EUROPEAN UNION RELATIONS
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 Fall 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 be able to examine, interpret data and assess ideas with the scientific methods in the area of EU studies. 2
2) To be able to inform authorities and institutions in the area of EU studies, to be able to transfer ideas and proposals supported by quantitative and qualitative data about the problems. 2
3) To be introduced to and to get involved in other disciplines that EU studies are strongly related with (political science, international relations, law, economics, sociology, etc.) and to be able to conduct multi-disciplinary research and analysis on European politics. 3
4) To be able to evaluate current news on European Union and Turkey-EU relations and identify, analyze current issues relating to the EU’s politics and policies. 2
5) To be able to use English in written and oral communication in general and in the field of EU studies in particular. 1
6) To have ethical, social and scientific values throughout the processes of collecting, interpreting, disseminating and implementing data related to EU studies. 1
7) To be able to assess the historical development, functioning of the institutions and decision-making system and common policies of the European Union throughout its economic and political integration in a supranational framework. 2
8) To be able to evaluate the current legal, financial and institutional changes that the EU is going through. 2
9) To explain the dynamics of enlargement processes of the EU by identifying the main actors and institutions involved and compare previous enlargement processes and accession process of Turkey. 2
10) To be able to analyze the influence of the EU on political, social and economic system of Turkey. 2
11) To acquire insight in EU project culture and to build up project preparation skills in line with EU format and develop the ability to work in groups and cooperate with peers. 2
12) To be able to recognize theories and concepts used by the discipline of international relations and relate them to the historical development of the EU as a unique post-War political project. 3