At the end of this course, the students; 1) will learn basic economic concepts including opportunity costs, scarcity, positive and normative economics 2) will learn how to analyze production possibilities of firms and countries, the sources of their comparative advantages, and gains from trade 3) will learn how to use the supply and demand model to understand how markets work. 4) will learn hwill learn how elasticity is calculated and its relevance to understanding markets. 5) will learn how to analyze consumer behavior with respect to decisions about consumption, savings and employment. 6) will learn how to analyze decisions firms make about pricing, output, employment and investment. 7) will learn how to analyze the behavior of firms in alternative market structures including perfect competition, monopoly, monopolistic competition and oligopoly. 8) will learn how to apply economic concepts and ideas to situations not specifically covered in class.
MODE OF DELIVERY
Face to face
PRE-REQUISITES OF THE COURSE
No
RECOMMENDED OPTIONAL PROGRAMME COMPONENT
None
COURSE DEFINITION
This course covers the essential knowledge and skills for understanding what is economics? Making and using graphs, the economic problems, demand & supply, elasticity, utility and demand & possibilities, preferences & choices, organizing production, output and costs, competition, monopoly, monopolistic competition & oligopoly, resource markets, externalities, government & public goods.
COURSE CONTENTS
WEEK
TOPICS
1st Week
What is Economics?
2nd Week
The Economic Problem.
3rd Week
Demand and Supply.
4th Week
Elasticity.
5th Week
Utility and Demand.
6th Week
Possibilities, Preferences & Choices.
7th Week
Organizing production.
8th Week
Midterm
9th Week
Output and Costs.
10th Week
Perfect Competition
11th Week
Monopoly.
12th Week
Monopolistic competition
13th Week
Oligopoly.
14th Week
Markets for Factors of Production.
RECOMENDED OR REQUIRED READING
Parkin, M., Economics, Ninth edition, Pearson Addison-Wesley, 2010.
PLANNED LEARNING ACTIVITIES AND TEACHING METHODS
Lecture,Discussion
ASSESSMENT METHODS AND CRITERIA
Quantity
Percentage(%)
Mid-term
1
40
Total(%)
40
Contribution of In-term Studies to Overall Grade(%)
40
Contribution of Final Examination to Overall Grade(%)
60
Total(%)
100
ECTS WORKLOAD
Activities
Number
Hours
Workload
Midterm exam
1
1
1
Preparation for Quiz
Individual or group work
14
3
42
Preparation for Final exam
1
50
50
Course hours
13
3
39
Preparation for Midterm exam
1
40
40
Laboratory (including preparation)
Final exam
1
1
1
Homework
Total Workload
173
Total Workload / 30
5,76
ECTS Credits of the Course
6
LANGUAGE OF INSTRUCTION
Turkish
WORK PLACEMENT(S)
No
KEY LEARNING OUTCOMES (KLO) / MATRIX OF LEARNING OUTCOMES (LO)
