ECO101 - PRINCIPLES OF ECONOMICS

TRIMESTER 3 2022

Unit Guide
 ECO101_PRINCIPLES OF ECONOMICS
TRIMESTER 3 2022

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.

Mr. Kinwah Lo
Unit Instructor
Email: lo.kinwah@isb.edu.vn

Ms. Ngoc Tran

Academic Admin
Email: ngoc.tranlieu@isb.edu.vn

Ms. Tuyen Nguyen

41 Vo Van Tan Street, District 3, HCMC
Student Advisor
Phone: 02839305952 Email: tuyen.nguyen@isb.edu.vn

Unit overview
This unit is an introduction to microeconomic and macroeconomic analysis and its applications.
In the microeconomics part, we 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 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 behaviour of the firm. We
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.
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 analysing
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
Learning outcomes
Learning outcomes for the unit are outlined below. 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 behaviour.

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

Assessment summary
ASSESSMENT LEARNING VALUE
ASSESSMENT ITEM AND DUE DATE
NUMBER OUTCOMES (%)
Weekly Quizzes (Individual)
1. LO1-LO5 30%
Due: In each class
Activities and Engagement (Individual
2. and Group) LO1-LO5 20%
Due: In each class
Economics Project (Group)
3. LO1-LO5 20%
Due: Week 12 (subject to change)
Final Exam (Individual)
4. LO1-LO5 30%
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
the 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.

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Assessment 1: Weekly Quizzes (Individual) (30%)

Overview
Quizzes are used 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 materials of the previous lessons and readings.

Questions in quizzes 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. The quizzes are typically 5-10 minutes in length and will
be in the format of True/False, Multiple Choice, and/or Short Answer questions. In total, there
are 10 quizzes and each is worth 3 marks of the overall course score.

Due: each week before the specified deadline

Assessment 2: Activities and Engagement (Individual and Group) (20%)

Overview
Students’ engagement in a lesson will be assessed through the successful completion of various
activities. For example, some activities will include online surveys and worksheets which are
assigned at various times during the lesson. Questions in worksheets 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.
Online surveys, with open-ended and Likert scale questions, are used to gain valuable insights
and opinions from students regarding the topics learned in this unit. These facilitate group
discussions and help students develop critical thinking skills. Students will be able to express
themselves regarding topics learned and the course in general. Students must successfully
complete all these activities in the lessons, either individually or in a group as specified by the
teacher.
Due: during the class

Marking criteria and standards

You are evaluated on your comprehension of assigned materials, and teamwork.

Assessment 3: Economics Project (Group) (20%)

Overview
The project requires researching about an economic issue and applying economic theory and
analysis. As a group of 3-5 students, you will present your research, analysis and
recommendations.
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Due: before the end of the lesson on the deadline date

Marking criteria and standards

You are evaluated on your comprehension of assigned materials, and teamwork.

Assessment 4: Final Exam (Individual) (30%)

Overview
This is a 120-minute examination and consists of multiple-choice and/or short answer/essay
questions. The final exam will cover all the chapters in Microeconomics and Macroeconomics in
the syllabus.
Due: TBA
Length: 120 minutes

Details
You are assessed on concepts and application of microeconomic and macroeconomic theory to
solve economic 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 (unless stated otherwise). 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. No course 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, students have to give out the right
solutions.

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.

Submission style and method

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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 to
senior management in a commercial organisation.

All assignments are required to be submitted electronically via the learning management system
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: Studentname(or
Groupname)_Unitname_Name of Assignment.

Late assignment and make-up policy

All quizzes, 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.

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Teaching activities
Schedule of activities
WEEKLY READING
SESSION PROGRAM SCHEDULE
ACTIVITIES
Readings: Chapters 1,
Part 1. Introduction
2, 3
Chapter 1: Ten Principles of Economics
1. Course overview
Chapter 2: Thinking Like an Economist
Forming groups
Chapter 3: Interdependence and the Gains from Trade
Quiz 1
Part 2. How Markets Work Readings: Chapters 4,
Chapter 4: The Market Forces of Supply and Demand 5, 6
2.
Chapter 5: Elasticity and Its Application Quiz 2
Chapter 6: Supply, Demand, and Government Policies Worksheet & Survey
Readings: Chapters 7,
Part 3. Markets and Welfare
8, 9
Chapter 7: Consumers, Producers, and the Efficiency
3. Quiz 3
Chapter 8: The Cost of Taxation
Worksheet & Survey
Chapter 9: International Trade
Project Introduction
Part 5. Firm Behavior and the Organization of Readings: Chapters 13,
Industry 14
4.
Chapter 13: The Costs of Production Quiz 4
Chapter 14: Firms in Competitive Markets Worksheet & Survey

Chapter 15: Monopoly Readings: Chapters 15,

Chapter 16: Monopolistic Competition 16, 17
5.
Chapter 17: Oligopoly Quiz 5
Worksheet & Survey

Quiz 6
6. Review on Microeconomics
Worksheet & Survey

Readings: Chapters 23,

Part 9. The Real Economy in the Long-run
24
Chapter 23: Measuring a Nation’s Income
7. Project 2 introduction
Chapter 24: Measuring the Cost of Living
Quiz 7
Worksheet & Survey
Chapter 25: Production and Growth
Readings: Chapters 25,
Chapter 26: Savings, Investment and the Financial
26, 28
8. System
Quiz 8
Chapter 28: Unemployment
Worksheet & Survey

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Readings: Chapters 29,

Part 10. Money and Prices in the Long Run
30
9. Chapter 29: The Monetary System
Quiz 9
Chapter 30: Money Growth and Inflation
Worksheet & Survey

Part 11. The Macroeconomics of Open Economies Readings: Chapters 31

10. Chapter 31: Open-Economy Macroeconomics: Basic Quiz 10
Concepts Worksheet & Survey

Part 12. Short-Run Economic Fluctuations and

Stabilization
Chapter 33: Aggregate Demand and Aggregate Supply Readings: Chapters 33,
11. Chapter 34: The Influence of Monetary and Fiscal 34, 35
Policies on Aggregate Demand Worksheet & Survey
Chapter 35: Short-Run Trade-off: Inflation and
Unemployment
ECONOMICS PROJECT PRESENTATION Economics Project
12.
Review on Macroeconomics Submission

13. FINAL EXAM

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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 group 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, you will not get the full
benefit from this learning opportunity.

Learning resources
Essential reading
Mankiw, N. G. (2015). Principles of Economics (8th ed.). South - Western
Textbook
Cengage Learning.
Recommended Greenlaw, Steven A, David Shapiro et al. (2020). Principles of Economics
reading 2e. Openstax.

Online resources
http://search.proquest.com/login
E-library 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 style 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. It is

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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.

Class Policies and Rules

Attendance requirement
UEH-ISB policy requires students to enter electronic finger print before entering the classes. Class
attendance is compulsory and students should provide reasons for the failure to attend the class
on a particular lecture/workshop session. Students are required to attend a minimum of 80% of
all classes in order to secure class participation marks. Please let your lecturer and/or UEH-ISB
know if you are unable to attend any session.

Arriving to class late by 15 minutes at the beginning, arriving late by 5 minutes after the break,
or leaving prior to the scheduled end time without the permission of the lecturer will equate to
an absence. Grade reductions for the unit will be assessed when final grades are assigned if the
above absence rule is violated during the unit.

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

Email etiquette
Your teachers 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. Firstly, all emails should have a concise and descriptive title,
including the class and name of the unit you are enquiring about as your teacher may be teaching
more than one unit/class. Students need to 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 this in the email subject header but be sure that the email
does require an immediate response before using this strategy. If your email request is complex
and requires a lengthy response it may be probably best to make an appointment with your
teacher 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 course or program.
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Students are to be punctual at every class session and group meeting. Homework, readings and
other required assignments must be well prepared and completed as scheduled. Students must
also actively participate in classroom activities and discussions.

Any student caught (1) cheating on an exam, (2) collaborating with others on work to be
presented, if contrary to the stated rules of the course, (3) submitting, if contrary to the rules of
the course, work previously submitted in another course, (4) knowingly and intentionally
assisting another student in any of the above actions, including assistance in an arrangement
whereby work, classroom performance, examination, or other activity is submitted or performed
by a person other than the student under whose name the work is submitted or performed, or
(5) plagiarising, may fail the class and be subject to further disciplinary action. 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 Unit Coordinator with approval from
Program Academic Director and School Academic Committee where appropriate.

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