TEXTILE AND FASHION DESIGN | |||||
Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 |
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. |
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. |
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. |
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 |
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 |
Course Notes / Textbooks: | Principles of Economics, N. Gregory Mankiw, South-Western College Pub |
References: |
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 |
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 |
No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
Program Outcomes | Level of Contribution |