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 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
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