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)
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 Coordinator
Course Lecturer(s)
  • Asst. Prof. Dr. Elif Kalaycı
Course Assistants
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;
  • To learn how to apply the economic way of thinking to a variety of issues.
  • To understand the basic themes in microeconomics and macroeconomics
  • To set the fundamentals of micro and macroeconomics that will be used in the further courses.
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


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 Acquires sufficient knowledge in mathematics, natural sciences, and related engineering disciplines; gains the ability to use theoretical and applied knowledge in these fields in solving complex engineering problems.
2 Gains the ability to identify, define, formulate, and solve complex engineering problems; acquires the skill to select and apply appropriate analysis and modeling methods for this purpose.
3 Gains the ability to design a complex system, process, device, or product to meet specific requirements under realistic constraints and conditions, and applies modern design methods for this purpose.
4 Develops the skills to develop, select, and use modern techniques and tools necessary for the analysis and solution of complex problems encountered in industrial engineering applications; gains the ability to effectively use information technologies.
5 Gains the ability to design experiments, conduct experiments, collect data, analyze and interpret results for the investigation of complex engineering problems or discipline-specific research topics.
6 Acquires the ability to work effectively in intra-disciplinary and multidisciplinary teams, as well as individual work skills.
7 Acquires effective oral and written communication skills in Turkish; at least one foreign language proficiency; gains the ability to write effective reports, understand written reports, prepare design and production reports, make effective presentations, and give and receive clear instructions.
8 Develops awareness of the necessity of lifelong learning; gains the ability to access information, follow developments in science and technology, and continuously renew oneself. X
9 Acquires the consciousness of adhering to ethical principles, and gains professional and ethical responsibility awareness. Gains knowledge about the standards used in industrial engineering applications.
10 Gains knowledge about practices in the business life such as project management, risk management, and change management. Develops awareness about entrepreneurship and innovation. Gains knowledge about sustainable development.
11 Gains knowledge about the universal and social dimensions of the impacts of industrial engineering applications on health, environment, and safety, as well as the problems reflected in the engineering field of the era. Gains awareness of the legal consequences of engineering solutions. X
12 Gains skills in the design, development, implementation, and improvement of integrated systems involving human, material, information, equipment, and energy.
13 Gains knowledge about appropriate analytical and experimental methods, as well as computational methods, for ensuring system integration.

ECTS/Workload Table

Activities Number Duration (Hours) Total Workload
Course Hours (Including Exam Week: 16 x Total Hours) 16 3 48
Special Course Internship
Field Work
Study Hours Out of Class 16 3 48
Presentation/Seminar Prepration
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