Iğdır University Lifelong Learning Programme

Description of Individual Course Units

Course Unit Code	Course Unit Title	Type of Course Unit	Year of Study	Semester	Number of ECTS Credits
9900001025	ECONOMICS	Compulsory	1	2	4

Level of Course Unit

First Cycle

Objectives of the Course

To have the students acquire the skills to enable them to make use of the basic knowledge on economic theory provided in the course when decission making on economic issues, improve themselves independently based on the knowlege and skills they acquired and able to communicate with the others on professional issues

Name of Lecturer(s)

Yrd. Doç. Dr. Kasım ŞAHİN

Learning Outcomes

1	To understand economic problems
2	To have the necessary skills to analyze the economic problems
3	To be able to analyze the relations between economic variables graphically, numerically and orally
4	To be able to interpret the daily economic problems
5	To have a general insight on the economic dimension of the farm management problems and agricultural sector issues

Mode of Delivery

Daytime Class

Prerequisites and co-requisities

None

Recommended Optional Programme Components

None

Course Contents

1- Economic concepts: definition of economics, basic problems in economics, basic ideas in economics, economic models and economists 2-Ekonomic problem: resources and needs, production possibility fronties, efficient use of resources, economic growth, the market economy 3-Supply, demand, and elasticities: price and opportunity cost, demand, supply and market equilibrium, changes in prices and quantities, elasticity and its importance, demand and supply elasticities 4-Firms and Production: economic profit, technical and economic efficiency, knowledge and organization, types of firms, markets and competitiveness, firms and markets 5-Production costs: Time periods in decission making, restrictions in short term technologies, short term costs, long term costs, economies and disecomonmies of scale 6-Utility, preferences, possibilities and consumption: Householld consumption preferences, concepts related to utility, maximizing utility, preferences and indifference curves, the impacts of changes in price and income, efficiency, price and value, demand curve 7-Perfect competition: Competition, firm decission in perfect competition, production, price and amd profit in perfect competition, changes in preferences and technology, Competition and sfficiency 8-Non-perfect competition: Market power, production and pricing in monopoly, strategies of monopoly, monopolistic competition, price and production in monopolistic compotition, product development and marketing, Oligopoly, Game theory, other oligopolistic games 9-Resource markets: resource prices and incomes, labor markets, capital markets, land and and exhaustible natural resource markets, income, economic rant and opportunity costs 10-Market, government and global markets: Households and firms in markets, role of government in economy, global economy, globalization and its impacts, European Union 11-Macroeconomic concepts: What is macroeconomy? production level in economy, unemployment, enflation, clasical and Keynes economics 12-National Istatistics: Gross national product, determinin national accounts, employment statistics, changes in production and the prices 13-Financial tools: Investment, niminal and real interest rates, investment expenditures and interest rates, financial tools and investment, financial tools in economic crises. 14-Monetary policies: Money and its features, types of money in market, the role of banks, money creating process, the role of central bank

Weekly Detailed Course Contents

Week	Theoretical	Practice	Laboratory
1	Introduction of the scope and the importance of the course, and the recommended text books
2	Basic concepts of economics
3	Economic problems faced by all societies, production possibilities, opportunity cost, economic systems
4	Market concept and types of markets
5	Supply and demand, changes in supply and demand
6	Market equilibrium and price determination, changes in equilibrium price, market equilibrium and time
7	Elasticity of demand and supply
8	Midterm exam
9	Consumer Preferences, Utility, Consumer Equilibrium and Utility Maximization
10	Production function in the short run and the law of diminishing returns
11	Production function in the short run and returns to scale
12	Isoquants (Equal Product Curves), isocost lines, optimal production point (lowest-cost combination of inputs) at a given level of output
13	Cost Function, costs associated with the short run and the long run
14	Final Exam

Recommended or Required Reading

Yavuz, F. Editor, Inroduction to Economics Text Book, Ataturk University College of Agriculturei Department of Agricultural Economics, 2011, Erzurum. Text books named as "Economics" or "Introduction to Economics" could be used by matching the course sections in the text book or/and weekly topics in this course information package

Planned Learning Activities and Teaching Methods

Assessment Methods and Criteria

Term (or Year) Learning Activities	Quantity	Weight
Midterm Examination	1	100
SUM		100
End Of Term (or Year) Learning Activities	Quantity	Weight
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

Work Placement(s)

None

Workload Calculation

Activities	Number	Time (hours)	Total Work Load (hours)
Midterm Examination	1	1	1
Final Examination	1	1	1
Attending Lectures	14	9	126
TOTAL WORKLOAD (hours)			128

Contribution of Learning Outcomes to Programme Outcomes

	PO 1	PO 2	PO 3	PO 4	PO 5	PO 6	PO 7	PO 8	PO 9	PO 10	PO 11	PO 12	PO 13	PO 14	PO 15	PO 16	PO 17	PO 18	PO 19	PO 20
LO1	3	1	2		3	3
LO2	1	2	2		4	3
LO3	2	4	3		3	3
LO4	5	4	3		5	5
LO5	4	3	3		1	2

* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High