ECO1211 Introduction to Economics IBahçeşehir UniversityDegree Programs ADVERTISINGGeneral Information For StudentsDiploma SupplementErasmus Policy StatementNational QualificationsBologna Commission
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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: Face to face
Course Coordinator : Assoc. Prof. ÇAĞLAR YURTSEVEN
Course Lecturer(s): Prof. Dr. NECİP ÇAKIR
Assoc. Prof. 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

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 14 3 42
Study Hours Out of Class 14 11 154
Midterms 1 1 1
Final 1 1 1
Total Workload 198

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 apply theoretical concepts related to mass communication, consumer behavior, psychology, persuasion,sociology, marketing, and other related fields to understand how advertising and brand communication works in a free-market economy. 2
2) To be able to critically discuss and interpret theories, concepts, methods, tools and ideas in the field of advertising. 2
3) To be able to research, create, design, write, and present an advertising campaign and brand strategies of their own creation and compete for an account as they would at an advertising agency. 2
4) To be able to analyze primary and secondary research data for a variety of products and services. 2
5) To be able to develop an understanding of the history of advertising as it relates to the emergence of mass media outlets and the importance of advertising in the marketplace. 2
6) To be able to follow developments, techniques, methods, as well as research in advertising field; and to be able to communicate with international colleagues in a foreign language. (“European Language Portfolio Global Scale”, Level B1) 2
7) To be able to take responsibility in an individual capacity or as a team in generating solutions to unexpected problems that arise during implementation process in the Advertising field. 3
8) To be able to understand how advertising works in a global economy, taking into account cultural, societal, political, and economic differences that exist across countries and cultures. 2
9) To be able to approach the dynamics of the field with an integrated perspective, with creative and critical thinking, develop original and creative strategies. 2
10) To be able to to create strategic advertisements for print, broadcast, online and other media, as well as how to integrate a campaign idea across several media categories in a culturally diverse marketplace. 2
11) To be able to use computer software required by the discipline and to possess advanced-level computing and IT skills. (“European Computer Driving Licence”, Advanced Level) 2
12) To be able to identify and meet the demands of learning requirements. 2
13) To be able to develop an understanding and appreciation of the core ethical principles of the advertising profession. 2