| Course Unit Code | Course Unit Title | Type of Course Unit | Year of Study | Semester | Number of ECTS Credits | | 202201303100 | ENTRY INTO BUSINESS | Compulsory | 2 | 3 | 4 |
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| Level of Course Unit |
| Short Cycle |
| Objectives of the Course |
| One of the main tasks of microeconomics is to provide an understanding of the price system. In this context, the nature and interest of economics, some basic economic concepts such as needs, resources, scarcity, choice, positive and normative economics, supply and demand, elasticities of supply and demand, market equilibrium, changes in market balance and price controls are teached. Thus, a basic level of skills of understanding and interpretation of real life events are intended to be provided in this course. |
| Name of Lecturer(s) |
| Öğr. Gör. Evin BAYAR |
| Learning Outcomes |
| 1 | Students will be able to adapt the way of economic thinking to the facts of daily life. | | 2 | Students will be able to understand basic microeconomics and macroeconomics. | | 3 | Students will be able to create simple models of microeconomic and macroeconomic phenomena. | | 4 | Students will be able to explain the decisions taken in daily life with microeconomic and macroeconomic concepts. |
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| Mode of Delivery |
| Daytime Class |
| Prerequisites and co-requisities |
| None |
| Recommended Optional Programme Components |
| None |
| Course Contents |
| The course examines the individual behaviors underlying the general economic events, the different approaches of the economic parties, the formation of the equilibrium mechanism, the formation of prices and the rebalancing processes of imbalances. |
| Weekly Detailed Course Contents |
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| 1 | NATURE OF MICROECONOMICS - The Nature and Interest of Microeconomics - The Importance of Prices on Economic Life - Price System And The Microeconomic - Functions And Determination of Prices - Positive and Normative Economics | | | | 2 | DEMAND ASPECT OF THE MARKET - Quantity Demanded - Factors Affecting Quantity Demanded - Demand Table and Curve - Changes in the Demand Curve - Changes in the Quantity Demand And Demand | | | | 3 | PRICE ELASTICITY OF DEMAND - Price Elasticity of Demand - Arc Elasticity vs Point Elasticity - Measurement of Elasticity - Measurement of Point Elasticity - A Practical Method to Measure Point Elasticity: The Rule of PAPO - Measurement of Arc Elasticity - Exceptions Related To Elasticity of Demand | | | | 4 | SUPPLY ASPECT OF THE MARKET - Quantity Supplied - Factors Affecting Quantity Supplied - Supply Table and Curve - Changes in the Supply Curve - Changes In The Quantity Supplied And Supply | | | | 5 | PRICE ELASTICITY OF SUPPLY - Price elasticity of supply - Measurement of elasticity - Point elasticity - Arc elasticity - Exceptions Related to Elasticity of supply | | | | 6 | MARKET EQUILIBRIUM, CHANGES IN MARKET BALANCE - Market Equilibrium - The Effects of Changes in Demand Curve on Price - The Effects Of Changes in Supply Curve on Price - Effects of a Special Sale Tax on Price - Sale Tax (% Tax) - Tax Burden - Price Controls - Base Prices - Ceiling Prices | | | | 7 | CONSUMER PREFERENCES - Utility Analysis - Nature of Consumer Preferences - Total and Marginal Utility - Cardinal and Ordinal Utility | | | | 8 | Midterm Exam | | | | 9 | INDIFFERENCE CURVES - Properties of Indifference Curves - Marginal Rate of Substitution - The Relationship Between Marginal Benefits of Goods and Marginal Rate of Substitution | | | | 10 | BUDGET LINE AND CONSUMER BALANCE - Budget Line - Definition of Budget Line - Changes İn Budget Line - Consumer Balance - Ordinal Utility Approach - Corner Solutions - Cardinal Utility Approach | | | | 11 | CONSUMER BEHAVIOR AND INDIVIDUAL DEMAND -Changes in Income - Income-Consumption Curve and Engel Curve - Normal and Inferior Good -Changes in Price - Price - Consumption Curve and Individual Demand Curve - Price - Consumption Curve, Total Expenditure and Price Elasticity of Deman | | | | 12 | EFFECTS OF INCOME AND SUBSTITUTION (CLASİK APPROACH) - Nature of Income and Substitution Effects - Income and Substitution Effects for Normal Good - Income and Substitution Effects for Inferior Good | | | | 13 | EFFECTS OF INCOME AND SUBSTITUTION (HICKS APPROACH) - Income and Substitution Effects for Normal Good - Income and Substitution Effects for Inferior Good | | | | 14 | EFFECTS OF INCOME AND SUBSTITUTION (SLUTSKY APPROACH) - Income and Substitution Effects for Normal Good - Income and Substitution Effects for Inferior Good
MARKET DEMAND AND ELASTICITIES - Market Demand for a Good - Price Elasticity of Market Demand - Income Elasticity of Demand - Cross Elasticity of Demand | | | | 15 | Final Exam | | |
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| Recommended or Required Reading |
| BOCUTOĞLU Ersan and BERBER Metin Introduction to General Economy (Genel İktisada Giriş), 2014, Ekin Pub., Bursa
DİNLER, Zeynel Introduction to Economy (İktisada Giriş), 2008, Ekin Pub, Bursa. |
| Planned Learning Activities and Teaching Methods |
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| Assessment Methods and Criteria | |
| Midterm Examination | 1 | 100 | | SUM | 100 | |
| Final Examination | 1 | 100 | | SUM | 100 | | Term (or Year) Learning Activities | 40 | | End Of Term (or Year) Learning Activities | 60 | | SUM | 100 |
| | Language of Instruction | | Turkish | | Work Placement(s) | | None |
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| Workload Calculation |
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| Midterm Examination | 1 | 1 | 1 |
| Final Examination | 1 | 2 | 2 |
| Self Study | 14 | 8 | 112 |
| Individual Study for Mid term Examination | 1 | 1 | 1 |
| Individual Study for Final Examination | 1 | 1 | 1 |
| Homework | 1 | 4 | 4 |
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| Contribution of Learning Outcomes to Programme Outcomes |
| LO1 | 4 | 4 | 5 | 5 | 5 | 5 | | LO2 | 5 | 4 | 5 | 5 | 4 | 3 | | LO3 | 5 | 3 | 5 | 3 | 4 | 3 | | LO4 | 3 | 5 | 5 | 5 | 3 | 4 |
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| * Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High |
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Iğdır University, Iğdır / TURKEY • Tel (pbx): +90 476
226 13 14 • e-mail: info@igdir.edu.tr
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