Introduction to Economics
btekin@gsu.edu.tr
Content
Objective
This course aims to introduce students of Political Science 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, Gregory N. & Taylor, Mark P. (2013). Principes de l’économie. Bruxelles : De Boeck.
Manuel complémentaire:
Stiglitz, J. E., Walsh, C.E. & Lafay, J.D. (2007). Principes d’économie moderne. Paris : De Boeck.
Weekly Contents
| 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 |
| 13 | The Theory of Consumer Choice |
| 14 | Externalities |
Assessment System
| Activities | Number | Contribution |
|---|---|---|
| Contribution of in-term studies to overall grade | 3 | 50 |
| Contribution of final exam to overall grade | 1 | 50 |
| Total | 4 | 100 |
| Activities | Number | Contribution |
|---|---|---|
| Assignments | 0 | 0 |
| Presentation | 0 | 0 |
| Midterm Examinations (including preparation) | 1 | 40 |
| Project | 0 | 0 |
| Laboratory | 0 | 0 |
| Other Applications | 0 | 0 |
| Quiz | 2 | 10 |
| 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 | 3 | 50 |
Relation of Proficiency
| No | Program Learning Outcomes | Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | Understanding the major theories, concepts, foundations, and methodologies used in the study of politics. | X | ||||
| 2 | Identifying the structure and operation of the political system in Turkey and other political systems in the world. | X | ||||
| 3 | Identifying and gathering information from credible primary and secondary sources; analyzing and synthesizing the acquired knowledge. | X | ||||
| 4 | Generating and testing empirically hypotheses about political processes, institutions, mechanisms and relationships. | |||||
| 5 | Designing, conducting and interpreting the results of original research in accordance with the scientific and ethical principles by using basic research methods. | X | ||||
| 6 | Showing awareness and sensivity towards issues related to democracy, human rights and social peace. | X | ||||
| 7 | Appraising the sources of societal conflict and how they can be resolved by political means. | X | ||||
| 8 | Examining critically the nature of change in the global political community, and the complex character of processes such as globalization. | X | ||||
| 9 | Taking a role in a teamwork in political science and general fields of other related disciplines. | X | ||||
| 10 | Following publications in foreign languages and communicating with the colleagues in the international environment by using French which is the language of education in Galatasaray University and English, the compulsory foreign language. | X | ||||
ECTS
| Activities | Number | Period | Total Workload |
|---|---|---|---|
| Class Hours | 14 | 3 | 42 |
| Working Hours out of Class | 8 | 4 | 32 |
| Midterm Examinations (including preparation) | 1 | 8 | 8 |
| Final Examinations (including preparation) | 1 | 10 | 10 |
| Quiz | 2 | 4 | 8 |
| Total Workload | 100 | ||
| Total Workload / 25 | 4.00 | ||
| Credits ECTS | 4 | ||