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	Assoc.Prof. ONUR ÖZDEMİR
Instructor(s) of the Course Unit	Res.Asisst. SELİN YALÇINTAŞ
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	Introduction to Economics and Fundamental Concepts I: Scarcity, needs, goods and services, utility, value, price, production, income and consumption, microeconomic and macroeconomic analysis, and rationality in economic decision-making.	Lecture, question and answer
2	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Fundamental Economic Concepts II: Basic economic questions, factors of production, opportunity cost and the production possibilities curve, economic systems, decision-making units, positive and normative economics, and different types of markets.	Lecture, question and answer
3	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Theory of Demand: The definition and determinants of demand, the demand function and the law of demand, movements along the demand curve, and shifts in demand and market demand.	Lecture, question and answer
4	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Theory of Supply: The definition and determinants of supply, the supply function and the law of supply, movements along the supply curve, and shifts in supply.	Lecture, question and answer
5	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Market Equilibrium: Equilibrium price and quantity, surplus and shortage, and the effects of changes in supply and demand on market equilibrium.	Lecture, question and answer
6	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Elasticity: Price, income, and cross elasticity of demand, together with the price elasticity of supply, determinants of elasticity, and its significance for firm revenue and market behavior.	Lecture, question and answer
7	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Consumer Theory I: Cardinal and ordinal approaches to utility, total and marginal utility, the law of diminishing marginal utility, budget constraints, indifference curves, and the marginal rate of substitution.	Lecture, question and answer
8	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Consumer Theory II: Consumer equilibrium and the effects of changes in income and prices on consumer choice, income and substitution effects, inferior goods, the Giffen paradox, and the paradox of value.	Lecture, question and answer
9	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Producer Theory I: The production function, factors of production and the input-output relationship, total, average, and marginal product, and the law of diminishing returns.	Lecture, question and answer
10	-	MID-TERM EXAM	-
11	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Producer Theory II: Isoquants, the marginal rate of technical substitution, and isocost lines, the determination of the optimal input combination and producer equilibrium.	Lecture, question and answer
12	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Cost Theory: Explicit, implicit, and economic costs, short-run and long-run costs, average and marginal cost curves, economies of scale and returns to scale.	Lecture, question and answer
13	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Perfect Competition: The main characteristics of perfectly competitive markets, the firm’s demand curve and profit maximization, and short-run and long-run equilibrium of the firm.	Lecture, question and answer
14	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Imperfect Competition I: Monopoly: Monopoly and monopsony, barriers to entry and price-setting power, the monopolist’s demand structure, profit maximization, and comparison with perfect competition.	Lecture, question and answer
15	Preparation of questions for past week subjects	Imperfect Competition II: Monopolistic Competition and Oligopoly: Product differentiation and firm equilibrium under monopolistic competition, interdependence, strategic behavior, price rigidity, and cooperation in oligopolistic markets.	Lecture, question and answer
16	-	FINAL EXAM	-
17	-	FINAL EXAM	-

SOURCE MATERIALS & RECOMMENDED READING
Bocutoğlu, E., & Berber, M. (2012). Genel iktisada giriş. Ekin Basın Yayın Dağıtım.
Dinler, Z. (2008). Mikro ekonomi (19. bs.). Ekin Basım Yayın Dağıtım.
Dinler, Z. (2020). İktisada giriş (26. bs.). Ekin Basın Yayın.
Ison, S., & Wall, S. (2007). Economics (4th ed.). Pearson Education.
Mankiw, N. G. (2021). Principles of economics (9th ed.). Cengage.
Orhan, O. Z., & Erdoğan, S. (2016). İktisada giriş (7. bs.). Umuttepe Yayınları.
Sloman, J., Garratt, D., & Guest, J. (2018). Economics (10th ed.). Pearson.
Case, K. E., Fair, R. C., & Oster, S. E. (2020). Principles of economics (13th global ed.). Pearson.

ASSESSMENT
Assessment & Grading of In-Term Activities	Number of Activities	Degree of Contribution (%)	Description	Examination Method
Mid-Term Exam	1	50		Optical (Test) Exam
Final Exam	1	50		Optical (Test) Exam
TOTAL	2	100

Level of Contribution
0	1	2	3	4	5

KNOWLEDGE
Theoretical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Describe basic theories of microeconomics and macroeconomics by benefiting from assumptions and axioms.						5
2	Recognize the entries in the book and financial balance sheet of the business organization.		1
3	Define concepts, theories and principles of basic and subfields of international trade by adhering to the background knowledge.		1

KNOWLEDGE
Factual
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Summarize historical development of the international trade theories by adhering to the chronological order.		1
2	Use theoretical knowledge gained in the field of international trade in occupational practices and daily life.			2
3	Solve financial and legal problems confronted in international trade practices.		1

SKILLS
Cognitive
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Relate statistical raw data by benefiting from computer programs and relate data with one another in consideration of theoretical knowledge.					4
2	Evaluate developments in the world in consideration of common courses in the faculty with an intellectual perspective.						5

SKILLS
Practical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Interpret current events and facts in international trade based on advanced knowledge and skills from an analytical and systematic holistic view.		1

OCCUPATIONAL
Autonomy & Responsibility
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Relate knowledge about economic globalization and internationalization with current knowledge in the field.					4

OCCUPATIONAL
Learning to Learn
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Examine current economic policies applied over the gained advanced knowledge and skills by a critical approach.						5

OCCUPATIONAL
Communication & Social
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Explain demands in written or verbally by using the foreign language skill in business and social life effectively.		1
2	Tell knowledge, thoughts and solution offers regarding subjects in international trade to relevant stakeholders demands in written or verbally.		1
3	Design a healthy communication network for themselves in the business world by using social life skills.		1

OCCUPATIONAL
Occupational and/or Vocational
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Analyze current issues, events and problems by benefiting from theoretical and historical knowledge of international trade and economics.			2
2	Develop suggestions for international trade policies by determining economic problems in the macro level.						5
3	Apply commercial applications in consideration of knowledge gained in financing and management of international trade by being inclusive of international market		1
4	Discuss the effects of commercial and financial globalization processes on the income distribution, by benefiting from data.					4

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