GEEC 203 | Course Introduction and Application Information

Course Name
Principles of Economics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
GEEC 203
Fall/Spring
3
0
3
6

Prerequisites
None
Course Language
English
Course Type
Service Course
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
Major Area Courses
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction: What is Economy -
2 Capitalist Revolution The Economy, The Core Project, Unit 1
3 Technology and Population The Economy, The Core Project, Unit 2
4 Scarcity, Work and Choice The Economy, The Core Project, Unit 3
5 The Firm: Owners, Managers and Employees The Economy, The Core Project, Unit 6
6 The Firm and Its Customers The Economy, The Core Project, Unit 7
7 Supply and Demand: Price Taking and Competitive Markets The Economy, The Core Project, Unit 8
8 First Midterm -
9 Economic Fluctuations and Unemployment The Economy, The Core Project, Unit 13
10 Unemployment and Fiscal Policy The Economy, The Core Project, Unit 14
11 Inflation and Monetary Policy The Economy, The Core Project, Unit 15
12 Technological Progress, Unemployment and Living Standards In the Long-Run The Economy, The Core Project, Unit 16
13 Economic Inequality The Economy, The Core Project, Unit 19
14 Second Midterm -
15 Review
16 Review

 

Course Textbooks

The Economy, Econ Core Project http://www.core-econ.org A free open-source textbook with additional materials. Please get registestered on the book website.

References

 

EVALUATION SYSTEM

Semester Requirements Number Percentage
Participation
16
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
4
20
Presentation / Jury
Project
Seminar / Workshop
Portfolios
Midterms / Oral Exams
2
40
Final / Oral Exam
1
30
Total

Contribution of Semester Work to Final Grade
23
60
Contribution of Final Work to Final Grade
1
40
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
16
2
Field Work
Quizzes / Studio Critiques
Homework / Assignments
4
4
Presentation / Jury
Project
Seminar / Workshop
Portfolios
Midterms / Oral Exams
2
20
Final / Oral Exam
1
30
    Total
166

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Qualifications / Outcomes
* Level of Contribution
1
2
3
4
5
1 To be able to scientifically examine concepts and ideas in the field of sociology; to be able to interpret and evaluate data.
2 To be able to define classical and contemporary theories in sociology; to be able to identify the differences and similarities among those theories and to be able to evaluate them.
3 To be able to critically use the knowledge acquired in the field of sociology
4 To be able to plan and conduct, individually or as a member of a team, an entire sociological research process with the knowledge of methodological requirements of the field.
5 To be able to identify and evaluate local, regional and global issues and problems.
6 To be able to share their ideas and solutions supplemented by qualitative and quantitative data in written and oral forms.
7 To be able to make use of other disciplines related to sociology and to have core knowledge related to those disciplines.
8 To be able to follow developments in sociology and to be able to communicate with international colleagues in a foreign language. (“European Language Portfolio Global Scale,” Level B1)
9 To be able to use computer software required by the discipline and to possess advancedlevel computing and IT skills. (“European Computer Driving Licence”, Advanced Level)
10 To be able to use a second foreign language at the intermediate level.
11 To have social and scholarly values and ethical principles during the collection and interpretation of data for implementation, publication, dissemination, and maintenance
12 To acquire life long learning abilities that will enable the socially responsible application of knowledge based on their field of study to their professional and everyday lives.

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