PRINCIPLES OF ECONOMICS

Unit Guide

Trimester 3 2021
 ECO101_PRINCIPLES OF ECONOMICS
TRIMESTER 2 2021

About Principles Of Economics (ECO101)

CONTACTS
Unit Instructor / Main Dr. Dinh Cong Khai
Lecturer Email: khai@ueh.edu.vn
Ms. Linh Vu
Associate Lecturer
Email: linh.vu@isb.edu.vn
An Nguyen
Program Administrator 17 Pham Ngoc Thach Street, District 3, HCM City
Phone: 08 54465555 Email: an.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 how the actions of individual firms relate back to the model of supply and
demand. Finally, we’ll study how consumers 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 to 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

None

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Assessment Information

UNIT LEARNING OUTCOMES

The table below outlines the unit learning outcomes (ULOs) for this unit. Upon completion
of this unit, students will be able to:

1. Explain and apply key economics concepts appropriately.

2. Construct sound economic arguments in terms of these concepts.

3. Apply simple economic models to the analysis of relevant economic issues.

4. Apply economic reasoning to make deductions about market behavior.

5. Explain and evaluate the likely effects of government economic policy.

PROGRAM LEARNING OUTCOMES

In line with its focus on assuring students’ skills in unit learning outcomes 1-7 above, this
unit is also responsible for introducing/developing/assuring the following program-level
learning outcomes (PLOs):

Knowledge & Application

1. Solid understanding and competency of appropriate application of business discipline-
specific knowledge.
Communication
2. Competency in professional written and oral communication suited to multiple audiences
and contexts.
Teamwork
3.
Effective collaboration in teamwork or other tasks in organizational settings.
Critical thinking
4.
Critical thinking through appropriate observing, analyzing and reasoning, etc.
Problem solving
5.
Effective and constructive problem solving.
Ethics
6. An ethical perspective, including an understanding of the ethical responsibilities of
organizations.
Cultural Diversity
A global mindset, including an understanding of the different business settings, the ability to
7.
identify foreign market potentials, to diagnose cross-cultural communication problems and
propose appropriate solutions.

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ASSESSMENT SUMMARY
VALUE
ASSESSMENT ITEM DUE DATE LEARNING OUTCOMES
(%)
1. Presentation (Group) In each class 15% LO1-LO5
2. Problem sets (Individual) Next class 15% LO1-LO5
3. Tutorial session In each class 10% LO1-LO5
4. Mid-term exam (Individual) Session 8 30% LO1-LO5
5. Final exam (individual) TBA 30% LO1-LO5

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) (15%)

Due: In each class
Length: 45 minutes

▪ This activity is a group presentation organized in each class. As a member of a

group, you will be required to participate in your group presentation when your
group is chosen. Besides, you are required to continuously participate and
contribute to other groups’ presentation with your questions or comments over the
semester.
▪ In each class you will have a group presentation and discussion. Basically, a group
of three students will present an assigned topic which is usually a chapter in the
textbook and then other students will criticize or ask questions. Keep in your mind
that I will choose a group to present randomly, which means each group has an
equal chance to present every week. Therefore, everyone needs to read materials
carefully and prepare for presentation before each class. Your reading, speaking,
and economics vocabularies will be improved substantially and amazingly at the
end of this course. Work hard and be patient, of course.

Marking criteria and standards:

You are evaluated individually on your comprehension of assigned materials, your

presentation skill and teamwork.

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Assessment 2: Problem sets (Individual) (15%)

Due: Next class
▪ There is a problem set for each class. You need to complete and submit it next
class. All problem sets are worth 15% of your total mark for the unit.
▪ 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.
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 each problem
set has the same value – namely, one point.

Assessment 3: Tutorial sessions (Individual) (10%)

Due: In each class

These are tutorial classes that give students a chance to discuss with the teaching
assistant problems they have not yet understood in class. The TA may give students some
quizzes to make sure that they completely understand what they study in the course.
Quizzes will be graded and worth 10% of the total mark. All tutorial sessions are
mandatory.

Assessment 4: Mid-term exam (Individual) (30%)

Due: Session 8
Length: 90 minutes

▪ This is a 90-minute examination and consists of multiple-choice questions. The

midterm exam will cover all the chapters in Microeconomics in the syllabus.
▪ The multiple-choice questions are much the same format as problem sets. You are
assessed on concepts and application of microeconomic theory to solve
microeconomic problems. Your analytical reasoning and solving skills are
examined.
Note: The mid-term examination is held in the regular classroom. There is no make-up
midterm examination. The midterm examination is a closed -book exam. No materials are
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 exam has
the same value – namely, one point.

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Assessment 5: Final exam (Individual) (30%)

Due: Session 8
Length: 90 minutes
▪ This is a 90-minute examination and consists of multiple-choice questions. The final
exam will cover all the chapters in Macroeconomics in the syllabus.
▪ The multiple-choice questions are much the same format as problem sets. You are
assessed on concepts and application of macroeconomic theory to solve
macroeconomic problems. Your analytical reasoning skills and ability to see the
difficulties in a policy environment are examined.

Note: The final examination is held on-campus. Check the examination timetable for the
location (campus, room number) and time (date, hour) of the exam. The final examination
is a closed-book exam. No materials are 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 solutions.

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Teaching Activities
LEARNING RESOURCES
Textbook ▪ Mankiw, N. G. (2018). Principles of Economics (8th ed.). South -
Western Cengage Learning.

Reference
None
books

LEARNING RESOURCES
E-library http://search.proquest.com/login
Username: UEHCMC2010
Password: thuvien0810

E-learning http://elearning.isb.edu.vn/

Referencing requirements
Student assignments are to contain original content created by the students. Assignments will
be rejected if they include plagiarised content or contain excessive amounts of quoted/cited
material and minimal original content. Students will receive a grade of ZERO (0%) for any
assignments rejected for this reason. Written assignments WILL BE RANDOMLY checked by
the lecturer with Turnitin.com, an online plagiarism -checking tool.

Furthermore, your reference to support your statements must be from a reliable source, such
as textbooks, additional reading materials, and reference books. However, many websites are
not reliable sources. Examples are Wikipedia.org, about.com, and ask.com. If you are not sure
if a reference is acceptable or not, please contact the lecturer.

The Publication Manual of the American Psychological Association (APA) 6th ed ., will
serve as the primary reference materials for all students. Therefore, all papers must be
submitted in APA format. The mechanics of student papers and wo rk will be evaluated, as well
as the content. It is imperative that guidelines be reviewed before an assignment is begun. It is
also important that the required submission format be followed in compiling the final paper or
assignment.

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SCHEDULE OF ACTIVITIES
WEEKLY
SESSION PROGRAM SCHEDULE READINGS &
ACTIVITIES
Part 1. Introduction Ch1
Chapter 1: Ten Principles of Economics Ch2
1
Chapter 2: Thinking Like an Economist Ch3
Chapter 3: Interdependence and the Gains from Trade PS 1

Part 2. How Markets Work Ch4

Chapter 4: The Market Forces of Supply and Demand Ch5
2
Chapter 5: Elasticity and Its Application Ch6
Chapter 6: Supply, Demand, and Government Policies PS 2

Part 3. Markets and Welfare

Chapter 7: Consumers, Producers, and the Efficiency of Ch7
3
Markets Ch8
Chapter 8: The Cost of Taxation PS 3

Chapter 9: International Trade Ch9

4
Review (PS 1, 2, and 3) PS 4

Part 4. Firm Behavior and the Organization of Industry

Ch13
5 Chapter 13: The Costs of Production
Ch14
Chapter 14: Firms in Competitive Markets
PS 5
Ch15
Chapter 15: Monopoly
Ch17
6 Chapter 17: Oligopoly
Ch16
Chapter 16: Monopolistic Competition
PS 6
Part 5. Consumer Choice
7 Chapter 21: The Theory of Consumer Choice Ch21
Review on Microeconomics (PS 4, 5, and 6) PS 7

Review on Microeconomics (PS7)

8
Mid-term Exam

Part 6. The Real Economy in the Long-run

Ch23
Chapter 23: Measuring a Nation’s Income
9 Ch24
Chapter 24: Measuring the Cost of Living
Ch25
Chapter 25: Production and Growth
PS 8
Ch26
Chapter 26: Savings, Investment and the Financial System
10 Ch28
Chapter 28: Unemployment
PS 9
Part 7. Money and Prices in the Long Run Ch29
11 Chapter 29: The Monetary System Ch30
Chapter 30: Money Growth and Inflation PS 10
12 Review (PS 8, 9, and 10)
13 Part 8. The Macroeconomics of Open Economies

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WEEKLY
SESSION PROGRAM SCHEDULE READINGS &
ACTIVITIES
Chapter 31: Open-Economy Macroeconomics: Ch31
Basic Concepts
Chapter 32: A Macroeconomic Theory of the Open Ch32
Economy PS 11
Part 9. Short-Run Economic Fluctuations and
Stabilization
Ch33
Chapter 33: Aggregate Demand and Aggregate Supply
14 Chapter 34: The Influence of Monetary and Fiscal Policies
on Aggregate Demand Ch34
Chapter 35: Short-Run Trade-off between Inflation Ch35
and Unemployment PS 12

Review (PS 11 and 12)

15
Overall review on Macroeconomics
Final Exam

General Information & Policy

Referencing
Plagiarism
Student assignments are to contain original content created by the students. Assignments
will be rejected if they include plagiarised content or contain excessive amounts of
quoted/cited material and minimal original content. Students will receive a grade of ZERO
(0%) for any assignments rejected for this reason. Written assignments WILL BE checked
by the lecturer with Turnitin.com, an online plagiarism-checking tool.
Sources
Furthermore, your reference to support your statements must be from a reliable source,
such as textbooks, additional reading materials, and reference books. However, many
websites are not reliable sources. Examples are Wikipedia.org, about.com, and ask.com. If
you are not sure if a reference is acceptable or not, please contact the lecturer.
Referencing & Citation
The Publication Manual of the American Psychological Association (APA) 6th ed., will
serve as the primary reference materials for all students. Therefore, all papers must be
submitted in APA format. The mechanics of student papers and work will be evaluated, as
well as the content.

Submission
Assignment cover sheet
▪ All assignments are required to be submitted with an Assignment Cover Sheet.

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▪ Group assignments are to be submitted with a Group Assignment Cover Sheet as

well as a Peer Evaluation Form depending on the request of unit instructor.
Non-contributing team members can sometimes be an issue with group-work structured
assessment. Individual student group work scores may be adjusted as a result 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 MyISB system
▪ Students are advised to keep a copy of all assignments submitted for marking.

Submission style
Assignments are expected to achieve a professional standard:
▪ Be typed, one and a half spaced, on A4 paper
▪ Use a simple clear format, suitable for a report to senior management in a commercial
organisation.

Submission method
Soft copy: submitted electronically via E-learning system by 11:55 PM on the due date
(Suggested title: Student name_Unitname_Name of Assignment).
Hard copy: submitted to ISB Submission Box at the Reception Area (17 Pham Ngoc
Thach) by the due date.

Late assignment and make-up policy

No late assignments will be accepted unless prior authorisation granted by the Academic
Department based on a Special Consideration Application for assessment task extension.
Students must complete all assessments on the assigned dates including quizzes, mid-
term test, and final exam. If there are extenuating or unforeseen circumstances, students
must follow the school’s policies and procedures accordingly.

Attendance
Students are required to attend a minimum of 80% of all classes (which normally 12/15
sessions).
Other cases equating to an absence:
▪ Arriving to class late by 15 minutes at the beginning,
▪ Arriving late by 5 minutes after the break
▪ Leaving prior to the scheduled end time without the permission of the lecturer
If you are unable to attend any session, please let your lecturer know AND submit a
request for absence form to program administrator prior to the session.

 IMPORTANT: Students will not be allowed to sit in the final examination if violating the
above absence rule.

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Electronic device use

▪ Cell phones will be turned off or switched to vibrate mode before class starts.
▪ No phone calls or text messaging are allowed inside classroom during class time.
▪ Portable listening and/or music devices may not be operated in the classroom.
▪ Headphones and/or ear buds of any type may not be worn while in the classroom
whether operating or not.
▪ Laptop and other electronic devices are not permitted unless specifically
authorised by the lecturer exclusively for note taking and doing class work.

 IMPORTANT: If you are in violation of these policies you will be excused from class
and an absence will be assessed.

Email etiquette
Your lecturers receive many emails each day. In order to enable them to respond to your
emails appropriately and in a timely fashion, students are asked to follow basic
requirements of professional communication.
Your emails should:
▪ Have a concise and descriptive title, including the class and name of the unit you
are enquiring about
▪ Be clear about the intention of their emails
▪ Use appropriate tone and language, proof-read what is written in the email before
sending it.
Students should also allow 3-4 working days for a response before following up. If the
matter is legitimately urgent, you may indicate “URGENT” in the email subject header.
Make an appointment: If your email request is complex and requires a lengthy response it
may be probably best to make an appointment with your lecturer/instructor to meet in
person.

Student behaviour guidelines

Everyone must behave professionally. Students are expected to demonstrate respect for
teacher and fellow students at all times. Behaviour that is disruptive to a positive learning
environment reported to the teacher will result in a warning on the first instance; the
second instance might result in a failing grade along with expulsion from the school.
Unacceptable behaviors can be:
▪ Cheating on an exam
▪ Collaborating with others on work to be presented, if contrary to the stated rules of
the course
▪ Submitting, if contrary to the rules of the course, work previously submitted in
another course
▪ Knowingly and intentionally assisting another student in any of the above actions,
including assistance in an arrangement whereby work, classroom performance,

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examination, or other activity is submitted or performed by a person other than the

student under whose name the work is submitted or performed
▪ Plagiarising

 IMPORTANT:
▪ First violation will result in a grade ZERO (0%) for that assignment.
▪ Second violation will result in a failing course grade.

Disability support services

Students with disabilities are advised that accommodations and services are available at
UEH-ISB. It is the student's responsibility to contact UEH-ISB office and submit appropriate
documentation prior to receiving such services.

Additional information
This unit guide may be revised at the discretion of the Academic Department with approval
from Program Academic Director and School Academic Committee where appropriate.

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