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| ORM2003 | Economy | 2+0+0 | ECTS:3 | | Year / Semester | Fall Semester | | Level of Course | First Cycle | | Status | Elective | | Department | DEPARTMENT of FOREST ENGINEERING | | Prerequisites and co-requisites | None | | Mode of Delivery | Face to face | | Contact Hours | 14 weeks - 2 hours of lectures per week | | Lecturer | Doç. Dr. Mahmut Muhammet BAYRAMOĞLU | | Co-Lecturer | Assoc. Prof. Dr. Mahmut M. BAYRAMOĞLU | | Language of instruction | Turkish | | Professional practise ( internship ) | None | | | | The aim of the course: | | This course covers two distinct areas: microeconomics and macroeconomics. The objective of this course is to teach forestry students the basics of both areas.
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| Learning Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | LO - 1 : | acquire knowledge of the basic concepts including Scarcity, Opportunity Costs, and Production; demonstrate how they affect economic decisions.
| 6,8 | | | LO - 2 : | recognize and interpret a Demand Curve and a Supply Curve, and should be able to identify the underlying determinants of each.
| 6,8 | | | LO - 3 : | explain and apply the concepts of Marginal Benefits and Marginal Costs to determine optimal economic decisions for both consumers and firms; and interpret them for forestry.
| 6,8 | | | LO - 4 : | identify the differences between a perfectly competitive market and an imperfectly competitive market and the implications of each for economic outcomes.
| 6,8 | | | LO - 5 : | acquainted with Factor Markets, GDP, Growth and Development, inflation,
| 6,8 | | | LO - 6 : | use Graphs to explain and demonstrate economic concepts.
| 6,8 | | | CTPO : Contribution to programme outcomes, TOA :Type of assessment (1: written exam, 2: Oral exam, 3: Homework assignment, 4: Laboratory exercise/exam, 5: Seminar / presentation, 6: Term paper), LO : Learning Outcome | | |
| Course orientation: syllabus, examination policy, assignments, course format, textbooks and other resources, Producer equilibrium, Costs of production, Firm supply curve, Elasticity analysis of supply, forest sector case , Course objectives, Choice and scarcity concepts, definition of economics, and methods in economics, Price, Competitive market, Monopoly, Price analysis, Relation of economics with other sciences, basic concepts of economics, Production and scope and types of it, Factor markets, Factor supply and demand, Factor incomes, Conditions affecting economics, population theories, consumer behaviors, GDP analysis and its elements, Savings and Investments, Finding consumer equilibrium, Market Demand CurveWeek 13: Multiplier, Money theories, inflation, employment, Elasticity analysis, Short and long term production and diminishing marginal product, Economic growth and developme
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| Course Syllabus | | Week | Subject | Related Notes / Files | | Week 1 | Introduction, Scarcity, Basic economic problems, economics and relations with other sciences, basic economic concepts, economic systems | | | Week 2 | Consumer behavior, market demand curve (demand elasticity, income elasticity of demand, cross elasticity, demand, expenses and revenues, as a decision-makers flexibility) | | | Week 3 | Market mechanism and rates system (Market, Demand, Supply, Price and to develop, change, flexibility) | | | Week 4 | Production Theory (production factors, production function, production conditions, descending yield law, spouses product curves, charges precisely, economic activity) | | | Week 5 | Theory of the Firm (Company expenses, company revenues, company balance, the balance of Monopoly, Monopolistic competition) | | | Week 6 | Benefits Theory (Benefits, Benefits of the availability measure, marginal benefits and consumer approach equilibrium, and consumer indifference curves approach equilibrium, | | | Week 7 | Microeconomy (Partial balance of general equilibrium, positive economics normative economics) | | | Week 8 | Macroeconomy (non-state world-level Development) | | | Week 9 | Mid-term exam | | | Week 10 | National Income (production direction, the direction of the Revenue, Expenditure direction, price changes and national income, economic welfare and national income) | | | Week 11 | Inflation (demand inflation, cost inflation, economic structure and changing demands, inflation factors to be effective), Employment (Importance, labor and employment capacity, Unemployment and species) | | | Week 12 | Some Macro-Economic Concepts and Relations (income-expenditure relationship, consumption, investment, national income determination, Magnifying factors, Economic Growth | | | Week 13 | Money (liquidity preference, money supply, interest rate, quantity theory) | | | Week 14 | International economic relations (Rationale, balance of payments, international economic policy) | | | Week 15 | Economic growth and development | | | Week 16 | End-of-term exam | | | |
| 1 | Geray, U.,1998, Ekonomi, İÜ Orman Fakültesi Yayınları, Yayın No: 430, İstanbul | | | |
| 1 | Gülen, İ. , Bayraktaroğlu, H. , 1978, Ekonomi Ders Kitabı, İÜ Orman Fakültesi Yayınları, Yayın No: 225, İstanbul | | | |
| Method of Assessment | | Type of assessment | Week No | Date | Duration (hours) | Weight (%) | | Mid-term exam | 9 | 10/11/2016 | 1 | 50 | | End-of-term exam | 16 | 10/01/2020 | 1 | 50 | | |
| Student Work Load and its Distribution | | Type of work | Duration (hours pw) | No of weeks / Number of activity | Hours in total per term | | Yüz yüze eğitim | 2 | 14 | 28 | | Sınıf dışı çalışma | 2 | 6 | 12 | | Arasınav için hazırlık | 2 | 5 | 10 | | Arasınav | 2 | 2 | 4 | | Dönem sonu sınavı için hazırlık | 2 | 10 | 20 | | Dönem sonu sınavı | 1 | 1 | 1 | | Total work load | | | 75 |
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