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
190400702103	INTRODUCTION TO ECONOMICS II	Compulsory	1	2	5

Level of Course Unit

First Cycle

Objectives of the Course

The main objective of the course is to provide the student with information on matters within the sphere of economics. In this context, production organization and classification of production factors, production with one and two variable inputs, long-term and returns to scale, production cost, short- and long term cost functions, definition and scope of macroeconomics, employment and unemployment, money and money market, inflation and deflation, foreign trade and economic growth and income distribution are some of the subjects to be teached in this course.

Name of Lecturer(s)

Dr. Öğr. Üyesi Özlem SÖKMEN GÜRÇAM

Learning Outcomes

1	At the end of the semester, the student can define the basic concepts of microeconomics and macroeconomics.
2	At the end of the semester, the student can define the basic concepts of microeconomics and macroeconomics.
3	He/she understands and explains the concept of the production
4	He/she understands and explains the concept of the production
5	He/she can interpret the costs of production in a detailed way.
6	He/she can interpret the costs of production in a detailed way.
7	He/she can understand and explain macroeconomic issues such as income distribution, national income, employment, unemployment, inflation, deflation, foreign trade
8	He/she can understand and explain macroeconomic issues such as income distribution, national income, employment, unemployment, inflation, deflation, foreign trade
9	He/she can evaluate micro- and macroeconomic events by using the language of economic literature.
10	He/she can evaluate micro- and macroeconomic events by using the language of economic literature.
11	He/she can participate in the discussions on micro- and macroeconomic issues.
12	He/she can participate in the discussions on micro- and macroeconomic issues.

Mode of Delivery

Daytime Class

Prerequisites and co-requisities

None

Recommended Optional Programme Components

None

Course Contents

The course covers the basic concepts of microeconomics and macroeconomics.

Weekly Detailed Course Contents

Week	Theoretical	Practice	Laboratory
1	PRODUCTION ORGANIZATION AND CLASSIFICATION OF PRODUCTION FACTORS - Production Concept - Classification Of Production Factors - Production Function
2	PRODUCTION WITH ONE VARIABLE INPUT - Average And Marginal Product - Extracting Average And Marginal Product Curves Geometrically - Relationship Between Marginal And Average Product Curve - Law Of İncreasing And Diminishing Returns - Three-Stage Of Production
3	PRODUCTION WITH TWO VARIABLE INPUTS (ISOQUANT ANALYSİS) - Isoquant Curves - Properties Of Isoquant Curves - Economic Stage Of The Production - Fixed-Proportion Production Function
4	LONG-TERM AND RETURNS TO SCALE - Constant Returns To Scale - İncreasing Returns To Scale - Decreasing Returns To Scale - Returns To Scale And Isoquant Curves - Production Elasticities And Isoquant Curves
5	PRODUCTİON COST -Nature Of Cost - Explicit And Implicit Costs - Opportunity Cost - Private And Social Costs - Optimal Factor Composition - Isocost Lines - Cost Minimization - Production Maximization
6	SHORT-TERM COST FUNCTIONS - Total Cost - Per Unit Costs - Average Fixed Cost - Average Variable Cost - Relationship Between Average Variable Cost And Average Product - Average Total Cost - Marginal Cost - Relationship Between Marginal Cost Marginal Product - Relationship Between Average And Marginal Cost Curves - Relationship Among Total, Average And Marginal Cost
7	LONG RUN COST FUNCTIONS - Expansion Path And Long Run Cost Functions - Long Run Average Cost Curve - Long Run Marginal Cost Curve - Relationship Between Short- And Long Run Cost Curves - Shape Of Long Run Average Cost Curve - Substitution Elasticity
8	Midterm Exam
9	PERFECT COMPETİTİON AND MONOPOLY MARKET - Nature Of Perfect Competition Market - Properties Of Perfect Competition Market And Pricing İn Marekt Period - Nature Of Monopoly Market - Sources Of Monopoly Power -Comparison Of Monopoly With Perfect Competition
10	DEFİNİTİON AND SCOPE OF MACROECONOMİCS -National İncome And Calculation Methods Of National İncome
11	EMPLOYMENT AND UNEMPLOYMENT - National İncome And Employment - Employment Related Concepts -Unemployment
12	MONEY AND MONEY MARKET -Definition And Functions Of Money - Types Of Money And Monetary Systems -Equilibrium İn Money Market
13	INFLATİON AND DEFLATİON -Price İndex - Definition And Types Inflation - Definition And Types Deflation -Effects Of Inflation And Deflation
14	FOREIGN TRADE -Objective And Scope Of Foreign Trade - Foreign Trade Theories - Balance Of Payments ECONOMIC GROWTH AND INCOME DISTRIBUTION - Economic Growth And Growth Factors - Income Distribution And Types Of
15	Final Exam