individuals or groups
Extracting lessons learned from presentations by fellow students
Classroom discussions on current economic issues

PRESENTATIONS AND REPORTS


Student presentations of assigned topics are expected to have the same quality
of preparation as would be found in a presentation to the senior management of an
organization. Students are encouraged to use Powerpoint and the computer and AV
facilities available. Presentations per group should be timed to last 20 minutes
maximum.
Written reports accompanying these presentations should be printed, single
space with double space between paragraphs, on short bond (8.5 x 11) with a title
page identifying the chapter number and title, the problem number, the group number,
the group members names arranged in alphabetical order according to surname, and
the date of submission. Fonts should be 12 points and limited to any of the following
(MS Word): Arial, Book Antiqua, Tahoma, Times New Roman, Trebuchet, or Verdana.
Expensive folders are unnecessary.

GRADE COMPONENTS
The final grade of each student will be a weighted average of his/her individual
work and participation in group work. Typically, the composition of this grade will be as
follows:
Class reports and presentations
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35%
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Peer evaluation
Term paper
Total

25%
40%
100%

GRADING CRITERIA
The following Quality Point Index (QP) applies to all courses within this Program:
4.0
3.5
3.0
2.5
2.0
1.5
1.0

Excellent/Outstanding
Superior
Very Satisfactory
Above Average
Average
Pass
Fail

98-100
95-97
92-94
89-91
86-88
85
84 and below

TERM PAPER
Instead of a final examination, the professor will assign students to do individual
term papers on any Economics-related topic. The paper should be the product of
research (library as well as Internet) and thus should have adequate references
included. The professor may present a list of pre-approved topics. The paper is due on
the last day of class. Individual presentations of term paper topics will be scheduled on
the last two days of the term.
Term papers should include a title page, table of contents, chapter headings,
pagination, references, and a bibliography. Appendices and exhibits are optional. The
page setup should be the standard short bond (8.5 x 11), with double spacing. Fonts
should be 12 points and limited to any of the following in MS Word: Arial, Book Antiqua,
Calibri, Tahoma, Times New Roman, Trebuchet, or Verdana.
The Word and Powerpoint electronic files shall be submitted to a class
coordinator who will save the entire collection in one CD for submission. No hard copies
will be submitted. The class members may arrange for individual copies of the same CD
for future reference.

COURSE REQUIREMENTS:
1. ATTENDANCE:
This course will meet once a week for four hours at a time, for a total of eight
sessions spread over two months. The highly accelerated pace requires students to
take a great deal of responsibility for their own learning outcomes. While in class,
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students are expected to actively participate in discussions and group activities.


Outside of class, students are expected to do a minimum of 20 hours per week of
study, homework assignments, and/or group projects.
Students are expected to attend all class sessions for this course. If an absence is
unavoidable, the professor should be advised beforehand. Arrangements will be
made at the time for additional assignments, if appropriate. However, points for
attendance and participation will be affected by this absence. Under existing rules,
the student should not incur more than two (2) absences; otherwise he will be
disqualified from the course.
2.

CLASS PARTICIPATION, TEAMWORK, REPORT AND PRESENTATION:


Presentations in class must have quality in content and form. Computer aided
presentation equipments (such as PowerPoint and Multimedia projection) are
available in the school and all classrooms have a ready Internet connection portal for
free use during class hours. The presentations should be well organized, with the
topic covered thoroughly, handouts and visual aids to be professionally done and
appropriate for the topic.
3. WRITTEN ASSIGNMENTS:
An important component of this course is the completion and submission of written
assignments on due dates. All written works are expected to meet graduate level
standards. Assignments will be graded for presentation form, content and for basic
writing skills.
4. RESEARCH WORK:
ASG recommends the use of standard style guides with preference to that of the
American Psychological Association (APA). The following websites are suggested as
guide references:
http://www.aresearchguide.com/styleguides.html
http://www.apastyle.org/index.html
http://apastyle.org/electrf.html
http://www.bedfordstrmartins.com/online/shrttoc.html
http://bob.ucsc.edu/library/ref/instruction/research/libres.html

SPECIAL ACCOMMODATIONS
If a student is in need of course adaptation or special considerations due to
certain disability or other problems or constraints, the same should be discussed with the
instructor ASAP.
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ACADEMIC INTEGRITY POLICY


Each learner is responsible to know the standards of conduct and expectations of
academic integrity that apply to undertakings. Academic dishonesty will not be tolerated
and will result in the maximum penalty allowable as defined in the Student Guidebook,
pp. 11-12. The following are considered serious violations per Guidebook:
Cheating during exams.

Submitting spurious reports copied from previous materials other than his/her
own.
Plagiarism.
In understanding what constitutes Plagiarism, see the following sites:
http://www.engl.niu.edu/conskills/students/plagiaris/Plagiarism.html
http://www/ehhs.cmich.edu/~mspears/plagiarism.html

In addition to what is stated in the Guidebook, the following are examples of


academic dishonesty, which are pertinent to the requirements of this course:
Copying another students work including assignments and reports

Use of crib sheets or other hidden note for a quiz or an exam

Receiving assistance from anyone else with take-home quizzes.

MATERIALS OF INSTRUCTION
1. Textbook:

Case, Karl E, Fair, Ray C. & Oster, Sharon M. (2009)


PRINCIPLES OF ECONOMICS 9TH Edition
Prentice Hall International, Inc.

2. Reference:

Salvatore, Dominick
MANAGERIAL ECONOMICS IN THE GLOBAL ECONOMY 4TH
Edition
McGraw-Hill, Inc.
Keat, Paul and Young, Philip (2000)
MANAGERIAL ECONOMICS 3rd Edition
Prentice Hall International, Inc.

1.

Web References

http://www.geocities.com/vanderboon/Economiclinks.html

http://www.stats.bls.gov

MPM Applied Economics

A search engine for working


papers in economics plus links to
sites related to economics and
finance.
Table providing overview of
economy, with links to programs
and surveys, research papers,

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and regional information.


Provides detailed explanations
about economics.
Discussions about
http://william-king.www.drexel.edu/top/prin/txt/probs/Ch17ToC.html
macroeconomic problems.
Offers discussions about
http://william-king.www.drexel.edu/top/prin/txt/gro/Ch16ToC.html
economic growth.
Elasticity and applications in
http://william-king.www.drexel.edu/top/prin/txt/Elasch/Ch4ToC.html
macroeconomics.
Advanced topics in the theory of
http://william-king.www.drexel.edu/top/prin/txt/MUch/ChToC.html
demand in macroeconomics.
Introduction to the theory of
http://william-king.www.drexel.edu/top/prin/txt/MBch/Ch5ToC.html
demand in macroeconomics.
Discussions about measuring the
http://william-king.www.drexel.edu/top/eco/EPE/GDPch/GDP.html
national economy.
http://william-king.www.drexel.edu/top/prin/txt/ASapp/Ch25ToC.html About applications of aggregate
supply and demand.
http://william-king.www.drexel.edu/top/prin/txt/controv1/Ch26ToC.html Controversies in
macroeconomics 1: monetarism
and the policy ineffectiveness
proposition.
http://william-king.www.drexel.edu/top/prin/txt/controv2/Ch27ToC.html Controversies in
macroeconomics 2: the nature of
unemployment.
http://william-king.www.drexel.edu/top/prin/txt/Monch/Ch10ToC.html Covers about monopoly.
Offers discussions about marxist
http://william-king.www.drexel.edu/top/prin/txt/marx/ApxToC.html
economics.
http://william-king.www.drexel.edu/top/prin/txt/comsysf/ApxToC.html The twentieth-century economic
systems
Economic education web site,
http://ecedweb.unomaha.edu/
provides economic updates and
information about economy
globally.
A weekly magazine on the
http://www.economist.com/index.html
international economy. This is a
good source for more in-depth
analysis of current political,
business and financial issues.
Browse a guide to econometric
http://www.oswego.edu/~kane/econometrics
research projects and data
accessible on the internet.
http://www.bbh.com/
Commentary on exchange rate
Current information on a large
http://pacific.commerce.ubc.ca/xr/currency_table.html
number of the world's currencies
(both in terms of exchange rates,
as well as symbols and types of
currency management regimes-floating vs. fixed).
Defines price elasticity of
http://www.quickmba.com/econ/micro/elas/ped.shtml
demand, discusses the
implications of elastic and
inelastic demands, and lists some
factors that influence a product's
price elasticity of demand.

http://william-king.www.drexel.edu/top/prin/txt/Intro/Ch1ToC.html

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http://www.quickmba.com/econ/micro/indcon.shtml
http://www.themanager.org/Knowledgebase/Economics/index.htm
http://www.bris.ac.uk/Depts/Economics/Growth

http://www.neda.gov.ph/

http://www.econlib.org/

http://www.argmax.com/
http://rsqe.econ.lsa.umich.edu/forecast/table.html
http://www.aeaweb.org/

http://www.federalreserve.gov/

http://www.iie.com/

http://www.gtnews.com/nav/emuset.html
http://netec.mcc.ac.uk/JokEc.html
http://www.aeweb.org/journal/jel.class_system.html
http://www.emgmkts.com/

http://www.helsinki.fi/WebEc/

MPM Applied Economics

Discusses two common methods


for measuring the concentration
of firms in an industry.
Discussions about basics,
miscellaneous articles, statistics
and figures and microeconomics.
Economic growth resources web
site a general guide includes
sections on the latest research,
literature surveys and working
papers.
Economic planning agency that
presents economic updates
indicates publications, reports
and e-commerce laws. Includes
the websites of the Asian
productivity organization.
Economics classics online,
featured essays letters to the
editors, chat with economists,
data links by topic, etc.
Economics news, data and
analysis for the US economy and
the world.
Forecasts from the University of
Michigan Seminar on Quantitative
Economics.
Information for economists
provided by the American
economic association. Includes eJel, the electronic edition of the
journal of economic literature.
Information the structure of the
federal reserve system, monetary
policy, consumer information,
testimony and speeches, federal
reserve board press releases,
and more.
Institute for International
economics, contains working
papers, speeches, testimonies
and essays related to
international economics.
Interest rate discussion for the
European monetary union.
Jokes about economics and
economists.
Journal of economic literature
classification system.
Non-current information on the
emerging markets. Includes some
good information on these
markets.
Presents comprehensive world
wide web a resource in
economics includes online journal
information and publications in
Finland, US, UK, and Japan.

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http://www.econdash.net/

http://gerdb.org/

http://www.economist.com/

http://www.economy.com/dismal/
http://www.economymodels.com/

http://www.pcastrd.dost.gov.ph/

http://directory.google.com/Top/Business/Resources/Associations
/Trade_Associations/

http://www.eh.net

http://multinationalmonitor.org/monitor/monitor.html

http://www.prb.org/

http://economics.about.com/

http://www.worldbank.org/data/countrydata/countrydata.html

MPM Applied Economics

Presents U.S. economic data in


an intuitive dashboard format,
provides tutorial on basic
economic measures.
Provides a collection of links to
regional economies departments,
current job and grant postings,
conferences, associations and
journals.
Provides daily published news
and current affairs by categories
opinion, world, business, finance
& economics, science &
technology, people, books & arts,
markets & data, diversions, etc.
Provides economic analysts,
financial outlook and global data.
Provides essay about and
software for forecasting the
economy through the use of
financial and macro economic
models.
Provides various resources for
economists on the internet
including teaching, resources and
guides to other economic sites on
the net, etc.
Site from the "google web
directory" lists numerous trade
Associations. Trade Associations
can be an excellent way to find
information on an industry.
Site of economic history services
that provides resources and
promote communication among
scholars in economic history and
related fields.
Site of multinational monitor,
provides articles on the impact of
multinational corporation on the
environment or on developing
economies.
Site of the population reference
bureau, provides worldwide
statistics on all aspects of
demographics.
Starting point for economics
information with features, articles,
web link library, economic data,
and more.
The world bank's economic and
social data on countries, from its
World Development Indicators
database.

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http://www.barrons.com/

http://fairmodel.econ.yale.edu/

http://www.cyveillance.com

http://econpapers.repec.org/

http://www.economy.com/

http://www.morganstanley.com/GEFdata/digests/digests.htm

This newspaper often has some


very good insight into the
markets. It comes out on a
weekly basis, and many of the
major market analysts often
discuss their market calls in this
newspaper.
This site brings the power of
large-scale macro econometric
analysis to anyone with access to
the internet. It is a resource for
business forecasts, government
policy analysts, macro economic
researchers, teachers and
students.
This site provides solutions
enable businesses to capture
revenue by taking control of their
brand identity, digital assets,
corporate reputation online and
strategic analysis.
This website is a service for
finding and downloading the
latest research results in
economics, It contains around
11,000 papers.
Web portal for news, data and
analysis on the world's
economies, industry status and
related topics.
Well-reputated economists offer
this investment bank analysis and
predictions.

SUPPLEMENTAL MATERIALS: to be provided by the professor


COURSE OUTLINE
The course is conducted over eight sessions. Each session is a four-hour class
period, 10:00 A.M.-12:00 NN and 1:00 3:00 P.M. on Fridays, for a total of 32 hours
classroom time.
Session

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Topic

Reading
Assignments

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Course Content, Outcome, Requirements, Scope,


and Method
Scarcity, Choice, and Opportunity Cost
Ethical Considerations
Tools of Microeconomic Analysis
Twin Market Forces of Supply and Demand, and the
Equilibrium Quantity and Price
Consumer Behavior and Demand Theory; Utility and
Income vs. Price; Concepts of Elasticity
Theory of Costs: Fixed, Variable, Total, Average, and
Marginal
Marginal Revenue

C & F Chapters
1-10

Circular Flow of Income, Output, and Expenditure


Three Basic Macroeconomic Questions:
What goods will be produced, and in what
quantities?
How will the goods be produced?
For whom will the goods be produced?
Major concerns of macroeconomics: growth,
employment, and price stability
Market Structures and How a Typical Firm in them
Maximizes Profit:
Pure competition
Monopoly
Oligopoly
Monopolistic Competition
Monetary Policy, Money Supply and Demand, the
Role of the BSP, Inflation-targeting, and BSPs
Policy Tools
Goods and Money Markets; Aggregate Demand and
Aggregate Supply
Fiscal Policy: Taxation, Government Budget, the
Consolidated Public Sector Fiscal Position, and
Public Debt
National Income Accounts; GDP and GNP; RPs
GDP and GNP Record Compared to its ASEAN
Neighbors
Income and Output Determination
RPs population and per capita income compared to
its ASEAN neighbors
Employment, Unemployment, and Labor
Productivity: RP vs. ASEAN Neighbors
The Consumer Price Index and How it Is Computed
Inflation in RP vs. in its ASEAN Neighbors

C & F Chapters
17-19

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C & F Chapters
11-14

C & F Chapters
20 - 24

C & F Chapters
15, 18,

C & F Chapters
25-27

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The Global Economy:


Economic Basis for International Trade: the
Principle of Comparative Advantage
Free Trade vs. Protectionism
RPs Principal Exports and Imports; Balance of
Trade and Balance of Payments
The Bretton Woods Accord; Fixed and Floating
Foreign Exchange Rate Systems
Globalization of Trade, Investments, Operations,
and Human Resources: Driving Forces
AFTA, GATT/WTO, & APEC: Opportunities and
Risks of Participating in International Trade
Agreements
Economic Growth and Development
The UN Millennium Development Goals
Poverty Incidence in RP vs. in its ASEAN neighbors
Education and investment in human capital: RP vs.
ASEAN neighbors
The Role of Science and Technology in Overcoming
Poverty
Start of presentation of individual term papers (2nd
half of the session)
Continuation of presentation of individual term
papers

MPM Applied Economics

C & F Chapters
32-34

C & F Chapters
28-30, 35

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Session 1
Assignments to be completed prior to Session 1:
1. Read Chapters 1-10 of the textbook.
2. Write a one-page paper on the students assessment of how your organizations
and their clients take into consideration macroeconomic and microeconomic
theories and principles when making decisions
3. Bring a recent copy of any economic magazine or publication and be ready to
discuss a relevant news item or article illustrating the concepts of economics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Articulate the course format, expectations, and requirements
2. Differentiate the various fields of economics
3. Identify and explain key economic concepts that influence personal lives,
businesses, and economies
4. Apply economic concepts to real-world situations
5. Identify and resolve ethical issues in economics
6. Apply microeconomic theory with emphasis on:
a. Behavior of consumers with respect to utility, price, and income
b. Costs and output decisions of the firm
c. Behavior of profit-maximizing firms
Activities:
1. Introduction of students and facilitator
2. Submission of papers on organizational application of economic theories and
principles
3. Discussion of a relevant news item/article
4. Groupings for class presentations and reactions
5. Selection of topics for the individual term paper and explanation of format and
content requirements
6. Discussion of basic microeconomic principles, concepts, and tools of analysis
and their application to managerial decision-making

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Session 2
Assignments to be completed prior to Session 2:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Classify the different types of market structures and the factors that create them
2. Analyze how they work and how profit-maximizing firms in them behave with
respect to output, costs, pricing, and revenues.
3. Cite real-life examples of each type of market structure
Activities:
1. Group presentations and discussion of assignments
Group
Topic
1
Perfect competition
Describe each market
structure and how a firm in it
2
Monopolistic competition
maximizes profits, and give
3
Oligopoly
real-life examples of industries
4
Monopoly
and firms for each structure.
2. Discussion of economic articles.

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Session 3
Assignments to be completed prior to Session 3:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Understand the targets of the Medium Term Philippine Development Plan with
respect to growth, price stability, and employment for 2004-2010, and how these
will be achieved.
2. Explain the role of monetary policy and how the Bangko Sentral ng Pilipinas
exercises its mandate within its framework of inflation-targeting
3. Explain the role of fiscal policy and how the government plans its revenues and
expenditures, and how these affect the economy as a whole.
4. Explain the logic behind privatization and the Build-Operate-Transfer programs.
Activities:
1. Group presentations and discussion of assignments
Group
Topic
2
Describe the targets of the Philippines Medium Term
Development Plan (as created by NEDA) with respect to
growth, price stability, and employment. How will these
targets be met?
3
Describe the BSPs framework of inflation targeting. How
does the BSP control money supply? What has been the
BSPs track record in maintaining price stability?
4
Describe and analyze the Consolidated Public Sector Fiscal
Position in the post-Marcos period. What were the causes of
the CPSFPS deterioration?
1
What is privatization? What is Build-Operate-Transfer? How
did these contribute to the alleviation of the fiscal deficit?
What were their risks and disadvantages, if any?
2. Discussion of economic articles

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Session 4
Assignments to be completed prior to Session 4:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Explain how the primary measures of economic performance, GDP and
GNP/GNI, are derived and what they mean.
2. Describe Philippine GDP/GNP performance and compare it against those of its
ASEAN neighbors.
3. Explain the per capita income record of the Philippines compare it against those
of its ASEAN neighbors.
4. Understand both sides of the population debate, and decide which, at the
Philippines current level of development, is more valid.
Activities:
1. Group presentations and discussion of assignments
Group
Topic
3
Describe how the Phil. government measures GDP and GNP.
What accounts for the biggest difference between the two
measures?
4
Describe the Philippines GDP and GNP growth rates over
the last 10 years. Compare with those of our ASEAN
neighbors over the same period.
1
Describe the Philippines per capita income and its growth
rates over the last 10 years. Compare with those of our
ASEAN neighbors over the same period.
2
Describe the Philippines population size and growth rates
over the last 10 years. Compare with those of our ASEAN
neighbors over the same period. Is population an asset or a
liability for the Philippines?
2. Discussion of economic articles

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Session 5
Assignments to be completed prior to Session 5:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Describe the historical employment and unemployment situation in the
Philippines in comparison with its ASEAN neighbors and identify the underlying
causes
2. Compare Philippine labor productivity against those of its ASEAN neighbors and
analyze the implications of the differences seen
3. Explain the Consumer Price Index, its significance, and how it is computed
4. Describe the historical inflation performance of the Philippines vis--vis its
ASEAN neighbors and identify the underlying causes
Activities:
1. Group presentations and discussion of assignments
Group
Topic
4
Describe the Philippines employment and unemployment
rates over the last 10 years. Compare with those of our
ASEAN neighbors over the same period. Analyze for causes.
1
Describe the Philippines labor productivity levels over the last
10 years. Compare with those of our ASEAN neighbors over
the same period. Analyze for causes.
2
Explain the Consumer Price Index, its significance, and how it
is computed by the National Statistics Office.
3
Describe the Philippines inflation rates over the last 10 years.
Compare with those of our ASEAN neighbors over the same
period. Analyze for causes.
2. Discussion of economic articles

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Session 6
Assignments to be completed prior to Session 6:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Explain the Principle of Comparative Advantage and how it results in mutually
beneficial trade among economies
2. Understand both sides of the Free Trade vs. Protectionism debate and decide
which will be more beneficial for the country in the long run
3. Describe the Philippines historical international trade performance (Balance of
Trade and Balance of Payments), its principal exports and imports and their
historical development, and its principal trading partners
4. Explain the features of both the fixed and the floating exchange rate schemes
and the Bretton Woods Accord that created the post-WWII monetary exchange
system
5. Explain the phenomenon of globalization and its driving forces, its effects on
production, trade, investments, human resources, and the environment, and the
opportunities and risks that the Philippines faces in participating in international
economic agreements such as AFTA, WTO, and APEC.
Activities:
1. Group presentations and discussion of assignments
Group
Topic
1
What is the Principle of Comparative Advantage, and how
does it apply in international trade? What are the arguments
for Protectionism? For Free Trade? What had been the
Philippines economic performance under the protectionist
policies of the post-World War II administrations?
2
Describe the Philippines Balance of Trade and Balance of
Payments over the last 10 years. What are our principal
exports and imports? Which are our principal export markets
and import sources?
3
What was the Bretton Woods Accord? What was its role in
creating the post-World War II monetary exchange system?
4
What is globalization? What are its driving forces? What are
its effects on production, trade, investments, human
resources, and the environment? What are the opportunities
and risks that we face in participating in international
economic agreements such as AFTA, WTO, and APEC?
2. Discussion of economic articles
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Session 7
Assignments to be completed prior to Session 7:
1. Read the assigned chapters and readings.
2. Visit the Case and Fair Web page and other websites for additional resources
and be ready to discuss them.
3. Be prepared to present and discuss assigned topics.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Explain what economic development means and identify its critical success
factors
2. Explain the UN Millennium Development Goals, how their attainment is
measured, and how they apply to the Philippines
3. Describe the incidence of poverty in the Philippines, in comparison over time with
its ASEAN neigbors, and identify its causes
4. Explain the role of education and other forms of investment in human capital in
overcoming poverty, and describe RPs educational investments vis--vis those
of its ASEAN neighbors
5. Explain the role of science and technology in overcoming poverty, and describe
RPs investments in S & T vis--vis those of its ASEAN neighbors
Activities
1. Group presentations and discussions of assignments
Group
Topic
2
Explain the UN Millennium Development Goals, how their
attainment is measured, and how they apply to the
Philippines. Is the Philippines likely to achieve all the Goals?
3
Describe the incidence of poverty in the Philippines over the
last 10 years. Compare with those of our ASEAN neighbors
over the same period. Analyze for causes.
4
Explain the role of education and other forms of investment in
human capital in overcoming poverty, and describe RPs
educational investments vis--vis those of its ASEAN
neighbors over the last 10 years.
1
Explain the role of political governance and its institutions in
determining the direction and speed of economic
development. Is the Philippine political system a help or a
hindrance in the countrys development?
3. Start of presentation of individual term papers (2nd half of the session)

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Session 8
Assignments to be completed prior to Session 8:
1. Be prepared to present your individual term paper
2. Submit the required electronic files to the class coordinator on or before the
deadline.
Learning Objectives:
At the end of this session, learners are expected to competently:
1. Demonstrate the application of economic principles and theories in a particular
context or industry
Activities:
1. Presentation of individual term papers
2. Submission of the CD containing the compilation of all term papers and
presentations.

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