COURSE INTRODUCTION AND APPLICATION INFORMATION


Course Name
Principles of Economics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 100
Fall
3
0
3
4
Prerequisites
None
Course Language
English
Course Type
Required
Course Level
First Cycle
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives This course provides basic knowledge of micro and macroeconomics. The overall purpose of this course is to introduce the student to the concept of a market economy and to investigate how scarce resources are allocated under a price mechanism.Microeconomics topics such as market economies, demand, supply, consumer theory, the theory of the firm, perfect competition; and basic topics in macroeconomics such as national income, employment, unemployment, inflation and economic growth are analyzed.
Learning Outcomes The students who succeeded in this course;
  • Will be able to express what economists mean by the concept of scarcity.
  • Will be able to define basic economic concepts such as opportunity cost, elasticity, economic profit and marginal analysis.
  • Will be able to identify the determinants of demand and supply.
  • Will be able to predict a change in market outcomes given a change in supply or demand.
  • Will be able to explain the concept of market equilibrium.
  • Will be able to analyze firm behavior under perfect competition.
  • Will be able to measure key macroeconomic variables.
  • Will be able to find out basic relationships between the variables such as national income, unemployment, budget deficit, money supply, interest rate, inflation rate, exchange rate, and trade deficit.
Course Content This course provides an introduction to basic models and concepts in microeconomics and macroeconomics. Basic topics in microeconomics analyzed in this course include an introduction to market economies, supply and demand, consumer theory, the theory of the firm, perfect competition. Basic topics in macroeconomics analyzed in this course include national income, employment, unemployment, inflation, and economic growth.

 



Course Category

Core Courses
X
Major Area Courses
Supportive Courses
Media and Managment Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 What is Economics? Parkin, Powel, Matthews; Essential Economics, Chapter 1 (Pearson Education Limited, European edition)
2 The Economic Problem Parkin, Powel, Matthews; Essential Economics, Chapter 2 (Pearson Education Limited, European edition)
3 Demand and Supply Parkin, Powel, Matthews; Essential Economics, Chapter 3 (Pearson Education Limited, European edition)
4 Demand and Supply Parkin, Powel, Matthews; Essential Economics, Chapter 3 (Pearson Education Limited, European edition)
5 Output and Costs Parkin, Powel, Matthews; Essential Economics, Chapter 6 (Pearson Education Limited, European edition)
6 Competitive Markets Parkin, Powel, Matthews; Essential Economics, Chapter 7 (Pearson Education Limited, European edition)
7 Review
8 Mid-term 1
9 Real GDP Parkin, Powel, Matthews; Essential Economics, Chapter 10 (Pearson Education Limited, European edition)
10 Monitoring Jobs and Inflation Parkin, Powel, Matthews; Essential Economics, Chapter 11 (Pearson Education Limited, European edition)
11 Financial Markets Parkin, Powel, Matthews; Essential Economics, Chapter 12 (Pearson Education Limited, European edition)
12 Financial Markets Parkin, Powel, Matthews; Essential Economics, Chapter 12 (Pearson Education Limited, European edition)
13 Money and Banking Parkin, Powel, Matthews; Essential Economics, Chapter 13 (Pearson Education Limited, European edition)
14 Growth, Inflation and Cycles Parkin, Powel, Matthews; Essential Economics, Chapter 15 (Pearson Education Limited, European edition)
15 Review
16 Review of the Semester  
Course Textbooks Parkin, Powel, Matthews; Essential Economics with MyEconLab Student Access Card, Pearson Education Limited 2012, European edition. Students MUST buy the book. Assignments which make up 20% of your final grade and the problem sets that will be used in the recitations will be given through the online system of the book called MyEconLab. The assignments will be graded in the system itself and your instructors will see your grades online. HENCE EVERY STUDENT MUST BUY THE BOOK TO BE ABLE TO REGISTER TO THIS SYSTEM BY USING THE ACCESS CODE THAT COMES WITH THE BOOK. NOTE: Students who took this course and failed in 2010-2011 academic year do not have to buy the book. MyEconLab Student Access Cards will be provided to these students, if they consult to the teaching assistant of the course.
References By going to the following link http://eco.ieu.edu.tr/en/econ100principleseconomics you will find a file containing detailed information on how to register to MyEconLab.

 

EVALUATION SYSTEM

Semester Requirements Number Percentage
Participation
16
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
6
20
Presentation / Jury
Project
Seminar / Workshop
Midterms / Oral Exams
1
35
Final / Oral Exam
1
35
Total

Contribution of Semester Work to Final Grade
23
65
Contribution of Final Work to Final Grade
1
35
Total

ECTS / WORKLOAD TABLE

Activities Number Duration (Hours) Workload
Course Hours
Including exam week: 16 x total hours
16
3
48
Laboratory / Application Hours
Including exam week: 16 x total hours
16
 
Study Hours Out of Class
15
2
Field Work
 
Quizzes / Studio Critiques
Homework / Assignments
6
3
Presentation / Jury
 
Project
 
Seminar / Workshop
Midterms / Oral Exams
1
16
Final / Oral Exam
1
16
    Total
128

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Qualifications / Outcomes
* Level of Contribution
1
2
3
4
5
1 Successfully applies theoretical and practical knowledge and skills in Culinary Arst and Management
2 Professionally applies artistic knowledge and skills that are required in the field of Culinary Arts
3 Carries best practices in terms of work and food security, safety and hygiene in food production
4 Appreciates, evaluates and makes decisions regarding to visual, textual and nutritional data with respect to food production and presentation
5 Recognizes and evaluates the impact of gastronomy on culture and society
6 Possesses visual thinking skils and effectively conveys visual concepts
7 Assumes responsibility for solving complex problems that may occur in the field of Culinary Arts and management, both individually and as a team member
8 Initiates culinary projects and can assume leadership for success
9 Critically evaluates the knowledge and skills possessed in Culinary Arts and Management, defines learning requirements and directs own learning
10 Informs individuals and organizations on topics related to Culinary Arts and Management and effectively conveys opinions in verbal or written ways
11 Shares opinions with experts or nonexperts by supporting them with quantitative and qualitative data
12 Possesses necessary knowledge and skills in relevant fields such as gastronomy, design and management and effectively applies them to the practice of Culinary Arts X
13 Follows the developments in field and communicates with colleguages by fleuntly using a foreign language
14 Speaks a second foreign language in intermediate level
15 Effectively uses technological equipment related to the field
16 Possesses ethical values in the field of Culinary Arts and Management

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 

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