Introduction to Economics (ECON111) | GSÜ

Content

Objective

This course aims to introduce students of International Relations to the study of economics. The purpose of this course is to teach fundamental lessons of economics such as the law of demand and the law of supply, the application of elasticity, the price mechanism, the costs of production, firm behavior and types of markets (competitive markets, monopoly, monopolistic competition, oligopoly), the markets for the factors of production and the theory of consumer choice.

Course Content

See Subject Headings (Topics)

Course Learning Outcomes

1) Explain basic concepts in economics such as supply and demand, the market, price mechanism and market equilibrium
2) Use basic microeconomic models to study the ways in which economic agents make decisions in the market place.
3) Discuss the functioning of markets, determination of market equlibrium and forms of competition in various types of markets
4) Explain firm behavior (i.e. profit maximisation and cost minimization practices of firms)
5) Explain why monopolies arise, the welfare costs of monopoly and public policies towards monopolies
6) Use basic tools of game theory for studying economics of cooperation
7) Analyze the economics of labor markets, the markets for the factors of production

Teaching and Learning Methods

Lecture classes

References

Mankiw, G.N. (1998). Principes De l’Economie. Paris: Economica
Stiglitz, J. E., Walsh, C.E. & Lafay, J.D. (2007). Principes d’économie moderne. Paris : De Boeck.

Weekly Contents

Theory Topics
Week	Weekly Contents
1	Introduction to economics
2	The Economic Cycle Flow
3	Gross National Product
4	Gross National Product and exercises
5	Theories of Absolute and Comparative Advantages
6	Theories of Absolute and Comparative Advantages & Exercises
7	The notion of "Opportunity Cost"
8	Mid Term
9	Labor and Production
10	How to fixe the prices? Demand Curve and Isoprofits
11	How to fixe the prices? The notion of "Elasticity"
12	Supply and Demand
13	Labor Market: Wage, Profit, Unemployment
14	Inflation, Unemployment and Monetary Policy

Assessment System

Contribution to Overall Grade
Activities	Number	Contribution
Contribution of in-term studies to overall grade	2	50
Contribution of final exam to overall grade	1	50
Total	3	100

In-Term Studies
Activities	Number	Contribution
Assignments	0	0
Presentation	0	0
Midterm Examinations (including preparation)	2	50
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	50

Relation of Proficiency

No	Program Learning Outcomes	Contribution
No	Program Learning Outcomes	1	2	3	4	5
1	Demonstrate a basic knowledge of different economic theories and main discussions driving current theoretical approaches			X
2	Demonstrate ability to use basic qualitative and quantitative methods to asses different economic questions of applied fields					X
3	Show a sound understanding of current economic discussions and problems				X
4	Have an effective and clear communication in written and oral formats in different public and professional contexts.	X
5	Demonstrate basic knowledge of the world economic history and a sound knowledge of the Turkish economic history	X
7	Demonstrate knowledge of standard quantitative techniques and empirical models used in economics			X
8	Show ability to apply basic economic theory to an applied topic			X
9	Show a basic understanding of analytical methods, both theory- and model-based				X
10	Show ability to use economic concepts to discuss current economic issues				X
11	Reason logically and work analytically					X
12	Show awareness on social aspects of the economics in different applied and theoretical fields				X
13	Identify appropriate economic models to analyse problems					X
16	Show understanding of basic statistical and econometric concepts and ability to apply basic concepts to own empirical work	X
17	Demonstrate a sound knowledge of the current economic issues in Turkey and a general knowledge of the issues in the world economy		X

ECTS

Activities	Number	Period	Total Workload
Class Hours	14	4	56
Working Hours out of Class	12	3	36
Assignments	10	2	20
Presentation	0	0	0
Midterm Examinations (including preparation)	1	10	10
Project	0	0	0
Laboratory	0	0	0
Other Applications	0	0	0
Final Examinations (including preparation)	1	18	18
Quiz	2	4	8
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			148
Total Workload / 25			5.92
Credits ECTS			6