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INTRODUCTION TO ECONOMICS I PROGRAMME COURSE DESCRIPTION

Code Name of the Course Unit Semester In-Class Hours (T+P) Credit ECTS Credit
ECF109 INTRODUCTION TO ECONOMICS I 1 3 3 4

GENERAL INFORMATION

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

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)

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

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

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

Assessment & Grading of In-Term Activities Number of Activities Degree of Contribution (%) Description
Level of Contribution
0 1 2 3 4 5

CONTRIBUTION OF THE COURSE UNIT TO THE PROGRAMME LEARNING OUTCOMES

KNOWLEDGE

Theoretical

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)
1
2
Evaluate the economic environment and overall sustainability of firms. (Bloom 4)
3

KNOWLEDGE

Factual

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)
2
2
Define principles, concepts, methods and theories related with economics and finance. (Bloom 1)
1

SKILLS

Cognitive

Programme Learning Outcomes Level of Contribution
0 1 2 3 4 5
1
Interpret the charts and tables related to the field. (Bloom 2)
2

SKILLS

Practical

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)
1
2
Analyze economic and financial reports. ((bloom 4)
2
3
Use basic mathematics, statistics and econometric methods and tools to solve economic and financial problems. (Bloom 3)
1
4
Interpret the operation of current economic, political and social events by using institutional information related with Economics and Finance.(Bloom 2)
2

OCCUPATIONAL

Autonomy & Responsibility

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).
2

OCCUPATIONAL

Learning to Learn

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)
2

OCCUPATIONAL

Communication & Social

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)
2

OCCUPATIONAL

Occupational and/or Vocational

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)
1
2
Evaluate the effectiveness of the general economic system and public policies and their effects on markets and basic economic variables.(Bloom 4)
1
3
Analyze the cause and effect relationships between the relevant economic variables. (Bloom 4)
1
4
Evaluate the expected trends and portfolio analyzes in interest and exchange rates within the framework of the general financial system. (Bloom 4)
1

WORKLOAD & ECTS CREDITS OF THE COURSE UNIT

Workload for Learning & Teaching Activities

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