ECTS - Fundamentals of Economics
Fundamentals of Economics (ECON211) Course Detail
| Course Name | Course Code | Season | Lecture Hours | Application Hours | Lab Hours | Credit | ECTS |
|---|---|---|---|---|---|---|---|
| Fundamentals of Economics | ECON211 | 4 | 0 | 0 | 4 | 4 |
| Pre-requisite Course(s) |
|---|
| N/A |
| Course Language | English |
|---|---|
| Course Type | N/A |
| Course Level | Bachelor’s Degree (First Cycle) |
| Mode of Delivery | Face To Face |
| Learning and Teaching Strategies | Lecture, Discussion, Question and Answer, Problem Solving. |
| Course Lecturer(s) |
|
| Course Objectives | The principal objective of ECON 211 is to introduce students the essentials of both micro and macroeconomics. This course focuses on development of basic theory of demand, supply, and market price and explores applications of selected microeconomic problems, such as basic monopoly and competition, and other issues that relate to the role of the pricing system in resource allocation and income distribution. Also in this course we will learn the introductory concepts in macroeconomics such as national income and output, aggregate expenditure, equilibrium etc. |
| Course Learning Outcomes |
The students who succeeded in this course;
|
| Course Content | Introduction to demand, supply and market price formation; household behavior; elasticity; production process; profit maximizing firm behavior; different market types such as monopoly, perfect competition, oligopoly; national income, GDP, business cycles, recession, unemployment, price stability growth. |
Weekly Subjects and Releated Preparation Studies
| Week | Subjects | Preparation |
|---|---|---|
| 1 | The Scope and Method of Economics | Case & Fair 7th Edition, pp. 1-22 |
| 2 | The Economic Problem: Scarcity and Choice | Case & Fair 7th Edition, pp. 23-42 |
| 3 | Demand, Supply and Market Equilibrium | Case & Fair 7th Edition, pp. 43-71 |
| 4 | Demand and Supply Applications and Elasticity | Case & Fair 7th Edition, pp. 71-100 |
| 5 | Household Behavior and Consumer Choice | Case & Fair 7th Edition, pp. 101-128 |
| 6 | The Production Process: The Behavior of Profit–Maximizing Firms | Case & Fair 7th Edition, pp. 129-150 |
| 7 | Short–Run Costs and Output Decisions | Case & Fair 7th Edition, pp. 151-172 |
| 8 | Long–Run Costs and Output Decisions | Case & Fair 7th Edition, pp. 173-196 |
| 9 | Input Demand: The Labor and Land Markets | Case & Fair 7th Edition, pp. 197-214 |
| 10 | Input Demand: The Capital Market and the Investment Decision | Case & Fair 7th Edition, pp. 215-232 |
| 11 | General Equilibrium and the Efficiency of Perfect Competition | Case & Fair 7th Edition, pp. 233-252 |
| 12 | Monopoly and Antitrust Policy | Case & Fair 7th Edition, pp. 253-280 |
| 13 | Introduction to Economics &Measuring National Output and Income | Case & Fair 8th Edition, chp.18&19 |
| 14 | Long Run and Short Run Concerns: Growth, Productivity and Inflation | Case & Fair 8th Edition, chp.20 |
| 15 | Long Run and Short Run Concerns: Growth, Productivity and Inflation | Case & Fair 8th Edition, chp.20 |
| 16 | Final Exam |
Sources
| Course Book | 1. Case, Karl E. and Fair, Ray C., Principles of Economics, 7th or 8th Edition, Pearson/Prentice Hall. |
|---|---|
| 2. David Colander, Economics (8th Edition), McGraw-Hill |
Evaluation System
| Requirements | Number | Percentage of Grade |
|---|---|---|
| Attendance/Participation | 1 | 5 |
| Laboratory | - | - |
| Application | - | - |
| Field Work | - | - |
| Special Course Internship | - | - |
| Quizzes/Studio Critics | 2 | 5 |
| Homework Assignments | 8 | 5 |
| Presentation | - | - |
| Project | - | - |
| Report | - | - |
| Seminar | - | - |
| Midterms Exams/Midterms Jury | 1 | 35 |
| Final Exam/Final Jury | 1 | 50 |
| Toplam | 13 | 100 |
| Percentage of Semester Work | 50 |
|---|---|
| Percentage of Final Work | 50 |
| Total | 100 |
Course Category
| Core Courses | |
|---|---|
| Major Area Courses | |
| Supportive Courses | X |
| Media and Managment Skills Courses | |
| Transferable Skill Courses |
The Relation Between Course Learning Competencies and Program Qualifications
| # | Program Qualifications / Competencies | Level of Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | An ability to apply knowledge of mathematics, science and engineering to Industrial Engineering; an ability to apply theoretical and practical knowledge to model and solve engineering problems. | |||||
| 2 | An ability to identify, formulate and solve complex engineering problems; an ability to select and apply proper analysis and modeling methods. | |||||
| 3 | An ability to design a complex system, process, tool or component to meet desired needs within realistic constraints; an ability to apply modern design. | |||||
| 4 | An ability to develop, select and put into practice techniques, skills and modern engineering tools necessary for engineering practice; an ability to use information technology effectively. | |||||
| 5 | An ability to design, conduct experiments, collect data, analyze and interpret results for the study of complex engineering problems or disciplinary research topics. | |||||
| 6 | An ability to work individually, on teams, and/or on multidisciplinary teams. | |||||
| 7 | Ability to communicate effectively in Turkish orally and in writing; knowledge of at least one foreign language; effective report writing and understand written reports, preparing design and production reports, making effective presentations, giving and receiving clear and understandable instruction. | |||||
| 8 | A recognition of the need for, and an ability to engage in life-long learning; an ability to use information-seeking tools and to follow the improvements in science and technology. | X | ||||
| 9 | An ability to behave according to the ethical principles, an understanding of professional and ethical responsibility. Information on standards used in industrial engineering applications. | |||||
| 10 | Knowledge of business applications such as project management, risk management and change management. A recognition of entrepreneurship, innovativeness. Knowledge of sustainable improvement. | |||||
| 11 | Information on the effects of industrial engineering practices on health, environment and security in universal and societal dimensions and the information on the problems of the in the field of engineering of the era. Awareness of the legal consequences of engineering solutions. | X | ||||
| 12 | An ability to design, development, implementation and improvement of integrated systems that include human, materials, information, equipment and energy. | |||||
| 13 | Knowlede on appropriate analytical, computational and experimental methods to provide system integration. | |||||
ECTS/Workload Table
| Activities | Number | Duration (Hours) | Total Workload |
|---|---|---|---|
| Course Hours (Including Exam Week: 16 x Total Hours) | 16 | 3 | 48 |
| Laboratory | |||
| Application | |||
| Special Course Internship | |||
| Field Work | |||
| Study Hours Out of Class | 16 | 3 | 48 |
| Presentation/Seminar Prepration | |||
| Project | |||
| Report | |||
| Homework Assignments | 1 | 1 | 1 |
| Quizzes/Studio Critics | |||
| Prepration of Midterm Exams/Midterm Jury | 1 | 2 | 2 |
| Prepration of Final Exams/Final Jury | 1 | 2 | 2 |
| Total Workload | 101 | ||