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IKT1005 INTRODUCTION TO ECONOMICS 3+0+0 ECTS:5
Year / Semester First Year / Fall Semester
Level of CourseFirst Cycle
StatusCompulsory
DepartmentINTERNATIONAL RELATIONS
Prerequisites and co-requisites None
Mode of DeliveryFace to face
Contact hours14 weeks - 3 hours of lectures per week
LecturerPROF. DR. Harun TERZİ
Co-LecturerProf. Dr. Nebiye Yamak
Language of instruction Turkish
Professional practise ( internship )None
 
Objectives of the Course
The aim of this course is to give students an introduction to micro and market economics and to increase their skill level in analyzing various economic approaches.
 

Learning Outcomes

CTPO

TOA

Upon successful completion of the course, the students will be able to :

LO - 1 :

learn fundamental economic concepts and principles.

1,2,3,4,5,6,7,8

1

LO - 2 :

participate in debates on economic matters.

1,2,3,4,5,6,7,8

1

LO - 3 :

analyze roles of the market mechanism in allocating resources.

1,2,3,4,5,6,7,8

1

LO - 4 :

translate economic events and issues which are described in daily language to the language of economic literature.

1,2,3,4,5,6,7,8

1

LO - 5 :

apply reasoning to better understand real world issues.

1,2,3,4,5,6,7,8

1

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

 

Contents of the Course

Subject of economics, definition of economics, economic systems, main concepts, methods used in economics, circular flow of economic activity, market, demand, supply and price mechanism, King Theorem, Cobweb Theorem, marginal utility and indifference curves, consumer's equilibrium and changes in consumer's equilibrium.

 

Course Syllabus

 Week

Subject

Related Notes / Files

 Week 1

Principles of economics, definition of economics,subject of economics,economic systems,main concepts, methods used in economics

 Week 2

The economic problem, scarcity and choice, opportunity cost

 Week 3

Demand, demand functions, market demand curve, changes in income, changes in a good's price, changes in the price of another good, compensated demand

 Week 4

Supply, supply function, market supply curve

 Week 5

Market equilibrium, equilibrium price,effects on price of shifts in the demand curve, effects on price of shifts in the supply curve

 Week 6

Elasticity of demand, price elasticity of demand, income elasticity of demand, cross-price elasticity of demand

 Week 7

Elasticity of supply

 Week 8

Applications of supply, demand and elacticity

 Week 9

Mid-term exam

 Week 10

Price controls

 Week 11

Theories of consumer behavior, utility, the law of diminishing marginal utility, cardinal and ordinal utility, indifference curves, characteristics of indifference curves, marginal rate of substitution, budget line

 Week 12

The equilibrium of the consumer, changes in consumer equilibrium, quiz

 Week 13

Theory of production, production functions, total product, average product, marginal product, the optimal combination of inputs in the short run

 Week 14

Isoquant curves, rate of technical substitution, the economic region of production, returns to scale, input substitution, isoquant line,the optimal combination of inputs in the long run

 Week 15

Measuring the national income,money,functions of money, money supply, money demand, international economic relations

 Week 16

End-of-term exam

 

Textbook / Material

1Terzi, H. (2014) Mikro İktisat, Celepler Matbaası, 2. baskı, Trabzon; Dinler, Z. 2008; Mikro İktisat, Ekin Kitabevi, 19. Baskı, Bursa

2Dinler, Z. 2007; İktisada Giriş, Ekin Kitabevi, 13. Baskı, Bursa

 

Recommended Reading

1Ünsal, E. M. 2005; Mikro İktisat, İmaj Yayıncılık, 6. Baskı, Ankara

 

Method of Assessment

Type of assessment

Week No

Date

Duration (hours)

Weight (%)

Mid-term exam

9

14/11/2016

1

50

End-of-term exam

16

04/01/2017

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

Lectures (face to face teaching)

3

14

42

Own (personal) studies outside class

4

14

56

Laboratory studies

0

0

0

Own study for first mid-term exam

10

2

20

Mid-term exam

1

1

1

Practice

0

0

0

Clinic Practice

0

0

0

Homework

0

0

0

Project

0

0

0

Quiz

0

0

0

Own study for final exam

10

3

30

End-of-term exam

1

1

1

Other 1

0

0

0

Other 2

0

0

0

Total work load

150