| ECONOMICS AND FINANCE | |||||
| 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 | Fall | 3 | 0 | 3 | 8 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | En |
| Type of course: | Must Course |
| Course Level: | Bachelor |
| Mode of Delivery: | Face to face |
| 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 |
| 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. |
|
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. |
| The teaching methods of the course are Lecture and Problem Solving. 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) | 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 | ||
| Course Notes: | • 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 |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | % 0 | |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | % 0 | |
| Homework Assignments | % 0 | |
| Presentation | % 0 | |
| Project | % 0 | |
| Seminar | % 0 | |
| Midterms | 1 | % 50 |
| Preliminary Jury | % 0 | |
| Final | 1 | % 50 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 50 | |
| PERCENTAGE OF FINAL WORK | % 50 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 13 | 3 | 39 |
| Laboratory | 0 | 0 | 0 |
| Application | 0 | 0 | 0 |
| Special Course Internship (Work Placement) | 0 | 0 | 0 |
| Field Work | 0 | 0 | 0 |
| Study Hours Out of Class | 14 | 11 | 154 |
| Presentations / Seminar | 0 | 0 | 0 |
| Project | 0 | 0 | 0 |
| Homework Assignments | 0 | 0 | 0 |
| Quizzes | 0 | 0 | 0 |
| Preliminary Jury | 0 | 0 | 0 |
| Midterms | 1 | 1 | 1 |
| Paper Submission | 0 | 0 | 0 |
| Jury | 0 | 0 | 0 |
| Final | 1 | 2 | 2 |
| Total Workload | 196 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Build up a body of knowledge in mathematics and statistics, to use them, to understand how the mechanism of economy –both at micro and macro levels – works. | 5 |
| 2) | Understand the common as well as distinctive characters of the markets, industries, market regulations and policies. | 5 |
| 3) | Developing the ability to explain global economic events by understanding different economic perspectives. | 5 |
| 4) | Acquiring the ability to analyze the impact of politics on the economy and vice versa. | 5 |
| 5) | Gaining the competence to propose solutions to economic problems and evaluate opposing policy recommendations. | 4 |
| 6) | Understanding and evaluating new economic developments and approaches. | 3 |
| 7) | Developing the ability to convey economic news and developments through written, oral, and graphical communication. | 5 |
| 8) | Gaining the competence to develop structured solutions for economic issues. | 3 |
| 9) | Acquiring the capability to present findings that support economic assumptions using numerical and verbal skills. | 3 |
| 10) | Gaining the competence to follow economic information and communicate with colleagues using a foreign language. | 3 |