Description of Individual Course Units
Course Unit CodeCourse Unit TitleType of Course UnitYear of StudySemesterNumber of ECTS Credits
3402001072019ECONOMICSCompulsory114
Level of Course Unit
First Cycle
Language of Instruction
Turkish
Objectives of the Course
The aim of the course is to introduce students to the science of economics and explain its methods; microeconomics (price system, supply and demand theories, consumer behavior, utility maximization, production process, etc.) and basic macroeconomic issues (national income, inflation, unemployment, monetary theory, financial crises, the informal economy, debt policy balance, customization etc…) to provide them with information.
Name of Lecturer(s)
Öğr.Gör. ONUR ÇATALER
Learning Outcomes
1Define key concepts used in microeconomics and macroeconomics
2Present elementary models and theories describing economic processes in a market economy
3Apply these economic concepts and theories to analyse numerical data and real world situations
4Discuss and assess the government s role in the economy, in both microeconomic and macroeconomic contexts
Mode of Delivery
Face to Face
Prerequisites and co-requisities
Recommended Optional Programme Components
Course Contents
Basic concepts of economics, price system, supply and demand theories, consumption and production theory, national income, inflation, unemployment, monetary theory, foreign trade theory, financial crises, informal economy, borrowing policy, public balance, privatization.
Weekly Detailed Course Contents
WeekTheoreticalPracticeLaboratory
1Introduction and basic concepts
2Introduction: The Economic Problem
3Economics and Economic Systems, Types of Economic Systems – Traditional, Command, Market and Mixed. Scarcity
4Choice and Opportunity Cost
5Elasticity: The Measure of Responsiveness; Price Elasticity of Demand the Measurement of Price Elasticity, Determinants of Price Elasticity; Price Elasticity of Demand and the Shapes of the Demand Curves.
6Elasticity of Supply; Determinants of Supply Elasticity.
7Total and Marginal Utility – pillars for rational decisions; the “Law” of Diminishing Marginal Utility; Consumer Equilibrium based on the Utility Theory Approach; from Marginal Utility to the Demand Curve
8Midterm exam
9Time Horizons for Decision Making The Short Run and The Long Run; The Production Function Input Choices, The Choice and Optimal Input Combinations; Isoquants and Isocosts; Substitutability, Output and Cost; Total, Average and Marginal Products; Marginal and Average Product Curves; The "Law" of Diminishing Returns; Optimal Quantity of an Input and Diminishing Returns; Cost curves; Fixed costs and Variable Costs; Economies of Scale; LongRun versus ShortRun Costs.
10Market Structure and Behaviour; The Significance of Market Structure; Perfect Competition. Perfect Competition Defined; Demand and Revenue for a Firm in Perfect Competition; Short – Run Equilibrium Rules for All Profit Maximising Firms; ShortRun, Profitability of the Perfectly Competitive Firm; ShortRun Losses; Shutdown and Breakeven Analysis;
11Monopoly: Monopoly Defined; Causes of Monopoly: Barriers to Entry and Cost Advantages; Cost and Revenue in the ShortRun; Short and LongRun Monopoly Equilibrium and the Determination of Profit Maximising Output; Natural Monopoly; Comparison of Monopoly and Perfect Competition; Can Monopolies be Good? Price Discrimination under Monopoly
12Role of money in the economy. The role and functions of money, credit creation, and the central bank in the the money supply process are examined. In turn, the role of money and monetary policy in the determination of national income are assessed..
13Unemployment and inflation. The topics of inflation and unemployment in modern economies are examined. In particular the policy dilemma in targetting one or other of these problems is explored..
14Final Exam
Recommended or Required Reading
Prof. Dr. Sadık ACAR, İktisada Giriş, DEU Hukuk Fakültesi Yayınları Prof. Dr. Şahabettin Yiğitbaşı, Mikro İktisat Karl E. Case, Ray C. Fair, Sharon M. Oster (2012) “Principles of Economics, Prentice Hall.
Planned Learning Activities and Teaching Methods
Activities are given in detail in the sections of "Assessment Methods and Criteria" and "Workload Calculation".
Assessment Methods and Criteria
Term (or Year) Learning ActivitiesQuantityWeight
Midterm Examination1100
SUM100
End Of Term (or Year) Learning ActivitiesQuantityWeight
Final Sınavı1100
SUM100
Term (or Year) Learning Activities40
End Of Term (or Year) Learning Activities60
SUM100
Work Placement(s)
Workload Calculation
ActivitiesNumberTime (hours)Total Work Load (hours)
Midterm Examination111
Final Examination111
Attending Lectures14114
Discussion14114
Question-Answer14114
Case Study10110
Individual Study for Mid term Examination10110
Individual Study for Final Examination20120
Reading30130
TOTAL WORKLOAD (hours)114
Contribution of Learning Outcomes to Programme Outcomes
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* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High
 
Ege University, Bornova - İzmir / TURKEY • Phone: +90 232 311 10 10 • e-mail: intrec@mail.ege.edu.tr