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CIE101 LABOR ECONOMICS ECO535
Transcript of CIE101 LABOR ECONOMICS ECO535
Describe the basic concepts and principles of the course and it is believed substantively meet the program outcome where students able to acquire, apply and understand basic knowledge of business management.
Since in order to maximize the profit of business, the economic approach will provide the knowledge of how to put the resource efficient (labor allocation).
This course outcome also embraces the cognitive domain in terms of comprehension (the understanding of theory), perception under psychomotor domain (reflect the theory towards real world experience) and acceptation element under affective domain. (2)
Applying concept in the employment decision making, it is believed substantively meet the second program outcome where students able to employ techniques and skills necessary for managing business and embrace the cognitive domain which is the application and set the decision as part of psychomotor domain.
The students can experience this through the calculation of marginal wage cost and marginal productivity of worker in setting the number of employment that they should hire. Student also can draw a diagram in illustrating the efficient allocation of labor. (3)
Student able to analyze the current development in the labor market and use data to analyze labor economic issue, problem and government policies.
This will embrace the cognitive domain in terms of analysis, setting the appropriate policies under psychomotor domain and responds under affective domain. This usually being implemented at the end of class session where the students have to produce a report and present given the data and the information they have.
This is believed to align with the program outcome where the student will have the critical thinking skills and find the problem solution. For example, one of the issues is setting the minimum wage policy; from the issue students are expected to come out with the problems and solutions by thoroughly analysis and researches. PROBLEM The student learning time does not appropriate assigned towards the topics
Since the assessment itself should be reflected the course and program outcomes, lecturers may be need to have varieties of appropriate assessment form and should being kept in the assessment bank questions for the short and long-term projects.
Nevertheless, the outcomes can be observed on the paper only and lecturer still not able to figure out how the students will apply this knowledge in the real working field given the complex scenario in the job industries. For instance, in setting up the wage rate, does hiring rule solely based on the economic rule where marginal revenue productivity (MRP) must equal marginal wage cost (MWC)? PROGRAM EDUCATIONAL OBJECTIVES
PEO1 Competent business practitioners who diligently apply their business knowledge and skills with continuous enhancement in life long learning. (LO1, 2, 7)
PEO 2 Result oriented business practitioners who are team players and problem solvers with effective human, communication and ICT skills. (LO3, 4 ,5)
PEO3 Business practitioners who explore new opportunities and demonstrate leadership skills. (LO8, 9)
PEO4 Socially responsible business practitioners who practice high moral conduct. (LO6)