FACULTY OF BUSINESS

Department of Business Administration

ECON 101 | Course Introduction and Application Information

Course Name
Principles of Microeconomics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 101
Fall
3
0
3
6

Prerequisites
None
Course Language
English
Course Type
Required
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;
  • Will be able to define core microeconomic concepts facing capitalist economies
  • Will be able to relate these microeconomic concepts to a range of applications in the real economy
  • Will be able to solve numeric and algebraic economic problems using elementary mathematical techniques
  • Will be able to evaluate economic models motivated by facts from history, experiments, and data
  • Will be able to move to a more advanced analysis of the core concepts and methods in the second year course.
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.

 



Course Category

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

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 The Capitalist Revolution The Economy, the CORE Project , Chapter 1
2 Technological change, population and economic growth The Economy, the CORE Project , Chapter 2
3 Scarcity, work and choice The Economy, the CORE Project , Chapter 3
4 Social Interactions The Economy, the CORE Project , Chapter 4
5 Social Interactions, cont. The Economy, the CORE Project , Chapter 4
6 Property and Power: Mutual Gains and conflict The Economy, the CORE Project , Chapter 5
7 The Firms: Owners, managers and employees The Economy, the CORE Project , Chapter 6
8 Midterm (on December 12, 2020 at 11.00)
9 The firm and its customers The Economy, the CORE Project , Chapter 7
10 The firm and its customers, cont. The Economy, the CORE Project , Chapter 7
11 Supply and Demand: Price taking and competitive markets The Economy, the CORE Project , Chapter 8
12 Supply and Demand: Price taking and competitive markets The Economy, the CORE Project , Chapter 8
13 Markets, contracts and information The Economy, the CORE Project , Chapter 12
14 Review of the semester
15 Review of the Semester  
16 -

 

Course Notes/Textbooks The Economy e-book is available at http://www.core-econ.org/. Every student must register on this website to access the free e-book. 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

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
15
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
5
20
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
21
60
Weighting of End-of-Semester Activities on the Final Grade
1
40
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
 
0
Study Hours Out of Class
15
2
30
Field Work
 
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
5
7
35
Presentation / Jury
 
0
Project
 
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
20
20
Final Exam
1
30
30
    Total
163

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to solve problems with an analytical and holistic viewpoint in the field of business administration.

2

To be able to present the findings and solutions to the business problems in written and oral formats.

3

To be able to interpret the application of business and economic concepts, and philosophies at the national and international levels.

X
4

To be able to use innovative and creative approach for real-life business situations.

5

To be able to demonstrate leadership skills in different business situations.

6

To be able to interpret the reflections of new technologies and softwares to business dynamics.   

7

To be able to integrate knowledge gained in the five areas of business administration (marketing, production, management, accounting, and finance) through a strategic perspective.

8

To be able to act in accordance with the scientific and ethical values in studies related to business administration.

9

To be able to work efficiently and effectively as a team member.

10

To be able to have an ethical perspective and social responsiveness when making and evaluating business decisions.

X
11

To be able to collect data in the area of business administration and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1).

12

To be able to speak a second foreign 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

 


NEWS |ALL NEWS

Izmir University of Economics
is an establishment of
izto logo
Izmir Chamber of Commerce Health and Education Foundation.
ieu logo

Sakarya Street No:156
35330 Balçova - İzmir / Turkey

kampus izmir

Follow Us

İEU © All rights reserved.