Introduction to Economics
aacar@gsu.edu.tr
Content
Objective
This introductory course aims to provide students with the fundamental logic of economic thinking and to introduce them to the various fields of application within the discipline.
The objective is twofold: on the one hand, to master the core concepts of microeconomics and macroeconomics (agent behavior, markets, financing, public policies, and growth); on the other hand, to understand how economic methods (modeling, quantitative analysis, empirical evaluation) are applied to firm decision-making, organizational strategies, and contemporary societal issues.
Course Content
The course is structured around theoretical foundations and their empirical applications:
1)Introduction: What is economics and economic thinking?
Scarcity, opportunity cost, incentives, and the scientific approach (models and data).
2)How do markets work? Supply, demand, and equilibrium price
Foundations of competitive markets, adjustment mechanisms, and surplus.
3)Elasticity and its management applications
Price and income elasticities: setting prices, forecasting sales, and measuring tax impacts.
4)Consumer behavior and firm theory
Choices under budget constraints, cost functions, and profit maximization.
5)Market failures: Externalities and public goods
Why markets fail and how the state intervenes (climate, ecological transition). Monopoly, oligopoly, adverse selection, and moral hazard (applications to health and labor markets).
6)Inflation, unemployment, and stabilization policies
Macroeconomic imbalances and the role of fiscal and monetary policies.
7)What is an economist today? Advanced methods and careers
Econometrics, experimental economics, public policy evaluation, and corporate applications.
Course Learning Outcomes
By the end of this course, students will be able to:
1)Apply fundamental microeconomic and macroeconomic concepts to analyze real-world situations.
2)Explain the functioning of markets, price formation mechanisms, and the rationale for public intervention.
3)Interpret key macroeconomic indicators (GDP, unemployment rate, inflation rate, Gini index).
4)Utilize the economic analytical framework (opportunity cost, trade-offs, incentives) to inform strategic decisions within firms.
5)Evaluate the contribution of data and quantitative methods to testing economic hypotheses and making public or private decisions.
Teaching and Learning Methods
-Lectures: Clear and dynamic presentation of theoretical concepts supported by diagrams and charts.
-Practical Applications & Numerical Examples: Simple classroom exercises on equilibrium, elasticity, and cost calculations to reinforce formulas.
-Case Studies & Real-World Data: Analysis of short economic news articles or real dataset extracts to illustrate theory.
-Interactive Quizzes (Kahoot/Forms): Knowledge validation tests at the start or end of sessions to pace learning.
-Student Presentations
References
Mankiw, N. Gregory. Principes de l'économie, Nouveaux Horizons / De Boeck Supérieur (ou édition anglaise Principles of Economics / turque İktisadın İlkeleri).
CORE Econ. L'Économie (Ressource pédagogique globale et gratuite en ligne : core-econ.org).
Krugman, Paul & Wells, Robin. Microéconomie et Macroéconomie, De Boeck Supérieur.
Béjean, Sophie & Peyron, Christine. Microéconomie, Éditions Dalloz, Coll. HyperCours.
Descamps, Christian. Précis de macroéconomie, Éditions Ellipses, Coll. Optimum.
Belin Éducation (Tle) : Blin, A., & Galy, M. (dir.). (2020). Sciences économiques et sociales Terminale. Belin Éducation.
Le Livre Scolaire (1??) : Le Livre Scolaire. (2019). Sciences économiques et sociales 1??. Le Livre Scolaire. https://www.lelivrescolaire.fr/manuels/sciences-economiques-et-sociales-1re-2019
Le Livre Scolaire (2de) : Le Livre Scolaire. (2022). Sciences économiques et sociales 2de. Le Livre Scolaire. https://www.lelivrescolaire.fr/manuels/sciences-economiques-et-sociales-2de-2022
Weekly Contents
| Week | Weekly Contents |
|---|---|
| 1 | Introduction: What is economics?" |
| 2 | From Factors of Production to the Economic Circular Flow: Value added creation, macro-aggregates, and GDP measurement |
| 3 | Income Distribution and Limits of Wealth: Primary inequalities, ecological sustainability, and alternative indicators |
| 4 | Foundations of Supply and Demand: Economic agent behavior, cost structures, and elasticities |
| 5 | Perfect Competition Equilibrium: Price formation, tatonnement mechanism, and welfare analysis |
| 6 | Market Structures and Market Power: Monopoly, oligopoly, monopolistic competition, and barriers to entry |
| 7 | Incentives and Limits of Market Allocation: Externalities, public goods, common resources, and information asymmetries |
| 8 | Financing Needs and Agent Decision-Making: Savings, investment, functions of money, and the role of interest rates |
| 9 | Financing Methods and Structures: Commercial bank money creation, the central bank's role, and financial markets |
| 10 | Determinants of International Trade: From traditional comparative advantage to new trade theories |
| 11 | Trade Organization and Global Governance: Global value chains, trade policies, and contemporary issues |
| 12 | Student Presentations: Student presentations on selected topics, discussions, and course review |
| 13 | Student Presentations: Student presentations on selected topics, discussions, and course review |
| 14 | Student Presentations: Student presentations on selected topics, discussions, and course review |
Assessment System
| Activities | Number | Contribution |
|---|---|---|
| Contribution of in-term studies to overall grade | 1 | 45 |
| Contribution of final exam to overall grade | 1 | 55 |
| Total | 2 | 100 |
| Activities | Number | Contribution |
|---|---|---|
| Assignments | 0 | 0 |
| Presentation | 0 | 0 |
| Midterm Examinations (including preparation) | 2 | 45 |
| Project | 0 | 0 |
| Laboratory | 0 | 0 |
| Other Applications | 0 | 0 |
| Quiz | 0 | 0 |
| Term Paper/ Project | 0 | 0 |
| Portfolio Study | 0 | 0 |
| Reports | 0 | 0 |
| Learning Diary | 0 | 0 |
| Thesis/ Project | 0 | 0 |
| Seminar | 0 | 0 |
| Other | 0 | 0 |
| Make-up | 0 | 0 |
| Total | 2 | 45 |
Relation of Proficiency
| No | Program Learning Outcomes | Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | The acquisition of high-level knowledge of the functions of production management and marketing, management, accounting and finance; the skill of using this knowledge. | X | ||||
| 2 | The acquisition of basic conceptual knowledge about scientific fields related to professional life, such as law, economics, sociology, psychology, social psychology and quantitative methods. | X | ||||
| 3 | The ability to work effectively in a team; the ability to pass on knowledge to other members of the team. | X | ||||
| 4 | The competence to use his/her knowledge on the field, to analyze and interpret the data obtained, to identify the problems encountered, to provide appropriate solutions and scientifically defend these solution suggestions when necessary. | X | ||||
| 5 | The competence to determine the aims and objectives of the company or institution in which he/she is employed by taking into account the needs, the competitive dynamics of the market and by calculating the risks incurred; the ability to engage in entrepreneurship and establish and manage a business. | X | ||||
| 6 | Awareness of constantly updating his/her professional knowledge and skills; the ability to adapt to change and innovation; the competence to evaluate critically the information he/she has acquired. | X | ||||
| 7 | Basic knowledge of information and communication technologies required for professional life; the ability to use core office programs at an advanced level; expertise in data processing and report writing in the IT environment. | X | ||||
| 8 | Ability to follow current information in his/her field in both English and French and to communicate in writing and verbally with stakeholders in both languages. | X | ||||
| 9 | The ability to conduct researches and studies taking into account the market, dynamics of competition, organizational and global factors and scientific methods; contribute to projects, take responsibility in projects, display competence to make innovative and effective decisions. | X | ||||
| 10 | Ability to develop strategies, find creative solutions to management problems by building relations with other areas of the social sciences and take the responsibility of these decisions. | X | ||||
| 11 | Consciousness of taking into account ethical values, when making decisions and being involved in business life. | |||||
| 12 | Awareness of the impact of practices related to his/her field on the global and social dimensions (universality of social rights, social justice, cultural values, environmental problems, sustainability, etc.) and their legal consequences. | |||||
ECTS
| Activities | Number | Period | Total Workload |
|---|---|---|---|
| Class Hours | 14 | 3 | 42 |
| Working Hours out of Class | 14 | 2 | 28 |
| Assignments | 0 | 0 | 0 |
| Presentation | 0 | 0 | 0 |
| Midterm Examinations (including preparation) | 1 | 6 | 6 |
| Project | 0 | 0 | 0 |
| Laboratory | 0 | 0 | 0 |
| Other Applications | 0 | 0 | 0 |
| Final Examinations (including preparation) | 1 | 18 | 18 |
| Quiz | 0 | 0 | 0 |
| Term Paper/ Project | 0 | 0 | 0 |
| Portfolio Study | 0 | 0 | 0 |
| Reports | 0 | 0 | 0 |
| Learning Diary | 0 | 0 | 0 |
| Thesis/ Project | 0 | 0 | 0 |
| Seminar | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| Make-up | 0 | 0 | 0 |
| Yıl Sonu | 0 | 0 | 0 |
| Hazırlık Yıl Sonu | 0 | 0 | 0 |
| Hazırlık Bütünleme | 0 | 0 | 0 |
| Total Workload | 94 | ||
| Total Workload / 25 | 3.76 | ||
| Credits ECTS | 4 | ||