ECON 101 COURSE OUTLINE (This outline is subject to change) Recommended Books Principles of Microeconomics, Fourth Edition by N.

Gregory Mankiw Principles of Macroeconomics, First Canadian Edition by N. Gregory Mankiw Elementary Economics by Gerardo P. Sicat Course Description: Principles of Economics with Land Reform and Taxation This is a 3 units introductory economics course and will tackle also the land reform and taxation in the Philippines. This subject includes the basic thoughts both in microeconomics and macroeconomics. First Term Introduction to Economics Reading Assignment: Chapters 1 to 7 of N. Gregory Mankiws Principle of Microeconomics Fourth Edition or Principles of Macroeconomics, First Canadian Edition A. B. C. D. Topics: Definition of Economics Economic Models The Ten Principles of Economics The Laws of Demand and Supply

Topics to be discussed: A. Definition of Economics Topics to e discussed: A.1 Different definitions of economics A.2 Economics as science of choice A.2 Distinction between Microeconomics and Macroeconomics A.3 Three basic economic problems B. Economic Models B.1 Circular Flow Diagram B.2 Production Possibilities Frontier Quiz #1 C. The Ten Principles of Economics C.1 People face tradeoffs C.2 The Cost of Something Is What you give up to get it C.3 Rational people think at the Margin

C.4 People respond to Incentives C.5 Trade can make everyone better off C.6 Markets are usually a good way to organize economic activity C.7 Governments can sometimes improve market outcomes C.8 A country's standard of living depends on its ability to produce goods and services C.9 Prices rise when the government prints too much money C.10 Society faces a short-run tradeoff between Inflation and Unemployment Quiz #2 D. The Laws of Demand and Supply D.1 Law of demand D.1.1 Demand schedule D.1.2 Demand Curve D.1.3 Elasticity of demand D.1.4 Willingness to pay and consumers surplus D.1.5 Determinants of demand D.2 Law of supply D.2.1 Supply schedule D.2.2 Supply curve D.2.3 Elasticity of supply D.2.4 Producers surplus D.2.5 Determinants of demand Quiz #3 E. The Law of Demand and Supply together E.1 Equilibrium point E.2 Equilibrium price E.3 Equilibrium quantity E.4 Shortage E.5 Surplus FIRST TERM EXAMINATION Second Term: Three Fundamental Laws of Economics Topics: A. The Law of Diminishing Marginal Utility B. The Law of Diminishing Return C. The Law of Comparative Advantage D. The Data of macroeconomics Reading Assignment: Chapter 9 of N. Gregory Mankiws Principle of Microeconomics Chapter 3 of Gerardo P. Sicats Elementary economics Topics to be discussed: A. The Law of Diminishing Marginal Utility A.1 Law of diminishing marginal utility

A.2 Marginal utility or value A.3 Total utility Quiz #4 B. The Law of Diminishing Return B.1 Law of diminishing marginal return (product) B.2 Marginal cost and marginal benefit B.3 Total revenue, marginal revenue and average revenue B.4 Total cost, marginal cost, and average cost, fixed and variable inputs Quiz # 5 C. The Law of Comparative Advantage C.1 Law of comparative advantage C.2 Absolute and Comparative advantage C.3 Specialization C.4 Trade D. The Data of Macroeconomics D.1 Consumer Price Index (CPI) D.2 Inflation and unemployment D.3 Gross Domestic Product (GDP) D.4 The expenditure approach to gross domestic product D.5 Circular flow diagram part 2 Quiz #6 SECOND TERM EXAMINATION Final term Land Reform and Taxation Topics: A. Agrarian Reform B. Comprehensive Agrarian Reform Program Recommended Books Agrarian Reform and Taxation, by Hector De Leon Topics to be discussed: A. Agrarian Reform A.1 Meaning of Land Reform A.1.3 Agrarian Structure A.1.3.1 Land Tenure Structure A.1.3.2 Production Structure A.1.3.3 Structure of supporting services A.2 Meaning of Agrarian Reform

A.2.1 Aspects of Agrarian Reform A.2.1.1 Economic Aspect A.2.1.2 Socio-cultural Aspect A.2.1.3 Religious Aspect A.2.1.4 Moral Aspect A.2.1.5 Legal Aspect A.2.1.6 Political Aspect A.2.2 Ways of effecting changes in agrarian structure A.2.2.1 revolutionary means A.2.2.2 authoritarian regime A.2.2.3 Revolutionary means through the democratic process A.2.3 Agrarian Reform and Balanced Development A.2.3.1 Agrarian reform and industrialization A.2.3.2 Relationship between agriculture and industry A.2.3.3 Important conditions for industrialization A.2.4 Agrarian reform and urbanization A.2.4.1 Requirement for urbanization A.2.4.2 Development inputs from agricultural sector A.2.4.3 Interdependence between the cities and farms A.2.5 The Philippine Agrarian Problem A.2.5.1 Two important dimensions. A.2.5.2 A basic problem of Philippine society A.2.5.3 Basically a question of land distribution and utilization Quiz #7 B. Comprehensive Agrarian Reform (CARP) R. A. 6657 (Comprehensive Agrarian Reform Law of 1988) B.1 Declaration of Principles and Policies B.2 Coverage B.2.1 Scope B.2.2 Retention Limits B.2.3 Order of Priority B.2.4 Exemptions and Exclusions B.2.5 Qualified beneficiaries B.2.6 Determination of Just Compensation B.2.7 Valuation and Mode of Compensation B.2.8 Distribution Limit B.2.9 Payment by Beneficiaries