INTRODUCTION TO ECONOMICS I

BUS101

Course Code: BUS101
Semester: First Term (Fall)
Theory+Practice: 3 + 0
ECTS: 6

Course Type

Compulsory Course

Course Level

Bachelor's Degree

Year of Study

Semester

First Term (Fall)

ECTS

Name of Lecturer(s)

Instructor Zeynep Yener Gök

Learning Outcomes

At the end of this course, the students;

Understand basic microeconomic concepts and how prices are formed in the market.
Understand microeconomic concepts such as demand, supply, utility, externalities, public goods, and regulation.
Understand how microeconomic equilibrium is achieved through supply, and demand.
Understand operations of different types of markets.
Understand how monopolistic, oligopolistic, and perfectly competitive markets work.
Understand the effects of the government's intervention in the market.
Understand how market failures are solved.

Mode of Delivery

Face to face

Prerequisites

Recommended Optional Programme Components

Course Description

Subject matter, content, and methods of economics; demand, supply and price; consumer behavior; income distribution; externalities; public goods will be covered with examples from Turkey. Students who miss more than 30% of total class hours receive an F2 grade.

Course Contents

WEEK	TOPICS
1^st Week	Basic Concepts: Observing and Explaining the Economy, Scarcity, Choice and Economic Interaction
2^nd Week	The Supply and Demand Model
3^rd Week	Elasticity and Its Uses
4^th Week	The Demand Curve and the Behavior of Consumers
5^th Week	The Supply Curve and the Behavior of Firms
6^th Week	The Interaction of People in Markets
7^th Week	Midterm
8^th Week	Costs and Evolution of Firms over Time, The Rise and Fall of the Industries
9^th Week	Monopoly
10^th Week	Product Differentiation, Monopolistic Competition, and Oligopoly, Antitrust Policy and Regulation
11^th Week	Labor Markets
12^th Week	Taxes, Transfers, and Income Distribution
13^th Week	Public Goods, Externalities and Government Behavior
14^th Week	Physical Capital and Financial Markets

Recommended or Required Reading

John B. Taylor, Economics, 4th ed. New York: Houghton Mifflin, 2003.

Planned Learning Activities and Teaching Methods

Lecture
Discussion
Problem Solving
Questions/Answers

Assessment Methods and Criteria

	Quantity	Percentage (%)
Mid-term	1	40
Quiz	1	10
Total(%)		50
Contribution of In-term Studies to Overall Grade(%)		50
Contribution of Final Examination to Overall Grade(%)		50
Total(%)		100

ECTS Allocated Based on Student Workload

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Midterm exam	1	2	2
Preparation for Quiz
Individual or group work	14	2	28
Preparation for Final exam	1	50	50
Course hours	14	3	42
Preparation for Midterm exam	1	45	45
Laboratory (including preparation)
Final exam	1	2	2
Homework
Quiz	1	15	15
Total Work Load			184
Total Work Load / 30 (h)			6.13
ECTS Credit of the Course			6

Language of Instruction

English

Work Placement(s)

Programme Qualifications / Learning Outcomes

	LO1	LO2	LO3	LO4	LO5	LO6	LO7
K1	X	X
K2
K3		X
K4			X
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K6				X
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K11
K12						X
K13							X

	LO1	LO2	LO3	LO4	LO5	LO6	LO7
K1	X	X
K2
K3		X
K4			X
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K11
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K13							X

	LO1	LO2	LO3	LO4	LO5	LO6	LO7
K1	X	X
K2
K3		X
K4			X
K5					X
K6				X
K7						X
K8				X
K9					X
K10						X
K11
K12						X
K13							X

	LO1	LO2	LO3	LO4	LO5	LO6	LO7
K1	X	X
K2
K3		X
K4			X
K5					X
K6				X
K7						X
K8				X
K9					X
K10						X
K11
K12						X
K13							X