Information Package
baskent.edu.tr

Program of Insurance and Risk Management

TBF111

INTRODUCTION TO ECONOMICS I

Course Code
TBF111
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 fundamental economic concepts such as opportunity cost, scarcity, and positive and normative economics.
  2. Analyze the production possibilities of firms and countries, understand comparative advantages, and learn how to benefit from international trade.
  3. Use the basic supply and demand model to understand the functioning of markets.
  4. Learn how to calculate elasticity and how to use it in market analysis.
  5. Analyze consumer behavior concerning consumption, saving, and employment.
  6. Examine firms' decisions regarding pricing, output level, employment, and investment.
  7. Will be able to analyze how firms behave in different market structures such as perfect competition, monopoly, monopolistic competition, and oligopoly.
  8. Explore how to apply microeconomic concepts and principles in real life.
Mode of DeliveryFace to face
PrerequisitesNo
Recommended Optional Programme ComponentsNone
Course DescriptionThis course introduces the meaning and importance of economics and microeconomics, as well as the use of mathematics and graphs in economics, supply and demand, elasticity, utility, and consumer preferences. The course also covers topics related to production organization, production, and costs, as well as market structures such as perfect competition, monopoly, monopolistic competition, and oligopoly.
Course Contents
WEEK TOPICS
1st Week Fundamentals of economics, economic problems, and models
2nd Week Production possibilities curve and market cycle
3rd Week Market mechanism: demand
4th Week Market mechanism: supply
5th Week Elasticities
6th Week Elasticities
7th Week Consumer preferences: utility and choice
8th Week Midterm exam
9th Week Consumer preferences: indifference curves and budget constraint
10th Week Producer equilibrium: output level
11th Week Producer equilibrium: costs and economies of scale
12th Week Market types, perfect competition markets
13th Week Perfect competition markets
14th Week Monopoly markets
Recommended or Required ReadingHubbard, R., & O'Brien, A. (2018). Ekonomi (1st ed.). Palme Yayınevi.
Planned Learning Activities and Teaching Methods
  • Lecture
  • Discussion
Assessment Methods and Criteria
Quantity Percentage (%)
Mid-term 1 40
Total(%) 40
Contribution of In-term Studies to Overall Grade(%) 40
Contribution of Final Examination to Overall Grade(%) 60
Total(%) 100
ECTS Allocated Based on Student Workload
Activities Quantity Duration (Hour) Total Workload (Hour)
Midterm exam 1 1 1
Preparation for Quiz
Individual or group work 14 3 42
Preparation for Final exam 1 40 40
Course hours 14 3 42
Preparation for Midterm exam 1 20 20
Laboratory (including preparation)
Final exam 1 1 1
Homework
Total Work Load146
Total Work Load / 30 (h)4.86
ECTS Credit of the Course6
Language of InstructionTurkish
Work Placement(s)No

Programme Qualifications / Learning Outcomes

LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8
K1 X X
K2
K3 X X
K4 X X X X X
K5 X X X X
K6 X X X
K7 X
K8 X X X X X X
K9 X X
K10 X X X X
K11 X X X
K12 X X X X