PRINCIPLES OF ECONOMICS PROGRAMME COURSE DESCRIPTION

Code	Name of the Course Unit	Semester	In-Class Hours (T+P)	Credit	ECTS Credit
EKF199	PRINCIPLES OF ECONOMICS	1	3	3	4

GENERAL INFORMATION
Language of Instruction :	Turkish
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. HAKAN ÖZCAN
Instructor(s) of the Course Unit	Assoc.Prof. ALİ 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 Concepts of Microeconomics: Scarcity, needs, goods and services, utility, production and consumption, basic economic questions, factors of production, opportunity cost, and the production possibilities curve.	Narration, question and answer
2	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, demand schedules and curves, movements along the curve, and shifts in demand and market demand.	Narration, Case Study
3	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, supply schedules and curves, movements along the curve, and shifts in supply and market supply.	Narration, Case Study
4	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Market Equilibrium and Elasticities: Equilibrium price and quantity, surplus and shortage, and the effects of shifts in supply and demand, demand and supply elasticities, and their significance for firm revenue.	Narration, Case Study
5	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Consumer Theory: Cardinal and ordinal approaches to utility, rationality, total and marginal utility, diminishing marginal utility, the budget line, indifference curves, consumer equilibrium, and utility maximization.	Narration, Case Study
6	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Producer Theory: The production function, the input-output relationship, factors of production and diminishing returns, isoquants, isocost lines, producer equilibrium, and profit maximization.	Narration, Case Study
7	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Costs: Explicit and implicit costs, fixed, variable, total, average, and marginal costs in the short run, together with long-run costs and economies of scale.	Narration, Case Study
8	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Market Structures: The main characteristics and short-run and long-run equilibria of perfect competition and monopoly, a conceptual introduction to monopsony, duopoly, duopsony, triopoly, triopsony, oligopoly, and oligopsony.	Narration, Problem Solving
9	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Fundamental Concepts of Macroeconomics: The distinction between microeconomics and macroeconomics, the scope of macroeconomic analysis and its key variables, nominal and real measures, and an introduction to Classical, Keynesian, and Monetarist schools of thought.	Narration, Problem Solving
10	-	MID-TERM EXAM	-
11	Reading the related chapter from lecture sources. Monitoring of current economic developments.	National Income Accounting: GDP and GNP and the distinction between them, expenditure, income, and production approaches to national income, value added, and the distinction between autonomous and induced expenditure.	Narration
12	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Price Stability: The importance of price stability, the types, causes, and economic effects of inflation, measurement through CPI and PPI, deflation and disinflation, and related concepts of price instability.	Narration
13	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Employment and Unemployment: The concepts of the labor force and employment, types of unemployment, the measurement of the unemployment rate, and the economic and social consequences of unemployment.	Narration
14	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Economic Growth and Development: The definition, measurement, and sources of economic growth and the distinction between growth and development, per capita income, income distribution, the Gini coefficient, and the Lorenz curve.	Narration
15	Reading the related chapter from lecture sources. Monitoring of current economic developments.	Financial Markets: The functions and types of financial markets, money and capital markets, and primary and secondary markets, major financial instruments, market participants, and direct and indirect financing.	Narration, question and answer
16	-	FINAL EXAM	-
17	-	FINAL EXAM	-

SOURCE MATERIALS & RECOMMENDED READING
Case, K. E., Fair, R. C., & Oster, S. E. (2020). Principles of economics (13th global ed.). Pearson.
Ison, S., & Wall, S. (2007). Economics (4th ed.). Pearson Education.
Mankiw, N. G. (2021). Principles of economics (9th ed.). Cengage.
Sloman, J., Garratt, D., & Guest, J. (2018). Economics (10th ed.). Pearson.
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.
Orhan, O. Z., & Erdoğan, S. (2016). İktisada giriş (7. bs.). Umuttepe Yayınları.

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	Define basic concepts related with banking, insurance and finance.
2	Relates the theoretical and practical knowledge in the field to economics, business, law, statistics, accounting and marketing

KNOWLEDGE
Factual
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Relate banking and insurance applications to financial theories, mathematical and statistical methods.
2	Relate the information and facts in the field with other social sciences such as law, sociology, philosophy and history.

SKILLS
Cognitive
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Explain the planning and implementation process in banking and insurance transactions.
2	Provide solutions for the problems encountered in banking and insurance transactions.

SKILLS
Practical
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Use theoretical and practical knowledge in the field of banking and insurance transactions.
2	By analyzing economic data accurately, manage savings and portfolio investments to minimize financial risks.

OCCUPATIONAL
Autonomy & Responsibility
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	He/She works as a leader or a team member in a teamwork from the planning of the banking transactions to the implementation and performs the task assigned to them within the team.

OCCUPATIONAL
Learning to Learn
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Gain the basic knowledge necessary for the planning process of banking and insurance activities and human resources performance management.
2	Use the computer programs related with field in banking and insurance transactions.

OCCUPATIONAL
Communication & Social
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Cooperate to bring innovative ideas to the stakeholders in the sector using banking insurance-related databases, information and communication technologies.
2	Research on scientific, sectoral developments and innovations related to the field with lifelong learning as a principle.

OCCUPATIONAL
Occupational and/or Vocational
	Programme Learning Outcomes	Level of Contribution
		0	1	2	3	4	5
1	Analyze financial data related to his / her field.
2	Apply knowledge and skills related to his / her field by taking into account his legal, social and ethical responsibilities.

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	14	1	14
Land Surveying	0	0	0
Group Work	0	0	0
Laboratory	0	0	0
Reading	6	4	24
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	2	5	10
Mid-Term Exam	1	1	1
Preparation for the Mid-Term Exam	2	5	10
Short Exam	0	0	0
Preparation for the Short Exam	0	0	0
TOTAL	40	0	102