Bachelor of Science in Applied Economics major in Industrial Economics
Degree Codes: Program – BSAEC 听听Plan – BSAEC-IE
Rationale
The applied economics major in industrial economics program is designed to equip students with knowledge in economic theory and the basic skills needed for undertaking economic analysis. The program is for those who are interested in understanding how economic analysis can be applied to resolve issues and problems encountered in a corporate or business environment. Students will learn the importance of formal economic and econometric modeling frameworks and strategies emphasizing the increasingly dominant role of mathematics and logic. They will develop the ability to communicate the essential aspects of economic policy and its implications through applied research, develop problem solving skills, and integrate the core La Sallian values into one鈥檚 life. Aside from incorporating mathematical and logical rigor, the curriculum encompasses important fields like corporate planning, financial economics, industrial organization, international trade and finance, money and banking, and other fields directly relevant to the business world.
It takes 9 trimesters and 1 summer term to finish the program. To successfully complete the program, students should be able to sucessfully complete 159 units of formal academic coursework as well as comply with other academic requirements set by the department. Students will also have to take up 12 units of non-academic subjects for their wholistic development. Students in this program need to write a thesis that conforms with standards prescribed by the department. Students are also required to undertake practicum work in any private corporation or government entity.
Course Descriptions
Basic Subjects
LBYECON听听听听听听听听听听听听听听听听听 Computer Package 1 for Economcis Major
3 units
This course aims to introduce students to basic computer concepts. It is designed to provide students with a broad understanding of the World Wide Web/Information Technology (IT), and provides an initial description of the Microsoft Windows XP environment and usage of the Microsoft Office suite. As much as possible, each exercise will focus in applications in Economics.
Pre-requisite: none
Pre-requisite to: LBYECO1
ECONONE听听听听听听听听听听听听听听听听 Basic Microeconomics
3 units
The course aims to give an understanding and appreciation of the basic theories and concepts in economics and their applications to current national and international economic concerns. In addition, this course exposes the students to alternative tools of economics analysis and how they are used to solve the problems of a country.
Pre-requisite: COMALGE
Pre-requisite to: ECONTWO and LBYECO1
ECONTWO听听听听听听听听听听听听听听听 Introduction to Macroeconomics
3 units
This course is an introduction to macroeconomics, which will provide students with sufficient understanding of the definition and determinants of aggregate variables in the economy. After a quick review of the fundamental principles of economic analysis, including graphing and theoretical concepts, the rest of the term will focus on learning the tools of macroeconomics, exploring the role of fiscal policy in stabilizing the economy, and studying functions of money and how it can be used as a policy tool in achieving a country鈥檚 macroeconomic goals.听 Armed with the basics, the succeeding sessions will be devoted to deeper discussions of issues involving unemployment and inflation, government budget deficits, exchange rates, the open economy and other current policy concerns.
Pre-requisite: ECONONE
Pre-requisite to: LBYECO2, MACREC1, MICREC1 and ECOSTAT
LBYECO1听听听听听听听听听听听听听听听听听 Mathematical Economics 1 Lab.
0.5 unit
This course supplements the discussions in MATECO1, which aims to discuss how to solve problems in economics using Mathematica. Being familiar with statistical softwares such as Mathematica will open more learning opportunities and save a lot of time for students.
Pre-requisite: LBYECON and ECONONE
Pre-requisite to: LBYECO2
LBYECO2听听听听听听听听听听听听听听听听听 Mathematical Economics 2 Lab.
3 units
This course supplements the discussions in MATECO2 aims to discuss how to solve problems in economics using Mathematica. Solving problems manually is not always the best way to achieve learning, especially when problems are hard to do manually.
Pre-requisite: MATECO1, LBYECO1 and ECONTWO
Pre-requisite to: LBYMET2
MATECO1听听听听听听听听听听听听听听听听 Mathematical Economics 1
3 units
This course represents the first in a sequence of two mathematical economics courses. The course discusses introductory concepts on the foundations and applications of one-variable calculus and its essential extensions to the multivariate case.听 In essence, this course highlights how mathematics, in its formalized form, can be integrated into problems in听 economics like comparative static analysis and highlight and emphasize essential model construction features that will ultimately lead to an enhanced capability to formal model building. This course should be taken simultaneously with LBYECO1 (Basic Mathematica 1).
Pre-requisite: BUSANA1
Pre-requisite to: MATECO2 and LBYECO2
MATECO2听听听听听听听听听听听听听听听听 Mathematical Economics 2 (Lecture)
3 units
The course deals with the more advanced theories and economic applications of calculus of several variables and optimization. It specifically covers the different functions of several variables, implicit functions, total derivatives, differentials, higher-orders derivatives, and unconstrained and constrained optimization.听 Building upon the skills learned from its predecessor, MATECO1, this course emphasizes on the logic of mathematical reasoning provided by proofs. This course should be taken simultaneously with LBYECO2 (Basic Mathematica 2).
Pre-requisite: MATECO1
Pre-requisite to: MICREC1, MACREC1 and ECOSTAT
Major Subjects
ECONDEV听听听听听听听听听听听听听听听听 Economic Development
3 units
The course is designed to provide students with a thorough understanding of the concepts and principles of development economics and equip them of tools necessary to analyze, evaluate and interpret contemporary Philippine economic development issues.听 The course includes a rigorous discussion of the models of economic growth and development as well as a critical analysis of these models particularly in the context of the experience of less developed countries. It will also look into current policy controversies in developing countries and alternative forms of financing economic growth.听 Issues concerning trade orientation, trade reform and its effects on growth and development will be discussed along with financial reform and its effects on savings, investment and growth.听听 The course examines the critical problems and issues that these countries face as they try to develop, and the government policies that are implemented to address these issues. Classes are conducted principally through class discussions and lectures.
Pre-requisite:听听 None
Pre-requisite to: THSECO1
ECOSTAT听听听听听听听听听听听听听听听听听 Economic Statistics
3 units
This course is an introductory subject in statistical data analysis. Emphasis is given to the understanding of basic statistical tools and techniques as used by practicing economists.听 This course also prepares the students for the rigors of empirical courses like econometrics and economic research.
Pre-requisite: ECONTWO and MATECO2
Pre-requisite to: ECONMET and LBYEMET
ECONMET听听听听听听听听听听听听听听听听 Econometrics
3 units
This course uses basic econometric theory to enable students to appreciate the applications of this quantitative method in support of economic analysis.听 Relying mainly on statistical inferences, the course allows students to understand economic behavior, effects on market agents and measure probable impacts of different policies and scenarios.
Pre-requisite: ECOSTAT
Pre-requisite to: METRESE
ECOIORG听听听听听听听听听听听听听听听听听 Economics of Industrial Organization
3 units
This course considers the different economic principles, concepts and consequences of inter-market agents鈥� relations.听 These Interactions are considered within the context of horizontal, vertical, conglomerate and network perspectives. The anti-trust implications of inter-market agents鈥� relations using these perspectives are likewise considered.
Pre-requisite: MACREC2 and MICREC2
Pre-requisite to: none
ECOMET2听听听听听听听听听听听听听听听听听 Econometrics 2
3 units
This course is meant to provide Economics majors the opportunity to specialize on advance econometric modeling tools and techniques frequently used in the empirical literature.
Pre-requisite: ECONMET
Pre-requisite to: none
INTECON听听听听听听听听听听听听听听听听听听 International Economics
3 units
The course deals with the economic basis of the global trade in goods and services. It covers various economic theories explaining the causes, pattern and gains from trade. In evaluating the gains from international trade, the course will analyze the effects of trade on production, consumption, employment, income distribution, economic growth, and social welfare. It will also cover the basis and implications of various commercial policies that can hinder the free flow of goods and services internationally.听 The course will also feature causes, trends, and potential impact of international factor movements, particularly labor migration and capital flows. Finally, the course will present various avenues for regional economic integration.
Pre-requisite: MACREC2 and MICREC2
Pre-requisite to: METRESE and THSECO1
LBYEMET听听听听听听听听听听听听听听听听听 Econometrics Laboratory
1.5 units
This course supplements the discussions in ECONMET, aims to discuss the use of software packages for data management and econometric analysis. You will be introduced to using EXCEL, EVIEWS, GRETL, MATHEMATICA, STATA, and many other software packages that are convenient, powerful, and practical.
Pre-requisite: ECOSTAT
Pre-requisite to: None
LBYMET2听听听听听听听听听听听听听听听听听 Econometrics 2 Laboratory
0.5 unit
This course is a supplement to Advanced Econometrics (ECOMET2) that allows hands-on demonstration of the estimation techniques to be learned in ECOMET2. This course uses听Stata听as the software to implement the estimation techniques and tests. It also provides an opportunity for students to conduct a study and apply the techniques learned on real-world data.
Pre-requisite:听 LBYECO2
Pre-requisite to: none
MACREC1听听听听听听听听听听听听听听听听 Macroeconomics 1
3 units
The course deals with the analysis of overall behavior of the economy. It will strive to explain trends or fluctuations in important macroeconomic aggregates like output, employment and prices. It will also cover important theoretical underpinnings behind different paradigms in macroeconomics as in Keynesian and classical models. Using basic aggregate demand and aggregate supply framework, the course will explain the determination of equilibrium output, prices, interest rates under a closed economy and open economy model. It will use microeconomic foundations to explain behavior of macro variables like consumption, investment, government spending etc.听听 Towards the end, special topics like theory of economic policy and inflation-unemployment trade-off will be discussed.听 Discussion of theories will be related to recent developments in the economy which have important policy implications.
Pre-requisites:听ECONTWO and MATECO2
Pre-requisite to: MACREC2 and METRESE
MACREC2听听听听听听听听听听听听听听听听 Macroeconomics 2
3 units
This course will elucidate on core concepts and special topics in macroeconomics. It will deal with the analysis of the behavior of economic aggregates like output, employment, prices interest rates, exchange rate and balance of payment under more complex assumptions. It will tackle open economy macroeconomic models, explain the existence of hyperinflation and high unemployment, expound on the existence of business cycles and on the concept of long-run economic growth. It will give some attention to the role of expectations in accounting for intertemporal choices of household, firm, government sector and foreign sector.听 It will strive to give an understanding of workings of financial markets and how current global financial crisis came to fore. In the end, it is hoped that students will be well equipped to analyze and understand with greater depth current macroeconomic problems within the local and international context.
Prerequisite: 听MACREC1
Prerequisite to: INTECON, ECOIORG, MONBANK, and OPERRES
METRESE听听听听听听听听听听听听听听听听听 Methods of Research
3 units
This course initiates students into the experience of proposing a 鈥渄iscovery-based鈥� economic research problem (as opposed to other forms of research, e.g., 鈥渁ction鈥�, 鈥減edagogical鈥�, etc.). Through lectures, workshops, and group presentations, they are expected to produce a properly formatted research proposal containing an abstract, as well as introductory, review, theory and method chapters that are to be presented to their prospective thesis panelists.
Pre-requisite: MACREC1, MICREC1, CAFINS1, CAFINS2 and ECONMET
Pre-requisite to: THSECO1
MICREC1听听听听听听听听听听听听听听听听听听听Microeconomics 1
3 units
This course is the first of a two-course Intermediate Microeconomic Theory sequence where it provides students with the central concepts of decision-making and optimization in a competitive market framework. Simple mathematical models are used to develop these concepts. It concentrates on the theories of consumer decision-making, production and costs, and the partial equilibrium competitive model. At the intermediate level, the course will provide students with a more theoretical treatment of topics that they have been exposed to in previous basic principles of economics courses.
Pre-requisite:听听 ECONTWO and MATECO2
Pre-requisite to: MICREC2 and METRESE
MICREC2听听听听听听听听听听听听听听听听听听听Microeconomics 2
3 units
This course is the second of a two-course study of Intermediate Microeconomic Theory.听 This course examines partial equilibrium analysis of price determination in the market for goods under imperfectly competitive structures (monopoly, oligopoly and monopolistic competition).听 We then analyze the efficiency of a competitive model of market interdependence (e.g., general equilibrium and welfare).听 Moreover, we will become familiar with the limits to optimal market allocation (market failures) due to externalities and public goods. Finally, special topics on optimal allocation and price determination in the market for production inputs (labor and capital services), decision-making under uncertainty, and the economics of information are taken up.
Prerequisite: MICREC1
Prerequisite to: INTECON, ECOIORG, MONBANK, and OPERRES
OPERRES听听听听听听听听听听听听听听听听听 Operations Research
3 units
The course tackles the relevance and applicability of quantitative tools in managerial decision-making. Specifically, it trains students to construct mathematical models of problem situations calling for executive action.
Pre-requisite: MACREC2 and MICREC2
Pre-requisite to: none
PRCECON听听听听听听听听听听听听听听听听 Economics Practicum听
3 units
This course is the practical application of the theories and models discussed in the major subjects.听 Students get to be exposed in the corporate world and prepare a research paper related to their assigned work. Students who are enrolled in the program are required to render at least two hundred (200) hours of practicum training with an organization that is based in the Philippines and are expected to submit a progress report on a periodic basis
Prerequisite: THSECO2
Prerequisite to: none
THSECO1听听听听听听听听听听听听听听听听听 Economics Research & Project Study 1
3 units
This course discusses the thesis proposal stage writing process where students meet their panel advisers to present their research proposal.
Pre-requisite: METRESE, INTECON and ECONDEV
Pre-requisite to: THSECO2
THSECO2听听听听听听听听听听听听听听听听听 Economics Research & Project Study 2 (no deferral)
3 units
This course is a continuation of Thesis Writing 1 where students meet regularly with their panel advisers to present their thesis.
Pre-requisite: THSECO1
Pre-requisite to: PRCECON
Industrial Economics Electives
CORPLAN听听听听听听听听听听听听听听听听 Corporate Planning
3 units
This course focuses on the total planning-decision-making function of a corporate unit — an enterprise, a firm, a company, a corporation, or a group of companies 鈥� either a business organization or a service institution. It puts planning function in its proper relationship with the other coordinate development functions of policy and management; and addresses the social, political, and economic environments in which the unit operates.
Pre-requisite: MICREC2 and MACREC2
Prerequisite to: none
DEVPLAN听听听听听听听听听听听听听听听听听 Development Planning
3 units
This course discusses the use of economy-wide planning with emphasis on less developed countries. It also considers economic aggregates such as total output, investment, government spending, and foreign transactions, and explores sectoral relationships in the economy.
Pre-requisite: MICREC2 and MACREC2
Prerequisite to: none
ENRECON听听听听听听听听听听听听听听听听 Energy & Resource Economics
3 units
The course is designed to enable students to appreciate the relevance of Economics into understanding energy markets.听 Focus is given to the behaviour of firms, implications on consumer welfare, inter-firm relations and rationale of regulation mechanisms.
Pre-requisites: MICREC2 and MACREC2
Prerequisite to:
FINALEC听听听听听听听听听听听听听听听听听听听 Financial Economics
3units
This course is an introduction to the field of Financial Economics. In particular this course aims to introduce students to the main theoretical models used by financial economists. It will focus on risk attitudes, financial portfolio theory, and static equilibrium in capital markets.听 The course is a blend of theory and technique. The material in this course is arranged to commence at the utility theoretic foundations of individual financial decisions under conditions of certainty and uncertainty and proceed to the theories of asset pricing and issues of capital market equilibrium. The course will also tackle the application of financial concepts and techniques. Due to time constraint, this course concentrates only on risk-free assets and risky securities including stocks and bonds and only.听 Overall, the course provides a broad perspective of the economic foundations of Modern Portfolio Theory which is the subject of the course Portfolio Theory and Investment Analysis (PORTIVA).
The course relies heavily on concepts that have been introduced in the intermediate microeconomics course (MICREC1) such as utility maximization, individual demand, and perfectly competitive market equilibrium. In addition, the course will utilize mathematics and mathematical statistics in building the conceptual models of the financial markets. Therefore, students enrolled in this course are also expected to review the materials from their calculus (MATECO1, MATECO2) and statistics (ECOSTAT) courses. Also, knowledge of elementary concepts of probability theory would be very helpful for understanding some of the ideas developed in this course.
Pre-requisite:听 MICREC2 and MACREC2
Pre-requisite to: None
MANAGEC听听听听听听听听听听听听听听听 Managerial Economics
3 units
This course applies different economic principles, concepts and theories into managerial decision-making.听 The perspective taken is formulation and implementation of inter-firm competitive strategy.
Pre-requisite: MICREC2 and MACREC2
Pre-requisite to: none
MONBANK听听听听听听听听听听听听听听听 Money and Banking听
3 units
This course introduces the subject matter of money and banking from an economic perspective.听 It focuses on the study of the behavior of money and credit, financial markets and institutions, interest rates, monetary policy and the interrelationship of money and banking to the economy as a whole.听听听 The objective of the course is to acquaint students with the nature of money and its impact on commercial relationships both domestically and in an open economy world.听 The structures of domestic commercial and central banking systems and the global financial system will be examined.听 Attention will be extended to money related macroeconomic problems and governmental policies directed towards these problems.
Prerequisite: MICREC2 and MACREC2
Prerequisite to: None
PRANALY听听听听听听听听听听听听听听听听听 Project Analysis
3 units
This course is designed to provide students with a thorough understanding of the core concepts of Project Analysis, in order for them to apply the techniques in research, and use this as the basis for deciding systematically on various investment alternatives given at any point of time
Pre-requisite: MACREC2 and MICREC2
Pre-requisite to: none