ECO1211 Introduction to Economics IBahçeşehir UniversityDegree Programs PERFORMING ARTSGeneral Information For StudentsDiploma SupplementErasmus Policy StatementNational QualificationsBologna Commission
PERFORMING ARTS
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
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) They acquire theoretical, historical and aesthetic knowledge specific to their field by using methods and techniques related to performing arts (acting, dance, music, etc.). 2
2) They have knowledge about art culture and aesthetics and they provide the unity of theory and practice in their field. 2
3) They are aware of national and international values in performing arts. 2
4) Abstract and concrete concepts of performing arts; can transform it into creative thinking, innovative and original works. 1
5) They have the sensitivity to run a business successfully in their field. 3
6) Develops the ability to perceive, think, design and implement multidimensional from local to universal. 3
7) They have knowledge about the disciplines that the performing arts field is related to and can evaluate the interaction of the sub-disciplines within their field. 2
8) They develop the ability to perceive, design, and apply multidimensionality by having knowledge about artistic criticism methods. 3
9) They can share original works related to their field with the society and evaluate their results and question their own work by using critical methods. 1
10) They follow English language resources related to their field and can communicate with foreign colleagues in their field. 1
11) By becoming aware of national and international values in the field of performing arts, they can transform abstract and concrete concepts into creative thinking, innovative and original works. 3
12) They can produce original works within the framework of an interdisciplinary understanding of art. 2
13) Within the framework of the Performing Arts Program and the units within it, they become individuals who are equipped to take part in the universal platform in their field. 3
14) Within the Performing Arts Program, according to the field of study; have competent technical knowledge in the field of acting and musical theater. 2
15) They use information and communication technologies together with computer software that is at least at the Advanced Level of the European Computer Use License as required by the field. 3