Course Name : Introduction to Economics I

Degree: Bachelor

Code

Year/Semester

Local Credits

ECTS Credits

Course Implementation, Hours/Week

Course

Tutorial

Laboratory

EF111

1/1 (FALL)

3

6

3

-

Department

Economics and Finance

Instructors

Prof. Dr. Taner Berksoy

Contact Information

e-mail: tberksoy@pirireis.edu.tr

Office Hours

Wednesday 14:00 – 16:00

Web page

https://www.pirireis.edu.tr/department-of-maritime-business-management-academic-staff

Course Type

 Compulsory

Course Language

English

Course Prerequisites

Course Category by Content, %

Basic Sciences

Engineering Science

Engineering Design

Humanities

30

---

---

70

Course Description

This course attempts to introduce basic concepts in economics for beginners. Problems of Economic Organization, The Elements of Supply and Demand, The Level of Output and Prices, The Theory of Utility and Demand, Cost Structure and Behavioral Supply Function in a Perfectly Competitive Economy and General Equilibrium of Markets are the main topics in this course.

Course Objectives

This course attempts to introduce basic concepts in micro economics for beginners.

Course Learning Outcomes

By students who passed from EF 111 successfully;

1. Apply economic concepts and theories to analyze numerical data and real world situations
2. Present elementary models and theories describing economic processes in a market economy
3. Compare different market structures
4. Analyze the relationships between microeconomic variables
5. Define main concepts in microeconomics

Instructional Methods and Techniques

The presentation of theory and the experimental techniques

Tutorial Place

Class

Co-term Condition

-

Textbook

N. Gregory Mankiw, Mark P. Taylor  (2014), Economics, Cengage Learning

Other References

Mankiw, N.G., Principles of Economics, (3rd Edition), Thomson South-Western, 2004.

Homework & Projects

Students  will be required to solve managerial problems presented in textbook.

Laboratory Work

---

Computer Use

---

Other Activities

---

Assessment Criteria

Activities

Quantity

Effects on Grading, %

Attendance

Midterm

1

30

Quiz

1

10

Homework

Term Paper/Project

Laboratory Work

Practices

Tutorial

Seminar

Presentation

Field Study

Final Exam

1

60

TOTAL

100

Effects of Midterm on Grading, %

40

Effects of Final on Grading, %

60

TOTAL

100

Week

Topics

Course Outcomes

1

Ten principles of economics, Thinking like an economist

II

2

The market forces of supply and demand

II, IV

3

Elasticity and its applications

II, IV

4

Background to demand: The theory of consumer choice

II, IV

5

Background to supply: Firms in competitive markets

II, IV

6

Consumers, producers, and the efficiency of markets

II, IV

7

Midterm Exam

8

Supply, demand and government policies

II, IV, V

9

Public goods, common resources and merit goods

I, IV, V

10

Externalities and market failure

I, III, IV

11

Firm’s production decisions

I, III

12

Market structures I: Monopoly

I, III

13

Market structures II: Monopolistic competition

I, III

14

Market structures III: Oligopoly

I, III

Program Outcomes

Level of Contribution

1

2

3

a

Ability to analize the theoretical information in the area of economics and finance, and to assess their implications in implementation.

X

b

Ability to acquire distinctive information in the area of social and and behavioral sciences through academic, managerial, and politically focused written and visual resources

X

c

Ability to acquire knowledge by integrating information related to the field of economics and finance  into computerized environments.

X

d

Ability to present obtained information by employing the technical skills required by the field of economics and finance (such as in computerized environments) in Turkish or English.

X

e

Ability to employ knowledge related to the field of economics and finance in decision-making, application, and the application of decisions.

X

f

Ability to produce multidisciplinary assessments and conduct analyses in harmony with the area of economics and finance, related sub-fields, and other social science areas.

X

g

Ability to incorporate and accurately assess ethical and Professional responsibilities.

X

h

Ability to establish effective high-level written and oral communications in Turkish and English.

X

i

To have a wide-range understanding for the incorporation of the effects of the field of economics and finance in a global context.

X

j

Having acquired lifelong learning skills.

X

k

Having wide knowledge on contemporary topics.

X

l

Being open and adaptive to novelty and varying conditions

X

m

Having practical and theoretical technical knowledge for being able to obtain information and results through data analysis.

X