Course Information

Course Name	Turkish	Mikroekonominin İlkeleri
	English	Principles of Microeconomics
Course Code	ECN 101E	Credit	Lecture (hour/week)	Recitation (hour/week)	Laboratory (hour/week)
Semester	1	-	3	1	-
Course Language		English
Course Coordinator		Fuat Erdal
Course Objectives		Economics is a living discipline, changing and evolving in response to developments in the world. The main objective of this course is to provide students with the tool-kit of concepts and approaches that will facilitate the understanding of the behavior of household, firm and the government and the working of the market mechanism.
Course Description		Principles of Microeconomics
Course Outcomes		1. Understand that economics is about the allocation of scarce resources, that scarcity forces choice, trade-offs exist and that every choice has an opportunity cost. Demonstrate these concepts using a production possibility frontier diagram. 2. Understand how comparative advantage provides the basis for gains from trade. 3. List the determinants of the demand and supply and explain how demand and supply together determine equilibrium price. 4. Understand the role of prices in allocating scarce resources in market economies and explain the consequences of price controls. 5. Analyze the externalities and explain why presence of externalities and public goods make markets inefficient. Analyze various government policies aimed at solving these inefficiencies. 6. Understand the costs of production and how profit-maximizing firms determine how much to produce. Be able to distinguish between long-run decisions and short-run decisions. 7. Distinguish between perfect competition and imperfect competition and be able to explain the welfare loss in non-competitive markets.
Pre-requisite(s)
Required Facilities
Other
Textbook		Principles of Economics; N Gregory Mankiw, 6e International Edition, South Western Cengage Learning, 2009.
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