Information Package
baskent.edu.tr

Program of Economics (English)

ECO101

INTRODUCTION TO ECONOMICS I

Course Code
ECO101
Semester
First Term (Fall)
Theory+Practice
3 + 0
ECTS
6
Course TypeCompulsory Course
Course LevelBachelor's Degree
Year of Study1
SemesterFirst Term (Fall)
ECTS6
Name of Lecturer(s)
Learning Outcomes

At the end of this course, the students;

  1. Understand basic microeconomic concepts such as demand, supply, utility, externalities, public goods and regulation
  2. Understand how microeconomic equilibrium is achieved through supply and demand
  3. Understand operations of different types of markets
  4. Understand the consumer behavior
  5. Understand market failures and the effects of the government's intervention in the market.
Mode of DeliveryFace to face
PrerequisitesNo
Recommended Optional Programme ComponentsNone
Course DescriptionThis course covers the allocation of resources and the determination of prices in a market economy. The notions of utility, production, costs, and profit are introduced in this course to analyse how supply and demand are formed by the behaviour of economic agents, namely the consumers and the firms.
Course Contents
WEEK TOPICS
1st Week Economics: Foundations and Models
2nd Week Trade-offs, Comparative Advantage, and the Market System
3rd Week Where Prices Come From: The Interaction of Demand and Supply
4th Week Economic Efficiency, Government Price Setting
5th Week Economic Efficiency, Government Price Setting
6th Week Elasticity: The Responsiveness of Demand and Supply
7th Week Midterm
8th Week Taxes
9th Week Consumer Choice
10th Week Technology, Production, and Costs
11th Week Firms in Perfectly Competitive Markets
12th Week Monopoly and Antitrust Policy
13th Week Oligopoly: Firms in Less Competitive Markets
14th Week Externalities, Environmental Policy, and Public Goods
Recommended or Required ReadingMain book:
- R. Glenn Hubbard and Anthony Patrick O'Brien, Economics, 7th ed. Pearson, 2019.

Additional sources:
- Paul Krugman and Robin Wells, Microeconomics, 4th edition, 2014.
- Instructor's own notes
Planned Learning Activities and Teaching Methods
  • Lecture
  • Discussion
Assessment Methods and Criteria
Quantity Percentage (%)
Mid-term 1 35
Quiz 2 20
Total(%) 55
Contribution of In-term Studies to Overall Grade(%) 55
Contribution of Final Examination to Overall Grade(%) 45
Total(%) 100
ECTS Allocated Based on Student Workload
Activities Quantity Duration (Hour) Total Workload (Hour)
Midterm exam 1 1 1
Preparation for Quiz 2 14 28
Individual or group work 14 3 42
Preparation for Final exam 1 36 36
Course hours 14 3 42
Preparation for Midterm exam 1 30 30
Laboratory (including preparation) 0 0 0
Final exam 1 1 1
Homework 0 0 0
Total Work Load180
Total Work Load / 30 (h)6
ECTS Credit of the Course6
Language of InstructionEnglish
Work Placement(s)No

Programme Qualifications / Learning Outcomes

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