This document provides information on the Principles of Economics module offered at Taylor's University. It introduces topics in microeconomics like demand, supply, elasticity and the different market structures as well as macroeconomic concepts like GDP and unemployment. The 5-credit hour module runs over 18 weeks and includes lectures, tutorials and self-study. Assessment includes a class test, group assignment, final exam and individual e-portfolio.

1. SCHOOL OF ARCHITECTURE, BUILDING & DESIGN
Centre for Modern Architecture Studies in Southeast Asia (MASSA)
___________________________________________________________________
Foundation in Natural and Built Environments
Module: Principles of Economics (ECN30205)
Prerequisite: None
Credit hours: 5
Instructor: Tay Shir Men (shirmen.tay@taylors.edu.my)
Module Synopsis
The module introduces the central issues in economic societies via understanding the behaviour of
consumers and producers and the role of factors of production. Specifically, it will focus on topics found in
microeconomics (e.g. the laws of demand and supply, scarcity and opportunity costs, and firm competition
and their cost behaviours) and macroeconomics (e.g. national output, unemployment, fiscal and monetary
policies).
Module Teaching Objectives
The teaching objectives of the module are:
1. To introduce the various economic theories necessary for real-world understanding and applications.
2. To understand scarcity and choice in the use of resources.
3. To understand market forces and consumer behaviour.
4. To analyze and compare the different types of firm competition in a market.
5. To understand the workings of our economy as a whole.
Module Learning Outcomes
Upon successful completion of the module, students will be able to:
1. Define the terminologies and concepts used in the study of economics.
2. Generalize about economic behaviour or economic data.
3. Explain the laws of demand and supply and their interaction with each other.
4. Explain and analyze the cost & profit-maximizing behaviour of firms in the short and long run.
5. Compare and analyze the characteristics of different types of market competition (e.g. monopoly,
oligopoly, perfect competition, etc.).
6. Explain macroeconomic concepts like GDP and GNP, unemployment and financial markets.
Modes of Delivery
This is a 5 credit hour module conducted over a period of 18 weeks. The modes of delivery will be in the
form of lectures, tutorials, and self-directed study. The breakdown of the contact hours for the module is as
follows:
 Lecture: 2 hours/week
 Tutorial: 2 hours/week
 Self-study: 7 hours/week
Principles of Economics (ECN30205): August 2015 1 | P a g e

2. Office Hours
You are encouraged to visit the instructor/lecturer/tutor concerned for assistance during office hours. If the
office hours do not meet your schedule, notify the instructor and set appointment times as needed.
TIMeS
TIMeS will be used as a communication tool and information portal for students to access module materials,
project briefs, assignments and announcements
Principles of Economics (ECN30205): August 2015 2 | P a g e

3. Taylor’s Graduate Capabilities(TGC)
The teaching and learning approach at Taylor’s University is focused on developing the Taylor’s Graduate
Capabilities in its students; capabilities that encompass the knowledge, cognitive capabilities and soft skills
of our graduates.
Principles of Economics (ECN30205): August 2015 3 | P a g e
Discipline Specific Knowledge
TGCs Acquired
Through Module
Learning Outcomes
1.0 Discipline Specific Knowledge
1.1 Able to put theories into practice. 1,2,3
1.2 Understand ethical issues in the context of the field of studies. -
1.3 Understand professional practice within the field of studies. -
Cognitive Capabilities
2.0 Lifelong Learning
2.1 Learn independently. -
2.2 Locate, extract, synthesise and utilise information effectively. -
2.3 Be intellectually engaged. -
3.0 Thinking and Problem Solving Skills
3.1 Think critically and creatively. 3, 5
3.2 Define and analyse problems to arrive at effective solutions. 4
Soft Skills
4.0 Communication Skills
4.1 Communicate appropriately in various setting and modes. -
5.0 Interpersonal Skills
5.1 Understand team dynamics and mobilize the power of teams. -
5.2 Understand and assume leadership. -
6.0 Intrapersonal Skills
6.1 Manage one self and be self-reliant. -
6.2 Reflect on one’s actions and learning. -
6.3 Embody Taylor's core values. -
7.0 Citizenship and Global Perspectives
7.1 Be aware and form opinions from diverse perspectives. 6
7.2 Understand the value of civic responsibility and community engagement. -
8.0 Digital Literacy
8.1
Effective use of information and communication (ICT) and related
technologies.
-

4. General Rules and Regulations
Late Submission Penalty
The School imposes a late submission penalty for work submitted late without a valid reason e.g. a medical
certificate. Any work submitted after the deadline (which may have been extended) shall
have the percentage grade assigned to the work on face value reduced by 10% for the first
day and 5% for each subsequent day late. A weekend counts as 1 day.
Individual members of staff shall be permitted to grant extensions for assessed work that they have set if
they are satisfied that a student has given good reasons.
Absenteeism at intermediate or final presentations will result in zero mark for that presentation.
The Board of Examiners may overrule any penalty imposed and allow the actual mark achieved to be used
if the late submission was for a good reason.
Attendance, Participation and Submission of Assessment Components
Attendance is compulsory. Any student who arrives late after the first half-hour of class will be considered as
absent. A minimum of 80% attendance is required to pass the module and/or be eligible for the final
examination. You are expected to attend and participate actively in class. The lectures and tutorials will
assist you in expanding your ideas and your research progression.
Students will be assessed based on their performance throughout the semester. Students are expected to
attend and participate actively in class. Class participation is an important component of every module.
Students must attempt all assessment components including Portfolio. Failure to attempt assessment
components worth 20% or more, the student would be required to resubmit or resit an assessment
component, even though the student has achieved more than 50% in the overall assessment. Failure to
attempt all assessment components, including final exam and final presentation, will result in failing the
module irrespective of the marks earned, even though the student has achieved more than 50% in the
overall assessment.
Plagiarism (Excerpt from Taylor’s University Student Handbook 2013, page 59)
Plagiarism, which is an attempt to present another person’s work as your own by not acknowledging the
source, is a serious case of misconduct which is deemed unacceptable by the University. "Work" includes
written materials such as books, journals and magazine articles or other papers and also includes films and
computer programs. The two most common types of plagiarism are from published materials and other
students’ works
a. Published Materials
In general, whenever anything from someone else’s work is used, whether it is an idea, an opinion or the
results of a study or review, a standard system of referencing should be used. Examples of plagiarism may
include a sentence or two, or a table or a diagram from a book or an article used without acknowledgement.
Serious cases of plagiarism can be seen in cases where the entire paper presented by the student is copied
from another book, with an addition of only a sentence or two by the student. While the former can be
treated as a simple failure to cite references, the latter is likely to be viewed as cheating in an examination.
Though most assignments require the need for reference to other peoples’ works, in order to avoid
plagiarism, students should keep a detailed record of the sources of ideas and findings and ensure that
these sources are clearly quoted in their assignment. Note that plagiarism refers to materials obtained from
the Internet too.
b. Other Students’ Work
Circulating relevant articles and discussing ideas before writing an assignment is a common practice.
However, with the exception of group assignments, students should write their own papers. Plagiarising the
Principles of Economics (ECN30205): August 2015 4 | P a g e

5. work of other students into assignments includes using identical or very similar sentences, paragraphs or
sections. When two students submit papers which are very similar in tone and content, both are likely to be
penalized.
Student Participation
Your participation in the module is encouraged. You have the opportunity to participate in the following
ways:
 Your ideas and questions are welcomed, valued and encouraged.
 Your input is sought to understand your perspectives, ideas and needs in planning subject revision.
 You have opportunities to give feedback and issues will be addressed in response to that
feedback.
 Do reflect on your performance in Portfolios.
 Student evaluation on your views and experiences about the module are actively sought and used
as an integral part of improvement in teaching and continuous improvement.
Student-centered Learning (SCL)
The module uses the Student-centered Learning (SCL) approach. Utilization of SCL embodies most of the
principles known to improve learning and to encourage student’s participation. SCL requires students to be
active, responsible participants in their own learning and instructors are to facilitate the learning process.
Various teaching and learning strategies such as experiential learning, problem-based learning, site visits,
group discussions, presentations, working in group and etc. can be employed to facilitate the learning
process. In SCL, students are expected to be:
 active in their own learning
 self-directed to be responsible to enhance their learning abilities
 able to cultivate skills that are useful in today’s workplace
 active knowledge seekers
 active players in a teamwork
Types of Assessment and Feedback
You will be graded in the form of formative and summative assessments. Formative assessments will
provide information to guide you in the research process. This form of assessment involves participation in
discussions and feedback sessions. Summative assessment will inform you about the level of
understanding and performance capabilities achieved at the end of the module.
Assessment Plan
Assessments Type Learning
outcomes
Submission Presentation Assessment
Weightage
Class Test Individual 1, 3 Week 7 - 20%
Assignment Group
2, 6
Week 16 - 30%
Final
Examination
Individual
4,5,6
Exam Week - 40%
E-Portfolio Individual All Week 18 - 10%
TOTAL 100%
Principles of Economics (ECN30205): August 2015 5 | P a g e

6. Assessment Components
1. Assignment – (Group)
The aim of this group assignment is to broaden the students’ interest in the subject by allowing them to visit
and interview the business of their choice so that they can understand the competitive behaviors of the
business. The students will then submit their findings and analysis in a report.
2. Class Test - (Individual)
This mainly consists of multiple choice questions as well as subjective questions (where recall, analysis and
application of concepts are essential to answering the questions competently).
3. Final Exam - (Individual)
The final exam paper consists of multiple choice questions as well as subjective questions (where recall,
analysis and application of concepts are essential to answering the questions competently).
4. Taylor’s Graduate Capabilities Portfolio (Online Portfolio) – (Individual)
Each student is to develop an e-Portfolio, a web-based portfolio in the form of a personal academic blog.
The e-Portfolio is developed progressively for all modules taken throughout Semesters 1 and 2, and MUST
PASS THIS COMPONENT. The portfolio must encapsulate the acquisition of Module Learning Outcome,
Programme Learning Outcomes and Taylor’s Graduate Capabilities, and showcases the distinctiveness and
identity of the student as a graduate of the programme. Submission of the E-Portfolio is COMPULSARY.
Principles of Economics (ECN30205): August 2015 6 | P a g e

7. Marks and Grading Table
Assessments and grades will be returned within 2 weeks of your submission. You will be given the grades
and necessary feedback for each submission. The grading system is shown below:
Grade Marks
Grade
Points
Definition Description
A 80 – 100 4.00 Excellent
Evidence of original thinking; demonstrated outstanding
capacity to analyze and synthesize; outstanding grasp of
module matter; evidence of extensive knowledge base
A- 75 – 79 3.67 Very Good
Evidence of good grasp of module matter; critical capacity
and analytical ability; understanding of relevant issues;
evidence of familiarity with the literature
B+ 70 – 74 3.33
Good
Evidence of grasp of module; critical capacity and analytical
ability, reasonable understanding of relevant issues;
evidence of familiarity with the literatureB 65 – 69 3.00
B- 60 – 64 2.67
Pass
Evidence of some understanding of the module matter;
ability to develop solutions to simple problems; benefitting
from his/her university experience
C+ 55 – 59 2.33
C 50 – 54 2.00
D+ 47 – 49 1.67
Marginal
Fail
Evidence of minimally acceptable familiarity with module
matter, critical and analytical skills
D 44 – 46 1.33
D- 40 – 43 1.00
F 0 – 39 0.00 Fail
Insufficient evidence of understanding of the module matter;
weakness in critical and analytical skills; limited or irrelevant
use of the literature
WD - - Withdrawn
Withdrawn from a module before census date, typically mid
semester
F(W) 0 0.00 Fail Withdrawn after census date, typically mid semester
IN - - Incomplete
An interim notation given for a module where a student has
not completed certain requirements with valid reason or it is
not possible to finalise the grade by the published deadline
P - - Pass Given for satisfactory completion of practicum
AU - - Audit
Given for a module where attendance is for information only
without earning academic credit
Principles of Economics (ECN30205): August 2015 7 | P a g e

8. Weekly Module Schedule
Week/Date Topic
Lecture
Hour
Tutorial
Hour
Blended
Learning
Week 1 Topic 1: Introduction to Microeconomics
• Economic concepts, issues and tools.
• Positive and normative economics.
• Microeconomics and macroeconomics.
• Resources, scarcity and choices.
• The concept of opportunity cost.
• The production possibility curve.
2 2 6
Week 2 Topic 1: Economic Systems
• The main economic problems.
• The Command Economy.
• The Free Market Economy.
• The Mixed Economy
2 2 6
Week 3
Topic 2: Price Theory: Demand
• The Individual Demand Curve.
• Factors affecting demand.
• Substitutes and complements.
• Deriving the demand equation.
• Movements and shifts of the Demand Curve.
• Market Demand Curve
2 2 6
Week 4 Topic 2: Price Theory: Supply
• The Individual Supply Curve.
• Factors affecting supply.
• Deriving the Supply Equation.
• Movements and shifts of the Supply Curve.
• Market Supply Curve.
2 2 6
Week 5 Topic 2: Price Theory: Market Equilibrium
• The price mechanism.
• The equilibrium price and quantity.
• Price Regulation: Price Ceiling and Price Floor.
• Government Intervention : Tax And Subsidies
2 2 6
Week 6 Topic 3: Elasticities of Demand and Supply (Part
1)
• Price Elasticity of Demand.
• Degrees of Elasticity.
• Factors influencing Price Elasticity of Demand.
2 2
6
Class Test
Week 7
Class Test 2 2 6
Week 8 Topic 3: Elasticities of Demand and Supply (Part
2)
• Cross Elasticity of Demand.
• Income Elasticity of Demand.
• Price Elasticity of Supply.
2 2 6
Principles of Economics (ECN30205): August 2015 8 | P a g e

9. • Factors influencing Price Elasticity of Supply
Week 9 Topic 4: Theory of Firm Production & Costs (Part
1)
• The Law of Diminishing Returns.
• Total Product and Marginal Product
• Short Run Costs
2 2 6
Week 10 Topic 4: Theory of Firm Production & Costs (Part
2)
• Long Run Costs
• Economies of Scale, Constant Return to Scale,
Diseconomies of Scale
2 2 6
Week 11 Topic 5: Market Structure: Monopoly
• Characteristics of a Monopoly Market.
• The Demand Curves of Monopoly
• Short run and long run equilibrium of a firm.
2 2 6
Week 12 Topic 5: Market Structure: Oligopoly
• Characteristics of an Oligopoly Market.
• Collusive and Non-Collusive Oligopoly.
• The Demand Curves of Oligopoly
2 2
6
Digital
upload of
Assignment
Week 13 Topic 5: Market Structure: Monopolistic
Competition
• Characteristics of a monopolistic competitive market.
• The Demand Curves of Monopolistic Competitive
Firms
• Short run and long run equilibrium of a firm.
2 2 6
Week 14 Topic 5: Market Structure: Perfect Competition
• Characteristics of a perfectly competitive market.
• The Demand Curves of Perfectly Competitive Firms
• Short run and long run equilibrium of a firm.
2 2 6
DEEPAVALI BREAK (9th
– 13th
NOVEMBER)
Week 15 Topic 6: Measuring National Income & Production
• Circular flow of economy
• GDP and GNP
• Real and Nominal GDP
• Shortcomings of GDP
2 2 6
Week 16 Topic 6: Unemployment & Government Policies
• Unemployment and its Causes
• The costs of unemployment
• Fiscal Policies
• Monetary Policies
Submission of Assignment
2 2
6
Digital
upload of
E-portfolio
Week 17 Topic 6: Financial Markets
• Share Markets
• Bond Markets
• Money Markets
2 2 6
Week 18
Submission of E-Portfolio 2 2 6
Week 19 Study Leave
Principles of Economics (ECN30205): August 2015 9 | P a g e

10. Note: The Module Schedule above is subject to change at short notice.
References
Main References : 1. Karl E. Case and Ray C. Fair. 2004. Principles of Economics. International
Edition: 7th
Edition. Prentice Hall.
2. David Begg, Stanley Fischer and Rudiger Dornbusch. 2003. Economics - 7th
Edition, London, McGraw-Hill.
3. Richard G.Lipsey and Colin Harbury. 1999. First Principles of Economics. 9th
Edition, Oxford: OUP.
Additional
References :
1. John Sloman and Mark Sutcliffe. 2004. Economics for Business. 3rd
Edition,
Prentice Hall.
Principles of Economics (ECN30205): August 2015 10 |
P a g e