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Microeconomic Theory & Practice Module

This module on microeconomic theory and practice was developed due to restrictions caused by the COVID-19 pandemic, which made in-person teaching difficult. The self-paced online lessons aim to provide learners with a practical understanding of microeconomic concepts and their application to economic interactions. The lessons are intended to help learners internalize these concepts and apply them to improve conditions in their own communities. The module covers key topics like demand and supply, consumer behavior, production, costs, profits, and price determination. It emphasizes issues like sustainability, climate change, and environmental protection. The module is organized into four units that progressively build understanding, from basic definitions and terminology to more advanced analyses of specific microeconomic models

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54 views5 pages

Microeconomic Theory & Practice Module

This module on microeconomic theory and practice was developed due to restrictions caused by the COVID-19 pandemic, which made in-person teaching difficult. The self-paced online lessons aim to provide learners with a practical understanding of microeconomic concepts and their application to economic interactions. The lessons are intended to help learners internalize these concepts and apply them to improve conditions in their own communities. The module covers key topics like demand and supply, consumer behavior, production, costs, profits, and price determination. It emphasizes issues like sustainability, climate change, and environmental protection. The module is organized into four units that progressively build understanding, from basic definitions and terminology to more advanced analyses of specific microeconomic models

Uploaded by

Fire burn
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Module in Microeocomic Theory & Practice

Foreword
The development of a module on Microeconomic Theory & Practice was force-driven by
necessity because of the COVID 19 pandemic that made close teacher-learner personal
contact virtually impossible. The material therefore endeavors to deliver self-packaged
lessons a learner can engage in, at his own time and place. Its main objective is to endow
learners a practical guide to understanding the elements, dynamic interactions between
and among these elements to effectively situate themselves in the whole schema of
economic interaction in its smallest level of analysis hence, its title of MICROECOMICS.
Imbedded in the lessons are practical learnings at home, with their family members, as
providers or beneficiaries of economic largesse in the community.

Learning the theories, processes and concepts will hopefully lead to the internalization and
translation of these learnings to the active participation and pursuit of development in their
own milieu – their home, community or country.

To serve as theoretical foundation of the module, the following materials were consulted:

a. the CHED Memorandum Order (CMO)# (BS Accountancy & BSAIS Course
Contents)
b. Statistical compendium(international & national levels)
Details of the module include:

1. The activation of prior knowledge of students through various activities. This


section would allow students make use of their schema where new knowledge can
be built on.
2. Comparative History of economies in the development process.
3. Supplemental activities as experiential exposure to the stark realities of poverty
and wealth(poor & rich communities) are planned and can be undertaken within the
limits of existing problematic health conditions. The activities are designed to
deepen their understanding of concepts and for them to internalize learning
towards a more pro-active participation in the overall promotion of human and
community welfare.
4. Empirical data will be critically analysed and simulation activities pursued.
Students are given the chance to provide for alternative decision scenarios in a
macro management level. This will provide hypothetical decision making exercises
based on empirical data to hone the students’ critical thinking skills.
5. At the end of each unit, assessment exercises are given reflective of the desired
learning outcomes.
6. Emphasis on issues relating to sustainability, ecology and concern for the
environment is underscored in this material. This has relevance to the issue of
climate change, global warming and environmental degradation. These are
concepts central to a better understanding of development to breed responsible
policy makers.
Organization of Module
The module revolves around four(4) basic learning units.
1. Definition and Terminology with two sub-topics. There are two packages to this
module, the first one provides the students a review of the basic concept in
economics including what microecomomics is. The second package is an
introduction to Economic Theory and Price Theory and an Overview of the
Economy. It serves to orient students on what they can expect from the subject in
terms of learning outcomes and a diagnostic test for students. Planned learning
interaction is twelve(12) hours, at six(6) hours each.
2. Demand and Supply which includes s review of the concept of elasticities.
3. Theory of Consumer Behavior which endeavors to explain also the Theory of
Production and the Theory of Cost & Profit, and
4. Pricing and Output – which discusses how prices are determined in the different
market models under capitalism & how it affects consumer choice.

-trd

Package 1(6 hours)

Unit 1:

Definition & Terminology: Economics,


Microeconomics and Macroeconomics
(12 hours)
Introduction:What is economics?

Economics occupies a primordial role in national development. The many diverse needs
of individuals are material in nature – the house where the family lives, the food,
transportation, school uniforms and myriad other needs are all the subject matter of
economics as reflected in its definition, vis:

“Economics is a social science that studies the maximization


of scarce(limited) resources in order to fulfill unlimited human
wants & needs.”
The very survival of an individual hinges on his economic status, much more the
improvement of his welfare and the whole community,

Throughout human history though, there are groups of people who are more privileged than
others. Closely examine this picture.

We will get back to this later.

Historical Antecedent

Economics as a social science evolved in the 18 th century. However, its is only in this
century that the field is given proper recognition particularly in its provision of a set of
tools to understand socio-economic problems to arrive at rational solutions.

It is thus that this manual is written to help you understand various and numerous problems
of mankind as poverty, starvation, illiteracy, etc. This provides an entry point for the tools
you would have learned to apply to different situations and problems, simple and complex.

Learning Outcomes

At the end of this unit, students will be able to:

 Manifest understanding of the basic concepts in economics;


 Discuss how the aforementioned concepts apply to the day-to-day living of
individuals, families and countries;

 Critically compare development issues in their communities and the country;

 Explain the dynamic interaction between economics and other fields like politics
and socio-cultural dimensions of human interaction;

 Evaluate government policies pertaining to socio-economic development; and

 Formulate alternative scenarios/approaches to the development of a community


and/or country.

Topic 1: Economics Defined

Learning Objectives

At the end of this topic, students will be able to:

 Manifest understanding of basic economic issues and how they relate to their lives
personally and to their community/country.
 Explain the importance of economics in the day-to-day life of people.

Activating Prior Learning

Your first task is to answer the following questions? Why is it necessary for us to
understand economics? Considering the kind of lifestyle your family now has, is there still
a room to improve it? What maybe the factors hindering your family’s movement to a
higher standard of living, what can still be done, what are the things we have neglected.

Your second task is to look at the picture provided in page three(3). Critically compare the
two scenarios provided therein and answer the following questions.

What are the similarities What are the differences? What insights do I have
between the two pictures regarding the comparison?
presented?
1. You may enlarge the table to accommodate your answers.
2. Submit the written output for the first & second tasks to my email ad
:mstanjr@[Link]
before : to be announced later.
Submission is required before the release of the next material.
3. Watch “You Tube” videos with titles like “What is economics?” The difference between
Microeocomics and Macroecomonics to prepare yourself for our next package of
lessons.
4. Watch out for any announcement in your chat group.

Common questions

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The module employs various pedagogical strategies to activate students' prior knowledge, such as incorporating activities that prompt students to reflect on their current understanding and relate it to new concepts. By requiring students to answer reflective questions about the necessity of understanding economics and examining family lifestyle improvements, the module helps them build on existing schemas. This strategy is effective because it bridges prior understanding with new information, facilitating a deeper contextual grasp of economic principles and their relevance to individual and community welfare .

The module facilitates the critical analysis of empirical data by providing simulation activities where students can engage in hypothetical decision-making exercises based on actual data. This approach encourages the development of critical thinking skills by allowing students to explore alternative decision scenarios at a macro management level. By engaging with empirical data in this structured manner, students can apply theoretical knowledge to practical situations, enhancing their ability to critically evaluate economic information and make informed decisions .

The module attributes a primordial role to economics in national development because it addresses the diverse material needs of individuals, such as housing, food, and education, which are essential for survival and welfare improvement. Economics is considered crucial as it provides the tools needed to understand socio-economic problems like poverty and illiteracy, allowing for rational solutions that can enhance individual and community lifestyles. This role is underscored by the emphasis on maximizing scarce resources to meet unlimited human wants and needs, highlighting economics as a fundamental science for fostering national development and progress .

The module encourages students to develop scenarios for community or country development by engaging them in exercises that require the formulation of alternative approaches to development. This is achieved through critical assessment of existing socio-economic conditions and evaluation of government policies, which fosters an understanding of the multifaceted nature of development. By equipping students with theoretical knowledge and analytical tools, the module supports the creation of innovative solutions tailored to local contexts, prompting students to consider diverse perspectives and potential actions to enhance economic conditions and sustainability in their communities .

The introduction of economic concepts in the module helps students understand their personal and community's economic situation by linking theoretical knowledge to real-world applications. Students learn to manifest an understanding of basic economic issues and apply them to their daily lives, considering their family's lifestyle and identifying areas for improvement. Additionally, the module encourages students to critically compare development issues locally and nationally, evaluate government socio-economic policies, and consider alternative development approaches, offering a comprehensive framework for understanding personal and community economic dynamics .

The experiential activities designed within the module significantly impact students' understanding of economic disparities by providing experiential exposure to poverty and wealth. These activities allow students to engage directly with stark economic realities, fostering a deeper understanding of the concepts of rich and poor communities. By encountering these disparities first-hand, students can better internalize the implications of economic theories and concepts on real-world situations, thus enhancing their awareness and ability to critically engage with socio-economic issues in their communities .

The module incorporates considerations of sustainability and environmental concerns by emphasizing issues related to ecology, climate change, global warming, and environmental degradation. It aims to inculcate a better understanding of development through the lens of these environmental issues, fostering responsible policy-making among students. This emphasis is reflected in the material as a perspective central to understanding development, encouraging learners to consider the ecological impacts of economic activities and the importance of sustainable practices in decision-making processes .

The module's emphasis on the use of empirical data significantly contributes to a practical understanding of microeconomic concepts by offering students direct engagement with real-world data. Through simulation activities, students practice applying theoretical knowledge to concrete situations, strengthening their ability to interpret and analyze data within the context of economic theories. This emphasis aids in bridging the gap between abstract concepts and tangible applications, enabling students to develop a nuanced understanding of microeconomic dynamics and their implications in various market scenarios .

The learning outcomes specified in the module are significant for student engagement with socio-economic development issues as they encompass understanding basic economic concepts, applying these concepts to real-life situations, and evaluating government policies. They encourage students to critically compare development issues within their communities and nationally, promoting a comprehensive understanding of how economic forces impact everyday life. These outcomes also aim to equip students with the skills to formulate alternative developmental strategies, fostering active participation in community and national development endeavors. By focusing on these outcomes, the module ensures that students are not only passive recipients of information but also active contributors to socio-economic discourse .

The Microeconomic Theory & Practice module addresses the issue of experiential learning under the COVID-19 pandemic by incorporating practical learning activities that students can undertake independently at home. This is achieved through self-packaged lessons that students can engage with at their own pace and location, allowing them to continue learning despite the lack of face-to-face interaction. The module includes home-based activities with family members as providers or beneficiaries of economic largesse, which helps internalize economic concepts and encourages participation in community development. Additionally, it includes supplemental activities designed for experiential exposure under existing health constraints to deepen understanding and promote proactive participation in welfare promotion .

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