ECO1211 Introduction to Economics IBahçeşehir UniversityDegree Programs MATHEMATICSGeneral Information For StudentsDiploma SupplementErasmus Policy StatementNational QualificationsBologna Commission
MATHEMATICS
Bachelor TR-NQF-HE: Level 6 QF-EHEA: First Cycle EQF-LLL: Level 6

Course Introduction and Application Information

Course Code Course Name Semester Theoretical Practical Credit ECTS
ECO1211 Introduction to Economics I Spring 3 0 3 8
This catalog is for information purposes. Course status is determined by the relevant department at the beginning of semester.

Basic information

Language of instruction: English
Type of course: Non-Departmental Elective
Course Level: Bachelor’s Degree (First Cycle)
Mode of Delivery: Hybrid
Course Coordinator : Assoc. Prof. ÇAĞLAR YURTSEVEN
Course Lecturer(s): Assoc. Prof. EMİN KÖKSAL
Assoc. Prof. ÇAĞLAR YURTSEVEN
Prof. Dr. NECİP ÇAKIR
Prof. Dr. İPEK ALTINBAŞAK FARİNA
Recommended Optional Program Components: None
Course Objectives: This course intends to give a comprehensive understanding of microeconomics.

Learning Outcomes

The students who have succeeded in this course;
1. Use the basic concepts of economics to explain everyday life.
2. Explain the behavior of buyers and sellers in the market using basic economic theories.
3. Explain the role of government in influencing buyer and seller behavior in the market.
4. Explain the role of profits in a market economy.
5. Identify firm behaviors in different market structures.

Course Content

Basic Elements: Introduction, economic way of thinking, basic tools for trade, the functioning of market economy, behaviour of demand and supply, effect of government on markets, economic surplus and market economy, cost of production and profits, competitive markets and monopoly, imperfect markets

Weekly Detailed Course Contents

Week Subject Related Preparation
1) Ten Principles of Economics: Trade-offs, Costs, Rationality, Opportunity Cost, Market Economies, Government Interventions, Inflation
2) Thinking like an Economist: Economics as a Science, Assumptions and Models, Micro and Macroeconomics, Positive and Normative Analysis.
3) Interdependence and Gains From Trade: Production Possibilities, Absolute And Comparative Advantages
4) The Market Forces of Demand and Supply: The Nature of a Competitive Market, Individual and Market Demand, Individual and Market Supply, Equilibrium and Changes in Equilibrium
5) Elasticity and its Applications: Price Elasticity of Demand and its Computation, Total Revenue and Elasticity of Demand, Price Elasticity of Supply and its Computation
6) Supply, Demand and Government Policy: Price Controls, Price Floors & Ceilings, Taxes
7) Review
8) Consumers, Producers and the Efficiency : Consumer & Producer Surplus, Market Efficiency
9) The Costs of Taxation: The Deadweight Loss of Taxation, the Determinants of the Deadweight Loss, Tax Revenue, Laffer Curve
10) International Trade: The Determinants of Trade, Effects of Tariff and Quota
11) Externalities & Public Goods: Externality, Internalizing Externality, Transaction Costs, Public Goods, Private Goods, Common Resources, Free Rider
12) The Costs of Production: Total Revenue, Total Cost and Profit, Production Function, Fixed and Variable Costs, Average and Marginal Costs, Cost Curves, Costs in the Short Run and in the Long Run
13) Firms in Competitive Markets: Profit Maximization & the Competitive Firm’s Supply
14) Monopoly: Monopolies’ Production and Pricing Decisions, Profit Maximization, Monopolies’ Profit, Welfare Cost of Monopoly, Public Policy Toward Monopolies, Price Discrimination, Oligopoly: Game Theory and the Economics of Cooperation, Public Policy Toward Oligopolies

Sources

Course Notes / Textbooks: Principles of Economics, N. Gregory Mankiw, South-Western College Pub
References:

Evaluation System

Semester Requirements Number of Activities Level of Contribution
Midterms 1 % 50
Final 1 % 50
Total % 100
PERCENTAGE OF SEMESTER WORK % 50
PERCENTAGE OF FINAL WORK % 50
Total % 100

ECTS / Workload Table

Activities Number of Activities Duration (Hours) Workload
Course Hours 16 3 48
Application 13 1 13
Study Hours Out of Class 13 6 78
Midterms 1 12 12
Final 1 18 18
Total Workload 169

Contribution of Learning Outcomes to Programme Outcomes

No Effect 1 Lowest 2 Low 3 Average 4 High 5 Highest
           
Program Outcomes Level of Contribution
1) To have a grasp of basic mathematics, applied mathematics and theories and applications in Mathematics
2) To be able to understand and assess mathematical proofs and construct appropriate proofs of their own and also define and analyze problems and to find solutions based on scientific methods,
3) To be able to apply mathematics in real life with interdisciplinary approach and to discover their potentials,
4) To be able to acquire necessary information and to make modeling in any field that mathematics is used and to improve herself/himself, 4
5) To be able to tell theoretical and technical information easily to both experts in detail and non-experts in basic and comprehensible way,
6) To be familiar with computer programs used in the fields of mathematics and to be able to use at least one of them effectively at the European Computer Driving Licence Advanced Level,
7) To be able to behave in accordance with social, scientific and ethical values in each step of the projects involved and to be able to introduce and apply projects in terms of civic engagement,
8) To be able to evaluate all processes effectively and to have enough awareness about quality management by being conscious and having intellectual background in the universal sense, 4
9) By having a way of abstract thinking, to be able to connect concrete events and to transfer solutions, to be able to design experiments, collect data, and analyze results by scientific methods and to interfere,
10) To be able to continue lifelong learning by renewing the knowledge, the abilities and the competencies which have been developed during the program, and being conscious about lifelong learning,
11) To be able to adapt and transfer the knowledge gained in the areas of mathematics ; such as algebra, analysis, number theory, mathematical logic, geometry and topology to the level of secondary school,
12) To be able to conduct a research either as an individual or as a team member, and to be effective in each related step of the project, to take role in the decision process, to plan and manage the project by using time effectively.