PRINCIPLES OF ECONOMICS

Unit Guide

Trimester 3 2023
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CONTACTS
Unit Instructor / Senior Dr. Le Thi Ngoc Mai
Lecturer Email: [email protected]
Ms. Linh Vu
ISB Lecturer
Email: [email protected]
An Nguyen
Program Administrator 279 Nguyen Tri Phuong Street, District 10, HCM City
Phone: 08 54465555

About Principles of Economics (ECO101)

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 ensuring 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 identify
7.
foreign market potentials, to diagnose cross-cultural communication problems and propose
appropriate solutions.

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ASSESSMENT SUMMARY

VALUE LEARNING
ASSESSMENT ITEM DUE DATE
(%) OUTCOMES
1. Presentation (Group) In each lecture session 10% LO1-LO5
2. Problem sets (Individual) Next class 10% LO1-LO5
3. In-tutorial quizzes (Individual) In each tutorial session 10% LO1-LO5
4. Mid-term exam (Individual) Week 6 20% LO1-LO5
5. Project (Group) Week 12 20% LO1-LO5
6. 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’s
policies.
Note: To successfully complete this unit, students must:
▪ Achieve a minimum of 50 marks;
▪ Complete all assessment items; and
▪ Attend 80 percent of class time. See attendance requirements in the section of class policies
and rules below.

Assessment 1: Presentation (Group) (10%)

Due: In each lecture session
Length: 15-20 minutes

▪ This activity is a group presentation organized in each lecture session. 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’
presentations with your questions or comments over the course.
▪ In each session, you will have a group presentation and discussion. Basically, a group of 3-4
students will present an assigned topic which is usually a section of a chapter in the
textbook, and then other groups will criticize or ask questions. Keep in mind that the lecturer
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 a
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) (10%)

Due: Before next session
▪ There is a problem set for each lecture session. You need to complete and submit it before
the next session. All problem sets are worth 10% 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: In-tutorial quizzes (Individual) (10%)

Due: In each tutorial session

Length: 25 minutes

These are five tutorial sessions that give students a chance to discuss with the associate lecturer any
problems that students have not yet understood in class. At the end of each session, students are
required to complete one quiz including 20 multiple-choice questions. Detailed contents of each
session are stated in the “Teaching activities”. Quizzes will be graded and worth 10% of the total
mark. Please note that tutorial sessions are compulsory and students who do not participate one
session will have 0 points for quiz of that session.

Assessment 4: Mid-term exam (Individual) (20%)

Due: Week 6
Length: 90 minutes

▪ This is a 90-minute examination and consists of 60 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 point.

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Assessment 5: Economics Project (Group) (20%)

Overview
The purpose of the project is to assess the students’ ability to use the economic tools developed in
the course to understand various micro and/or macroeconomic phenomena with a view to forecasting
the future direction of firm decisions or key economic indicators pertaining to these phenomena and
suggesting policies/strategies/solutions.
Details
Topics are to be instructed during the course. Groups will work on developing an outline of the
project as a whole and identifying key issues that require addressing. Each team is expected to
design a 10-15 minutes video clip to summarize the key findings from your analysis and
recommendations of the project. You can use PPT as a method for recording your presentation, but
please make sure to show your face & introduce your name before presenting.

REQUIREMENTS (Note: section headings are not required)

Introduction The purpose of the introduction is to make clear to the reader what the topic of
discussion is, what your position on the topic is, and to give an outline of how your
project will unfold. Therefore, an introduction typically has the following features:

1. A thesis statement that answers or responds to the question or topic by giving

your position, or stating your argument, clearly and concisely. The thesis statement
tells the reader what to expect from the project.

2. An outline that sets the sequence of arguments or issues for discussion in the
body of the project.

Body The purpose of the body of a project is to support the claim made, or position
taken, in the thesis statement. The body of the project should flow directly from the
introduction and be divided up into paragraphs that develop and support your thesis
statement through to the conclusion.

Each paragraph should include a topic sentence that presents the main idea of the
paragraph (typically the first sentence) and supporting sentences that explain and
elaborate on the main idea of the paragraph. These may include examples relevant
to the topic of discussion and quotes or paraphrases from other sources to back up
the claim made in the topic sentence.

Each paragraph should develop one main idea at a time and be structured logically.
The structure of your paragraph will depend on the main purpose of your project.
A project which discusses the historical development of an idea may have
paragraphs which are structured chronologically, whereas a project which is
arguing a specific position may be organized into sub-arguments or reasons. If a
particular sequence of discussion is outlined in the introduction, then the structure
of the body should adhere to this sequence.

In some cases diagrams, tables and charts may be useful in conveying information
in a structured format. However, if you use them, make sure you refer to them and
discuss their meaning and usefulness for your argument.

Critical When critically analyzing a problem or issue, you need to use appropriate theory
analysis and and/or research to analyze the problem or issue and to come up with solutions
where relevant.

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problem
solving Your project should also reflect awareness that the topic can be analyzed in terms
of different, sometimes conflicting theoretical frameworks.

Conclusion The purpose of the conclusion is to draw the main arguments and concepts of your
project together and to show how these arguments and ideas support your project’s
thesis. Therefore, the main features of a conclusion include:

1. A summary that briefly restates the main issues or arguments covered in the
body of the project.

2. A thesis restatement that shows how the main arguments or issues discussed
confirm your position.

A conclusion should not introduce any new idea or draw conclusions that are not
supported by the body of the project.

Bibliography/ The Bibliography should include academic articles and data sources. Please ensure
references to include the full reference/links and the date that you accessed the sites/
databases. Your reference list will be consistently formatted and will use the APA
referencing style.

Academic Ensure that your writing is as clear, concise and precise as possible. When writing
writing your project, use simple English to express your ideas where possible. Avoid using
“big” words or flowery language. Instead try to write clearly by using simple
language and sentence structures to express complex ideas, and incorporate
specialized or technical terminology when it’s needed.

Qualify your statements to ensure they are reasonable and express precisely what
you mean. Avoid making sweeping statements or unwarranted generalizations.
When evidence could be interpreted in many ways, phrases such as “arguably”,
“the evidence suggests”, “it seems” and “it is likely” can be used to modify, limit
or adjust your claims so that they are more correct.

Ensure that you proofread your writing and that it is free from spelling and
grammatical errors. You will lose marks for poor spelling and grammar and for
projects that have not been adequately proofread and edited.

Marking criteria and standards

BELOW
CRITERIA MEETS STANDARD ABOVE STANDARD
STANDARD

Project Little and/or Good introduction and Comprehensive

structure inappropriate discussion discussion of the key introduction of the key
(5%) of key issues and thesis issues with the thesis issues with clear and
statements, little support statement and adequate appropriate thesis
for thesis statements and logically argued statements.
and/or the argument has support for the thesis Comprehensive support
been presented in an statement. for the thesis statement
illogical manner. and logically presented
argument.

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Critical Inappropriate applies Applies some relevant Accurately applies a

analysis and theory and/or research to theory and/or research to range of appropriate
problem analyze a problem or analyze a problem or theories and research to
solving (5%) issue, or uses issue, or provides basic critically analyze a
theory/research analysis using a limited problem or issue.
inaccurately. range of relevant
theory/research.

Discuss the Shows only a limited Demonstrates a sound Demonstrate a critical

relevant understanding of the understanding of the awareness of different
theory used relevant theory or has a relevant theory. theories.
in the confused understanding
of it. Shows an awareness of Has a nuanced awareness
literature to the links between theory of the limitations of
understand Limited appreciation of and the phenomena different approaches to
the economic the linkages between being discussed. the explanation of the
phenomena theory and the phenomena under
being phenomena being consideration.
explained and discussed
apply it to
explain these
phenomena
(60%)

Bibliography/ Overall inadequate or no Good logical structure of Exceptionally high

references record of bibliography, bibliography and quality of bibliography
(5%) or inappropriate appropriate references with the use of a wide
references. and the method of range of appropriate
referencing. resources.

Academic Low quality presentation Good quality Exceptionally high

writing (5%) with grammatical errors presentation, no quality presentation with
and inadequate attention grammatical errors with excellent attention to
to detail. adequate attention to detail.
detail.

Presentation
(20%)

Assessment 6: Final exam (Individual) (30%)

Due: TBA
Length: 90 minutes
▪ This is a 90-minute examination and consists of 60 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.

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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.

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Teaching Activities
LEARNING RESOURCES

Textbook ▪ Mankiw, N. G. (2021). Principles of Economics (9th ed.), South - Western Cengage
Learning.

Reference
None
books

E-library https://smartlib.ueh.edu.vn/
You can use your ISB email to login this system.
Instruction on how to use UEH Smart Library: Ctrl + Click this link UEH Smart Library

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

Referencing requirements
Student assignments are to contain original content created by the students. Assignments will be rejected if they
include plagiarized 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 work 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

SESSION WEEKLY READINGS &

WEEK PROGRAM SCHEDULE
ACTIVITIES
1 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 Problem Set 1
2 Part 2. How Markets Work Ch4
Chapter 4: The Market Forces of Supply and Demand Ch5
Chapter 5: Elasticity and Its Application Ch6
2 Chapter 6: Supply, Demand, and Government Policies Problem Set 2
3 Review Chapter 1-6
Discuss PS 1-2 In-tutorial Quiz 1
Quiz 1
4 Part 3. Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency of Ch7
3 Markets Ch8
Chapter 8: The Cost of Taxation Ch9
Chapter 9: International Trade Problem Set 3
5 Part 4. Firm Behavior and the Organization of Industry Ch13
Chapter 13: The Costs of Production Ch14
Chapter 14: Firms in Competitive Markets Ch15
4 Chapter 15: Monopoly Problem Set 4
6 Review Chapter 7-9 & 13-15
Discuss PS 3-4 In-tutorial Quiz 2
Quiz 2

7 Chapter 16: Monopolistic Competition Ch16

Chapter 17: Oligopoly Ch17
5
Part 5. Consumer Choice Ch21
Chapter 21: The Theory of Consumer Choice Problem Set 5
Midterm
6 Exam

8 Part 6. The Real Economy in the Long-run

Ch23
Chapter 23: Measuring a Nation’s Income
Ch24
7 Chapter 24: Measuring the Cost of Living
Ch25
Chapter 25: Production and Growth
Problem Set 6

9 Chapter 26: Savings, Investment and the Financial System Ch26

Chapter 28: Unemployment Ch28
Problem Set 7
8 10 Review Chapter 23-25, 26, 28
Discuss PS 6-7
In-tutorial Quiz 3
Quiz 3
Project topic and outline submission

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SESSION WEEKLY READINGS &

WEEK PROGRAM SCHEDULE
ACTIVITIES
11 Part 7. Money and Prices in the Long Run Ch29
9 Chapter 29: The Monetary System Ch30
Chapter 30: Money Growth and Inflation Problem Set 8
12 Part 8. The Macroeconomics of Open Economies
Chapter 31: Open-Economy Macroeconomics: Ch31
Basic Concepts
Chapter 32: A Macroeconomic Theory of the Open Ch32
10 Economy Problem Set 9
13 Review Chapter 29-32
Discuss PS 8-9 In-tutorial Quiz 4
Quiz 4
14 Part 9. Short-Run Economic Fluctuations and
Stabilization
Chapter 33: Aggregate Demand and Aggregate Supply Ch33
11 Chapter 34: The Influence of Monetary and Fiscal Policies Ch34
on Aggregate Demand Ch35
Chapter 35: Short-Run Trade-off between Inflation Problem Set 10
and Unemployment
15 Review Chapter 33-35
12 Discuss PS 10 In-tutorial Quiz 5
Quiz 5 Project submission
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 plagiarized 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.

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Submission
Assignment cover sheet
▪ All assignments are required 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 depending on the request of the 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
organization.

Submission method
Soft copy: submitted electronically via E-learning system by deadlines on the due date (Suggested
title: Student name_Unitname_Name of Assignment).
Hard copy: in class by the due date.

Late assignment and make-up policy

No late assignments will be accepted unless prior authorization is 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, problem sets, mid-
term test, projects 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 10/12 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

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If you are unable to attend any session, please let your lecturer know AND submit a request for
absence form to the program administrator prior to the session.

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

Electronic device use

▪ Cell phones will be turned off or switched to the vibrate mode before class starts.
▪ No phone calls or text messaging are allowed inside the 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 authorized 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 behavior guidelines

Everyone must behave professionally. Students are expected to demonstrate respect for teachers and
fellow students at all times. Behavior 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

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▪ 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
▪ Plagiarizing

 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 the 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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