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 | 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 |
| 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 | ||