Basic economic concepts : Introduction : Why study economics? -- Macroeconomics vs. microeconomics -- The economic problem : resource allocation : The four basic economic questions -- System of allocation -- Efficiency, trade-off, and the PPF -- Microeconomics : Demand and supply : basic elements : The concept of demand -- Change in quantity demanded -- Market demand -- Shifts in the demand curve -- The concept of supply -- Changes in quantity supplied -- Market supply -- Shifts in the supply curve -- Market equilibrium, demand and supply applications : Equilibrium price and quantity -- Price ceilings and price floors -- Elasticity -- Own price elasticity of demand -- Elasticity values -- Elasticity and the total revenue test -- Determinants of own price elasticity of demand -- Price elasticity of supply -- Tax incidence -- Demand and consumer behavior : Income and substitution effects -- Utility concepts and measurement -- Total utility and marginal utility -- Consumer behavior -- The equi-marginal rule -- Production, cost, and the business organization : The production function -- Short run production (production with one variable input) -- Cost of production -- Short run analysis -- Explicit versus implicit costs -- Long run analysis -- Forms of business organizations -- Perfect competition : Characteristics of a perfectly competitive market -- Demand as seen by a perfectly competitive firm -- Revenues of the firm in a perfectly competitive market -- Short run profit maximization -- The importance of fixed and variable costs -- The firm's short run supply curve -- Profit maximization in the long run -- Imperfect competition : Imperfect competition -- Sources of market imperfection -- Types of imperfect markets -- The nature of monopolies -- The inefficiency of the monopoly -- Regulation of a monopoly -- Welfare analysis : Consumer and producer surplus -- Welfare effects of taxation -- Macroeconomics : Macroeconomics indicators : The flow of goods and services -- Indicators of a country's aggregate output -- Measuring GDP -- Using GDP or GNP to gauge a nation's economic health -- Limitations of GNP -- Inflation -- Unemployment -- Simple income determination : Aggregate expenditure and national income -- Savings, investment, and income -- Investment and income -- Savings, income, and the paradox of thrift -- Simple income determination : Algebraic treatment -- Government and economic activity : The role of government in modern economies -- The budget of the Philippines national government -- Government and income determination -- Fiscal policy -- The multiplier -- Inflationary and deflationary gaps -- Algebraic treatment -- Open economy macroeconomics : Balance of payments -- Exchange rate -- Income determination in an open economy -- Money, central banking, and monetary policy : What is money? -- Evolution of the modern payment systems in the Philippines -- The role of monetary institutions in the economy -- Simple money creation -- Monetary policy -- International monetary institutions and the Philippine monetary system -- Special Topics : International trade : Why do countries trade? -- The basis for trade -- Trading with many commodities among many countries -- Free trade vs. protectionism -- Introduction to taxation : The role of taxes in the economy -- Types of taxation -- Revenue and tax efforts trends -- Problems in tax collection -- Agrarian reform : The concept of agrarian reform -- Brief history of the Philippine agrarian reform experience -- Salient features of CARP -- Accomplishments under the CARP -- Impact of the CARP -- Theories of development : Historical perspective of development : dualistic economies -- Classical theories of development -- Neoclassical models -- Developmentalist theories -- Sustainable development -- Development economics : The meaning of growth and development -- Measuring economic growth and development -- Human development index -- The kuznets curve -- Poverty -- Poverty situation -- Income distribution -- The economy and the environment : The link between the environment and the economy -- Environmental issues of our time -- The economic approach to solving environmental problems -- On-the-ground initiatives by the global and domestic communities to counter environmental damages.