Code | Name of the Course Unit | Semester | In-Class Hours (T+P) | Credit | ECTS Credit |
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ECF109 | INTRODUCTION TO ECONOMICS I | 1 | 3 | 3 | 4 |
GENERAL INFORMATION |
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Language of Instruction : | English |
Level of the Course Unit : | BACHELOR'S DEGREE, TYY: + 6.Level, EQF-LLL: 6.Level, QF-EHEA: First Cycle |
Type of the Course : | Compulsory |
Mode of Delivery of the Course Unit | - |
Coordinator of the Course Unit | Prof. BÜLENT EŞİYOK |
Instructor(s) of the Course Unit | Assist.Prof. ONUR ÇELİK |
Course Prerequisite | No |
OBJECTIVES AND CONTENTS |
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Objectives of the Course Unit: | The objective of this course to enable students to interpret the decision mechanisms of consumers, producers and the state by using the basic principles of economics. |
Contents of the Course Unit: | Contents of the Course include; the basic concepts of economics such as need, demand, utility, value, price, scarcity, rationality and opportunity cost, law of supply and demand, market equilibrium, elasticities, price controls of governments and their effects on market equilibrium, consumer behavior within the framework of cardinal and ordinal approaches, theory of production, production costs, the functioning of different markets, factor markets and income distribution. |
KEY LEARNING OUTCOMES OF THE COURSE UNIT (On successful completion of this course unit, students/learners will or will be able to) |
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Describe the basic concepts of economics. |
Explain the changes in market equilibrium using concepts such as supply-demand law, flexibility and price control. |
Interpret consumer behavior by using the concepts of total utility, marginal utility and budget constraint. |
Interpret producer behavior by using the concepts of total cost, marginal cost and budget constraint. |
Interpret the equilibrium formation at different markets by using production costs. |
WEEKLY COURSE CONTENTS AND STUDY MATERIALS FOR PRELIMINARY & FURTHER STUDY |
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Week | Preparatory | Topics(Subjects) | Method |
1 | Review of course syllabus | Fundamental Knowledge About The Science of Economics | Lecture, question and answer |
2 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Supply and demand model | Lecture, Case Study |
3 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Elasticity and its applications | Lecture, Case Study |
4 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Demand Curve and consumer behavior | Lecture, Case Study |
5 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Supply Curve and firm behavior | Lecture, Case Study |
6 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | The interaction of people in the markets | Lecture, Case Study |
7 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Costs and the changes of firms over time | Lecture, Case Study |
8 | - | MID-TERM EXAM | - |
9 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Perfect Competition, Monopoly market | Lecture, Problem Solving |
10 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Product differentiation | Lecture, Problem Solving |
11 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Monopolistic competition and oligopoly | Lecture |
12 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Labor Market, Taxes, Transfers, İncome Distribution, Public Goods and Externalities | Lecture |
13 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | National Income | Lecture |
14 | Reading the related chapter from lecture sources. Monitoring of current economic developments. | Employment, Unemployment, Inflation | Lecture |
15 | Preparation of questions for past week subjects | General review | Lecture, question and answer |
16 | - | FINAL EXAM | - |
17 | - | FINAL EXAM | - |
SOURCE MATERIALS & RECOMMENDED READING |
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Dobson, S. Susan Palfreman (1999). Introduction to Economics. Oxford Press. |
Samuelson, P. A. William D.Nordhause(2016). Economics. 19 th Edition McGraw Hill. New York. |
McEachern, W. A. (2006). Economics: A Contemporary Introduction. USA: Thomson South-Western. |
ASSESSMENT |
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Assessment & Grading of In-Term Activities | Number of Activities | Degree of Contribution (%) | Description |
Level of Contribution | |||||
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0 | 1 | 2 | 3 | 4 | 5 |
KNOWLEDGE |
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Theoretical |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Define the basic concepts of economics, administrative and human sciences. (Bloom 1)
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1 | |||||
2 |
Evaluate the economic environment and overall sustainability of firms. (Bloom 4)
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3 |
KNOWLEDGE |
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Factual |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Relate principles and concepts of economics and finance with other disciplines. (Bloom 4)
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2 | |||||
2 |
Define principles, concepts, methods and theories related with economics and finance. (Bloom 1)
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1 |
SKILLS |
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Cognitive |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Interpret the charts and tables related to the field. (Bloom 2)
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2 |
SKILLS |
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Practical |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Evaluate the theoretical models of economic policies which have direct or indirect effects by using the facts and dynamics of the economic system.(Bloom 4)
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1 | |||||
2 |
Analyze economic and financial reports. ((bloom 4)
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2 | |||||
3 |
Use basic mathematics, statistics and econometric methods and tools to solve economic and financial problems. (Bloom 3)
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1 | |||||
4 |
Interpret the operation of current economic, political and social events by using institutional information related with Economics and Finance.(Bloom 2)
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2 |
OCCUPATIONAL |
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Autonomy & Responsibility |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Organize economic and financial activities in humanitarian and social terms with adherence to ethics. (Bloom 4).
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2 |
OCCUPATIONAL |
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Learning to Learn |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Develop a critical perspective on national and international economic, political, social, financial and development problems. (bloom 6)
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2 |
OCCUPATIONAL |
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Communication & Social |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Follow the agenda on economics, politics and social issues and improve himself/ herself. (bloom 6)
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2 |
OCCUPATIONAL |
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Occupational and/or Vocational |
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Programme Learning Outcomes | Level of Contribution | ||||||
0 | 1 | 2 | 3 | 4 | 5 | ||
1 |
Analyze current issues and problems by using the structure and properties of Macro and Microeconomics and variables. (Bloom 4)
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1 | |||||
2 |
Evaluate the effectiveness of the general economic system and public policies and their effects on markets and basic economic variables.(Bloom 4)
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1 | |||||
3 |
Analyze the cause and effect relationships between the relevant economic variables. (Bloom 4)
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1 | |||||
4 |
Evaluate the expected trends and portfolio analyzes in interest and exchange rates within the framework of the general financial system. (Bloom 4)
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1 |
WORKLOAD & ECTS CREDITS OF THE COURSE UNIT |
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Workload for Learning & Teaching Activities |
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Type of the Learning Activites | Learning Activities (# of week) | Duration (hours, h) | Workload (h) |
Lecture & In-Class Activities | 14 | 3 | 42 |
Preliminary & Further Study | 13 | 1 | 13 |
Land Surveying | 0 | 0 | 0 |
Group Work | 0 | 0 | 0 |
Laboratory | 0 | 0 | 0 |
Reading | 0 | 0 | 0 |
Assignment (Homework) | 0 | 0 | 0 |
Project Work | 0 | 0 | 0 |
Seminar | 0 | 0 | 0 |
Internship | 0 | 0 | 0 |
Technical Visit | 0 | 0 | 0 |
Web Based Learning | 0 | 0 | 0 |
Implementation/Application/Practice | 0 | 0 | 0 |
Practice at a workplace | 0 | 0 | 0 |
Occupational Activity | 0 | 0 | 0 |
Social Activity | 0 | 0 | 0 |
Thesis Work | 0 | 0 | 0 |
Field Study | 0 | 0 | 0 |
Report Writing | 0 | 0 | 0 |
Final Exam | 1 | 1 | 1 |
Preparation for the Final Exam | 7 | 4 | 28 |
Mid-Term Exam | 1 | 1 | 1 |
Preparation for the Mid-Term Exam | 5 | 4 | 20 |
Short Exam | 0 | 0 | 0 |
Preparation for the Short Exam | 0 | 0 | 0 |
TOTAL | 41 | 0 | 105 |
Total Workload of the Course Unit | 105 | ||
Workload (h) / 25.5 | 4,1 | ||
ECTS Credits allocated for the Course Unit | 4,0 |