Introduction to Economics (CNT242) | 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
2	The object of microeconomics
3	The Market forces of Demand and Supply
4	Elasticity and its application
5	Demand, Supply and government policies
6	Consumers, producers and the efficiency of markets
7	The costs of production Firms in Competitive Markets
8	Midterm exam
9	Monopoly
10	Oligopoly
11	Monopolistic competition
12	The Markets for the factors of production

Assessment System

Contribution to Overall Grade
Activities	Number	Contribution
Contribution of in-term studies to overall grade	5	50
Contribution of final exam to overall grade	1	50
Total	6	100

In-Term Studies
Activities	Number	Contribution
Assignments	4	20
Presentation	0	0
Midterm Examinations (including preparation)	1	30
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
Total	5	50

Relation of Proficiency

No	Program Learning Outcomes	Contribution
No	Program Learning Outcomes	1	2	3	4	5
1	Knowledge and understanding of a wide range of basic sciences (math, physics, ...) and the main concepts of engineering		X
2	Ability to combine the knowledge and skills to solve engineering problems and provide reliable solutions					X
3	Ability to select and apply methods of analysis and modeling to ask, reformulate and solve the complex problems of industrial engineering
4	Ability to conceptualize complex systems, processes or products under practical constraints to improve their performance, ability to use innovative methods of design
5	Ability to design, select and apply methods and tools needed to solve problems related to the practice of industrial engineering, ability to use computer technology
6	Ability to design experiments, collect and interpret data and analyze results			X
7	Ability to work independently, ability to participate in working groups and have a multidisciplinary team spirit			X
8	Ability to communicate effectively, ability to speak at least two foreign languages				X
9	Awareness of the need for continuous improvement of lifelong learning, ability to keep abreast of scientific and technological developments to use the tools of information management				X
10	Awareness of professional and ethical responsibility
11	Knowledge of the concepts of professional life as "project management", "risk management" and "management of change"				X
12	Knowledge on entrepreneurship, innovation and sustainability
13	Understanding of the effects of Industrial Engineering applications on global and social health, environment and safety.		X
14	Knowledge of the problems of contemporary society		X
15	Knowledge of the legal implications of the practice of industrial engineering

ECTS

Activities	Number	Period	Total Workload
Class Hours	14	3	42
Working Hours out of Class	2	1	2
Assignments	4	1	4
Midterm Examinations (including preparation)	1	5	5
Final Examinations (including preparation)	1	8	8
Total Workload			61
Total Workload / 25			2.44
Credits ECTS			2