Introduction to Economics (RI121) | 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, Gregory N. & Taylor, Mark P. (2013). Principes de l’économie. Bruxelles : De Boeck.
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
13	The Theory of Consumer Choice
14	Externalities

Assessment System

Contribution to Overall Grade
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

In-Term Studies
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
No	Program Learning Outcomes	1	2	3	4	5
1	To have a detailed knowledge on the principal concepts, actors and components of the international system			X
2	To master the fundamentals such as history, law, economics, sociology and political science required by the multidisciplinary nature of International Relations					X
3	Pouvoir analyser la pratique à partir d’une infrastructure théorique assimilée				X
4	To have acquired the capability of specializing on a particular theme and/or region
5	In the light of Galatasaray University’s traditional and institutional links with Europe, to have developed the ability to contribute to Turkey’s accession process to the EU in a concrete manner		X
6	To interpret and explain Turkish foreign policy through its domestic components as well as from the perspective of the international system		X
7	To have reached the necessary level of competence to be able to undertake a career at the Ministry of Foreign Affairs as well as other state institutions and/or the private sector			X
8	Possess the required skills to work at various international organizations and NGOs			X
9	To be in perfect command of French, teaching language of Galatasaray University, and of English, its mandatory language, at the academic -with a view to write a thesis/project/book in the field of International Relations- as well as the professional level			X
10	To have the capacity to utilize the methodological instruments acquired throughout the studies at any conceptual and/or academic work			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