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: Departmental Elective
Course Level: Bachelor’s Degree (First Cycle)
Mode of Delivery: Face to face
Course Coordinator : Prof. Dr. ÇAĞLAR YURTSEVEN
Course Lecturer(s): Prof. Dr. NECİP ÇAKIR
Prof. Dr. ÇAĞLAR YURTSEVEN
Recommended Optional Program Components: None
Course Objectives: Introduction to Economics-I is an introductory level course that covers topics such as relative scarcity, efficiency and welfare, cost of choices, and market structures. Its primary aim is to develop a basic understanding of economic principles and issues. It develops your economic literacy and teaches you how economics relates to the everyday life of individuals, businesses and society in general.

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

The teaching methods of the course are Lecture and Problem Solving.
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) Orientation
2) Ten Principles of Economics & Thinking Like an Economist MANKIW & TAYLOR 2nd ed., Ch.1, 2 MRU:  1. Introduction    
3) The Market Forces of Supply and Demand MANKIW & TAYLOR 2nd ed., Ch. 4 MRU: 2. Supply, Demand and Equilibrium
4) Elasticity and Its Application MANKIW & TAYLOR 2nd ed., Ch. 5 MRU: 3. Elasticity and Its Application
5) Supply, Demand & Government Policies MANKIW & TAYLOR 2nd ed., Ch. 6 MRU: 4. Taxes and Subsidies AND 6. Price Ceilings and Price Floors     
6) Review
7) Consumers, Producers & the Efficiency of the Markets MANKIW & TAYLOR 2nd ed., Ch. 7 MRU 2:   Supply, Demand and Equilibrium (Subsections Consumer Surplus and Producer Surplus)    
8) Midterm Exam
9) The Costs of Production MANKIW & TAYLOR 2nd ed., Ch.13 MRU 9: Costs and Profit Maximization under Competition
10) Firms in Competitive Markets MANKIW & TAYLOR 2nd ed., Ch.14 MRU 10: Competition and Invisible Hand   
11) Monopoly MANKIW & TAYLOR 2nd ed., Ch. 15 MRU 11: Monopoly
12) Monopolistic Competition MANKIW & TAYLOR 2nd ed., Ch.16
13) Oligopoly & Game Theory MANKIW & TAYLOR 2nd ed., Ch.17
14) Final Review

Sources

Course Notes / Textbooks: • Economics, Gregory MANKIW & Mark P. TAYLOR, Cengage Publishing. (2nd, 3rd or 4th eds.)
References: Marginal Revolution University: https://mru.org/courses/principles-economics-microeconomics/introduction-microeconomics

• The Undercover Economist, Tim HARFORD
• Freakonomics, Steven D. LEVITT & Stephen J. DUBNER
• Naked Economics: Undressing the Dismal Science, Charles WHEELAN

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 13 3 39
Study Hours Out of Class 14 11 154
Midterms 1 1 1
Final 1 2 2
Total Workload 196

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,
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,
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.