ECO1211 Introduction to Economics IBahçeşehir UniversityDegree Programs NEW MEDIAGeneral Information For StudentsDiploma SupplementErasmus Policy StatementNational QualificationsBologna Commission
NEW MEDIA
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 critically interpret and discuss the theories, the concepts, the traditions, and the developments in the history of thought which are fundamental for the field of new media, journalism and communication.
2) To be able to attain written, oral and visual knowledge about technical equipment and software used in the process of news and the content production in new media, and to be able to acquire effective abilities to use them on a professional level.
3) To be able to get information about the institutional agents and generally about the sector operating in the field of new media, journalism and communication, and to be able to critically evaluate them.
4) To be able to comprehend the reactions of the readers, the listeners, the audiences and the users to the changing roles of media environments, and to be able to provide and circulate an original contents for them and to predict future trends.
5) To be able to apprehend the basic theories, the concepts and the thoughts related to neighbouring fields of new media and journalism in a critical manner.
6) To be able to grasp global and technological changes in the field of communication, and the relations due to with their effects on the local agents.
7) To be able to develop skills on gathering necessary data by using scientific methods, analyzing and circulating them in order to produce content.
8) To be able to develop acquired knowledge, skills and competence upon social aims by being legally and ethically responsible for a lifetime, and to be able to use them in order to provide social benefit.
9) To be able to operate collaborative projects with national/international colleagues in the field of new media, journalism and communication.
10) To be able to improve skills on creating works in various formats and which are qualified to be published on the prestigious national and international channels.