Principles of Microeconomics

Course Code:

ECON 111

Course Period:

Autumn

Course Type:

Core

P:

3

Application:

0

Credits:

3

ECTS:

7

Course Language:

İngilizce

Course Objectives:

The primary objective of the course is to introduce the micro theory and its application to economic analysis.

Course Content:

The course will begin by emphasizing scarcity as the essence of the economic problem; enumerate the fundamental tasks facing an economic system and the role of the price system in accomplishing these tasks. This will be followed by a discussion of the concept of opportunity cost and the production possibility frontier. Marginal cost and marginal benefit will be highlighted as the basis of efficient resource allocation, clearing the way for the standard topics in introductory microeconomics such as the laws of supply and demand, elasticity of demand and supply, theory of the consumer, theories of production and cost. The last part of the course will analyze the short-run profit maximizing behavior of the perfectly competitive firm and monopoly as contrasting types of market structures and investigate their welfare implications.

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

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Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
Develop an understanding of basic economic concepts	1,4,5,7	1, 2, 3	A, C
Analyze current economic issues and problems	1,5,7,10	1, 2, 3	A, C
The principles of supply and demand and price determination.	4,5,7	1, 2, 3	A, C
Identify different theories of consumer choice,	1,4,5,7	1, 2, 3	A, C
Describe the theory of firm behavior and possible alternatives in different market structure	1,4,5,7,10,15,16	1, 2, 3	A, C

Course Flow

Week	Subjects	Preliminary
1	The scope and method of economics
2	The economic problem: scarcity and choice
3	Demand, supply and market equilibrium
4	Demand and supply application
5	Elasticity
6	Household behavior and consumer choice
7	The production process: the behavior of profit maximizing firm
8	Short run costs and output decisions
9	Long run costs and output decisions
10	Input demand
11	Monopoly
12	Oligopoly
13	Monopolistic competition
14	Revision

Recommended Sources

Lecture Book	K.E. Case&R.C Fair, S.M.&Oster, Principles of Economics, Pearson. 2012
Other Resources	Daily newspapers (print or online) or weekly magazines such as Economist and Capital

Material Sharing

Documents	Lectures notes
Duties	-
Exam	-

Assessment

WORKS IN SEMESTER	TIME	CONTRIBUTION PERCENTAGE
Mid-terms	1	40
Quizzes
Assignments	5	60
Total		100
CONTRIBUTION OF FINAL EXAMINATION TO OVERALL GRADE		60
CONTRIBUTION OF IN-TERM STUDIES TO OVERALL GRADE		40
Total		100

Course’s Contribution to Program

No	Program Learning Outcomes	Contribution Level
No	Program Learning Outcomes	1	2	3	4	5
1	Students should be able to analyze the developments in the world and Turkish economy and examine how Turkish economy is affected by these changes.			X
2	Students should examine the growth and accumulation of economic thought and critically evaluate it.
3	Students should analyze contemporary subjects in international political economy.
4	Students should possess qualitative and quantitative knowledge and techniques to test different economic theories in order to solve contemporary economic problems.			X
5	Students should analytically evaluate economic problems and explain logical patterns, assumptions and results of different perspectives.			X
6	Students should be able to use statistics and econometric analysis programs.
7	Students should possess the sufficient knowledge, discipline and responsibility to be able to conduct independent study/ project/research and a comprehensive research and/or project report.		X
8	Students should be able to fulfill their responsibility in teams and projects in businesses as well as being able and capable to act as a leader.
9	Students should be able to design and plan projects to achieve organizational goals and objectives and/or improve organizational performance.
10	Students should be able to critically evaluate the body of knowledge in the fast changing economics arena, and assess self-competency, and direct self-learning efforts accordingly.			X
11	Students should understand the importance of life-long learning and self-assessment to maintain their personal and professional development.
12	Students should understand that the rapidly-evolving dynamics of national and global environments requires flexible thinking, adaptability, and the ability to formulate innovative solutions to pursue a successful career.
13	Students should be able to effectively communicate in written or oral English with people from diverse backgrounds, and should have the English proficiency to follow and interpret the global dynamics that shape the economics area.
14	Students should be able to clearly and effectively convey their knowledge, ideas, research, and conclusions supported with relevant data, in national/international interdisciplinary academic and professional settings in Turkish or in English.
15	Students should understand the importance of respect for individual and cultural diversity, and should be able to emphatically interact with individuals from diverse cultural backgrounds in social and professional settings.	X
16	Students should be able to effectively utilize computer, communication and information technologies commonly used in economics.	X
17	Students should understand the standards of personal, professional and social ethics, evaluate the ethical implications of various practices related to the area of business administration, and have awareness of the importance of ethical behavior in adding value to society.
18	Students should understand the personal, social and ecological dimensions of social responsibility and have the awareness that being socially responsible is an active citizenship duty of each and every individual.
19	Students should know that universality of social rights and social justice are the principle components of contemporary society and that scientific thinking in essential prerequisite for maintaining social advancement and global competitiveness.
20	Students should understand the importance of quality, safety and health management, corporate social responsibility, personal, professional and cross-cultural respect and professional ethics in maintaining organizational sustainability.

ECTS

Activities		Quantity		Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)		15		3	45
Hours for off-the-classroom study (Pre-study, practice)		15		3	45
Mid-terms	1			20	20
Quizzes (attendance, presentation, etc.)			-
Assignments			5	4	20
Final Examination			1	20	20
Total Work Load					150
Total Work Load / 25 (s)					6
ECTS Credit of the Course					7

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Principles of Microeconomics

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