| Course Name | Principles of Microeconomics |
| Code | Semester | Theory (hour/week) | Application/Lab (hour/week) | Local Credits | ECTS |
|---|---|---|---|---|---|
| ECON 101 | Fall/Spring | 3 | 0 | 3 | 6 |
| Prerequisites | None | |||||
| Course Language | English | |||||
| Course Type | Elective | |||||
| Course Level | First Cycle | |||||
| Mode of Delivery | - | |||||
| Teaching Methods and Techniques of the Course | ||||||
| Course Coordinator | ||||||
| Course Lecturer(s) | ||||||
| Assistant(s) | ||||||
| Course Objectives | The purpose of this course is to to provide an understanding of how people interact with each other, and with the natural environment, in producing their livelihoods. The course provides students with a framework of and the ability to evaluate key microeconomic concepts facing capitalist economies such as supply and demand, market equilibrium and disequilibrium, economic rents and institutions. The course also equips students with some elementary mathematical techniques to solve numerical or algebraic economic problems in applying key micreoconomic concepts. The focus of the course is to teach students models motivated by facts from history, experiments, and data. To use insights on the economy from a wide range of historical, geographical, disciplinary and methodological perspectives is another focus of the course. Students will be well prepared to tackle the issues covered in the more advanced second year course “Microeconomics". |
| Learning Outcomes | The students who succeeded in this course;
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| Course Description | Economics is the study of how people interact with each other, and with the natural environment, in producing their livelihoods. This course is an introduction to the basic principles of microeconomics, which analyzes the choices and actions of the economic actors as both self-interested and ethical. This course covers capitalist revolution; the effects of technological change; scarcity and opportunity cost; social interactions; the effect of institutions on balance of power; interactions among firm’s owners, managers and employees; profit maximizing firm’s interaction with its customers; supply, demand, and market equilibrium; market disequilibrium in credit and labor markets; market failures. |
| Related Sustainable Development Goals |    |
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| Core Courses | |
| Major Area Courses | ||
| Supportive Courses | ||
| Media and Managment Skills Courses | ||
| Transferable Skill Courses |
| Week | Subjects | Required Materials |
| 1 | INTRO and Welcome to Economics | Principles of Economics 3E Chapter 1 |
| 2 | Choice in a World of Scarcity | Principles of Economics 3E Chapter 2 |
| 3 | Demand and Supply | Principles of Economics 3E Chapter 3 |
| 4 | Demand and Supply | Principles of Economics 3E Chapter 3 |
| 5 | Elasticity | Principles of Economics 3E Chapter 5 |
| 6 | Consumer Choices | Principles of Economics 3E Chapter 6 |
| 7 | Consumer Choices and Review | Principles of Economics 3E Chapter 6 |
| 8 | MIDTERM (To be Announced) | |
| 9 | Production, Costs, and Industry Structure | Principles of Economics 3E Chapter 7 |
| 10 | Production, Costs, and Industry Structure | Principles of Economics 3E Chapter 7 |
| 11 | Perfect Competition | Principles of Economics 3E Chapter 8 |
| 12 | Perfect Competition | Principles of Economics 3E Chapter 8 |
| 13 | Monopoly | Principles of Economics 3E Chapter 9 |
| 14 | Monopoly | Principles of Economics 3E Chapter 9 |
| 15 | Review of the Semester | |
| 16 | -Review of the Semester |
| Course Notes/Textbooks | The Economy e-book (Principles of Economics 3E ) is available at https://openstax.org/details/books/principles-economics-3e. Every student must register on this website to access the free e-book and extra resources. Assignments which make up 20% of your final grade will be given through blackboard. The assignments will be graded in blackboard and your instructors are going to see your grades online. |
| Suggested Readings/Materials |
| Semester Activities | Number | Weigthing |
| Participation | 1 | 10 |
| Laboratory / Application | ||
| Field Work | ||
| Quizzes / Studio Critiques | ||
| Portfolio | ||
| Homework / Assignments | 1 | 20 |
| Presentation / Jury | ||
| Project | ||
| Seminar / Workshop | ||
| Oral Exam | ||
| Midterm | 1 | 35 |
| Final Exam | 1 | 35 |
| Total |
| Weighting of Semester Activities on the Final Grade | 3 | 65 |
| Weighting of End-of-Semester Activities on the Final Grade | 1 | 35 |
| Total |
| Semester 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 | 16 | 2 | 32 |
| Field Work | | ||
| Quizzes / Studio Critiques | |||
| Portfolio | |||
| Homework / Assignments | 4 | 6 | |
| Presentation / Jury | | ||
| Project | | ||
| Seminar / Workshop | |||
| Oral Exam | |||
| Midterms | 1 | 35 | |
| Final Exams | 1 | 36 | |
| Total | 175 |
| # | Program Competencies/Outcomes | * Contribution Level | ||||
1 | 2 | 3 | 4 | 5 | ||
| 1 | To be able to have a grasp of basic mathematics, applied mathematics or theories and applications of statistics. | |||||
| 2 | To be able to use advanced theoretical and applied knowledge, interpret and evaluate data, define and analyze problems, develop solutions based on research and proofs by using acquired advanced knowledge and skills within the fields of mathematics or statistics. | |||||
| 3 | To be able to apply mathematics or statistics in real life phenomena with interdisciplinary approach and discover their potentials. | |||||
| 4 | To be able to evaluate the knowledge and skills acquired at an advanced level in the field with a critical approach and develop positive attitude towards lifelong learning. | |||||
| 5 | To be able to share the ideas and solution proposals to problems on issues in the field with professionals, non-professionals. | |||||
| 6 | To be able to take responsibility both as a team member or individual in order to solve unexpected complex problems faced within the implementations in the field, planning and managing activities towards the development of subordinates in the framework of a project. | |||||
| 7 | To be able to use informatics and communication technologies with at least a minimum level of European Computer Driving License Advanced Level software knowledge. | |||||
| 8 | To be able to act in accordance with social, scientific, cultural and ethical values on the stages of gathering, implementation and release of the results of data related to the field. | |||||
| 9 | To be able to possess sufficient consciousness about the issues of universality of social rights, social justice, quality, cultural values and also environmental protection, worker's health and security. | |||||
| 10 | To be able to connect concrete events and transfer solutions, collect data, analyze and interpret results using scientific methods and having a way of abstract thinking. | |||||
| 11 | To be able to collect data in the areas of Mathematics or Statistics and communicate with colleagues in a foreign language. | |||||
| 12 | To be able to speak a second foreign language at a medium level of fluency efficiently. | |||||
| 13 | To be able to relate the knowledge accumulated throughout the human history to their field of expertise. | |||||
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest
