İzmir Ekonomi Üniversitesi
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  • FACULTY OF ENGINEERING

    Department of Mechanical Engineering

    GEEC 203 | Course Introduction and Application Information

    Course Name
    Principles of Economics
    Code
    Semester
    Theory
    (hour/week)
    Application/Lab
    (hour/week)
    Local Credits
    ECTS
    GEEC 203
    Fall/Spring
    3
    0
    3
    6

    Prerequisites
    None
    Course Language
    English
    Course Type
    Service Course
    Course Level
    First Cycle
    Mode of Delivery -
    Teaching Methods and Techniques of the Course -
    National Occupation Classification -
    Course Coordinator
    Course Lecturer(s)
    Assistant(s)
    Course Objectives This course provides basic knowledge of micro and macroeconomics. The overall purpose of this course is to introduce the student to the concept of a market economy and to investigate how scarce resources are allocated under a price mechanism.Microeconomics topics such as market economies, demand, supply, consumer theory, the theory of the firm, perfect competition; and basic topics in macroeconomics such as national income, employment, unemployment, inflation and economic growth are analyzed.
    Learning Outcomes
    #
    Content
    PC Sub
    * Contribution Level
    1
    2
    3
    4
    5
    1Will be able to express what economists mean by the concept of scarcity.
    2Will be able to define basic economic concepts such as opportunity cost, elasticity, economic profit and marginal analysis.
    3Will be able to identify the determinants of demand and supply.
    4Will be able to predict a change in market outcomes given a change in supply or demand.
    5Will be able to explain the concept of market equilibrium.
    6Will be able to analyze firm behavior under perfect competition.
    7Will be able to measure key macroeconomic variables.
    8Will be able to find out basic relationships between the variables such as national income, unemployment, budget deficit, money supply, interest rate, inflation rate, exchange rate, and trade deficit.
    Course Description This course provides an introduction to basic models and concepts in microeconomics and macroeconomics. Basic topics in microeconomics analyzed in this course include an introduction to market economies, supply and demand, consumer theory, the theory of the firm, perfect competition. Basic topics in macroeconomics analyzed in this course include national income, employment, unemployment, inflation, and economic growth.

     



    Course Category

    Core Courses
    Major Area Courses
    Supportive Courses
    Media and Management Skills Courses
    Transferable Skill Courses

     

    WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

    Week Subjects Related Preparation Learning Outcome
    1 Welcome to Economics PoE, Chapter 1
    2 Choice in a World of Scarcity PoE, Chapter 2
    3 Demand and Supply PoE, Chapter 3
    4 Labor and Financial Markets PoE, Chapter 4
    5 Elasticity PoE, Chapter 5
    6 Consumer Choices PoE, Chapter 6
    7 Midterm
    8 Production, Costs and Industry Structure PoE, Chapter 7
    9 Perfect Competition PoE, Chapter 8
    10 Monopoly PoE, Chapter 9
    11 The Macroeconomic Perspective PoE, Chapter 19
    12 The Economic Growth PoE, Chapter 20
    13 Unemployment PoE, Chapter 21
    14 Inflation PoE, Chapter 22
    15 Review of the Semester  
    16 Review of the Semester  

     

    Course Notes/Textbooks

    Principles of Economics 3e (PoE)
    A free open-source textbook with additional materials
    Please get registestered on the book website. https://openstax.org/details/books/principles-economics-3e

    Suggested Readings/Materials

     

    EVALUATION SYSTEM

    Semester Activities Number Weigthing LO 1 LO 2 LO 3 LO 4 LO 5 LO 6 LO 7 LO 8
    Participation
    16
    10
    Laboratory / Application
    Field Work
    Quizzes / Studio Critiques
    Portfolio
    Homework / Assignments
    4
    20
    Presentation / Jury
    Project
    Seminar / Workshop
    Oral Exams
    Midterm
    1
    30
    Final Exam
    1
    40
    Total

    Weighting of Semester Activities on the Final Grade
    21
    60
    Weighting of End-of-Semester Activities on the Final Grade
    1
    40
    Total

    ECTS / WORKLOAD TABLE

    Semester Activities Number Duration (Hours) Workload
    Theoretical Course Hours
    (Including exam week: 16 x total hours)
    16
    3
    48
    Laboratory / Application Hours
    (Including exam week: '.16.' x total hours)
    16
    0
    Study Hours Out of Class
    15
    2
    30
    Field Work
    0
    Quizzes / Studio Critiques
    0
    Portfolio
    0
    Homework / Assignments
    4
    12
    48
    Presentation / Jury
    0
    Project
    0
    Seminar / Workshop
    0
    Oral Exam
    0
    Midterms
    1
    12
    12
    Final Exam
    1
    30
    30
        Total
    168

     

    COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

    #
    PC Sub Program Competencies/Outcomes
    * Contribution Level
    1
    2
    3
    4
    5
    1

    To have adequate knowledge in Mathematics, Mathematics based physics, statistics and linear algebra and Mechanical Engineering; to be able to use theoretical and applied information in these areas on complex engineering problems.

    -
    -
    -
    -
    -
    2

    To be able to identify, define, formulate, and solve complex Mechanical Engineering problems; to be able to select and apply proper analysis and modeling methods for this purpose.

    -
    -
    -
    -
    -
    3

    To be able to design a thermal and mechanical system, process, device or product under realistic constraints and conditions, in such a way as to meet the requirements; to be able to apply modern design methods for this purpose.

    -
    -
    -
    -
    -
    4

    To be able to devise, select, and use modern techniques and tools needed for analysis and solution of complex problems in engineering applications.

    -
    -
    -
    -
    -
    5

    To be able to design and conduct experiments, gather data, analyze and interpret results for investigating complex engineering problems or Mechanical Engineering research topics.

    -
    -
    -
    -
    -
    6

    To be able to work efficiently in Mechanical Engineering disciplinary and multi-disciplinary teams; to be able to work individually.

    -
    -
    -
    -
    -
    7

    To be able to communicate effectively in Turkish, both orally and in writing; to be able to author and comprehend written reports, to be able to prepare design and implementation reports, to present effectively, to be able to give and receive clear and comprehensible instructions.

    -
    -
    -
    -
    -
    8

    To have knowledge about global and social impact of engineering practices on health, environment, and safety; to have knowledge about contemporary issues as they pertain to engineering; to be aware of the legal ramifications of engineering solutions.

    -
    -
    -
    -
    -
    9

    To be aware of ethical behavior, professional and ethical responsibility; to have knowledge about standards utilized in engineering applications.

    -
    -
    -
    -
    -
    10

    To have knowledge about industrial practices such as project management, risk management, and change management; to have awareness of entrepreneurship and innovation; to have knowledge about sustainable development.

    -
    -
    -
    -
    -
    11

    To be able to collect data in the area of Mechanical Engineering, and to be able to communicate with colleagues in a foreign language.

    -
    -
    -
    -
    -
    12

    To be able to speak a second foreign language at a medium level of fluency efficiently.

    -
    -
    -
    -
    -
    13

    To recognize the need for lifelong learning; to be able to access information, to be able to stay current with developments in science and technology; to be able to relate the knowledge accumulated throughout the human history to Mechanical Engineering.

    -
    -
    -
    -
    -

    *1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

     


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