Description of Individual Course Units
Course Unit CodeCourse Unit TitleType of Course UnitYear of StudySemesterNumber of ECTS Credits
Level of Course Unit
First 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)
Learning Outcomes
1Having successfully completed the course, the student can define the basic concepts of microeconomics,
2understand and explain the functioning of price mechanism
3analyze the economic behavior of the consumer
4explain in depth the effects of income and substitution
5detect and bring a solution to microeconomic problems
6interpret the economic events by language of economic literature
7participate in discussions on microeconomic issues.
Mode of Delivery
Daytime Class
Prerequisites and co-requisities
Recommended Optional Programme Components
Course Contents
Definition of economics, its scope, concepts related to economics, micro and macroeconomics fields, basic issues related to consumer and producer behavior, market structures, equilibrium states and factor markets, examination of equilibrium states.
Weekly Detailed Course Contents
1NATURE 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
2DEMAND 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
3PRICE 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
4SUPPLY 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
5PRICE ELASTICITY OF SUPPLY - Price elasticity of supply - Measurement of elasticity - Point elasticity - Arc elasticity - Exceptions Related to Elasticity of supply
6MARKET 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
7CONSUMER PREFERENCES - Utility Analysis - Nature of Consumer Preferences - Total and Marginal Utility - Cardinal and Ordinal Utility
8Midterm Exam
9INDIFFERENCE CURVES - Properties of Indifference Curves - Marginal Rate of Substitution - The Relationship Between Marginal Benefits of Goods and Marginal Rate of Substitution
10BUDGET LINE AND CONSUMER BALANCE - Budget Line - Definition of Budget Line - Changes İn Budget Line - Consumer Balance - Ordinal Utility Approach - Corner Solutions - Cardinal Utility Approach
11CONSUMER 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
12EFFECTS 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
13EFFECTS OF INCOME AND SUBSTITUTION (HICKS APPROACH) - Income and Substitution Effects for Normal Good - Income and Substitution Effects for Inferior Good
14EFFECTS 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
15Final Exam
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
Assessment Methods and Criteria
Term (or Year) Learning ActivitiesQuantityWeight
Midterm Examination1100
End Of Term (or Year) Learning ActivitiesQuantityWeight
Final Examination1100
Term (or Year) Learning Activities40
End Of Term (or Year) Learning Activities60
Language of Instruction
Work Placement(s)
Workload Calculation
ActivitiesNumberTime (hours)Total Work Load (hours)
Midterm Examination111
Final Examination122
Self Study10880
Individual Study for Mid term Examination111
Individual Study for Final Examination122
Contribution of Learning Outcomes to Programme Outcomes
* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High
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