ECON 1120 – ESENTIALS OF ECONOMICS

Instructor: Oya Cesur Demir

E-mail: oyacdemir@gmail.com
Room: (T 622)
Web site: oyacdemir.wordpress.com

PREREQUISITIES:
None

DESCRIPTION:

Aim(s) of the Course

This course is an introduction to the field of Economics. It is designed for beginning students and it
covers the core issues of micro and macroeconomics. Our objective is to learn to think in a manner
consistent with identifying the supply, demand, consumer, elasticity and aggregate behavior of
macroeconomic variables such as output growth, unemployment, inflation and the major role of the
government in economy. It will
- Introduce you to the terminology of economics
- Explain and understand basic concepts of economics
- Enable you to apply these tools to discuss and understand public policy issues

Course Objectives:
The aim of the course is to make you to be able to understand “economic thinking” in general. The
ultimate objective is to equip with the information and basic concepts of economics.

Learning Outcomes of the Course

1. develop knowledge and understanding of demand, supply, elasticity, output growth, inflation,
unemployment and role of the government
2. examine economic issues with graphs, tables and essays
3. understand the economic issues both in theory and practice
4. expressing the thoughts in more precise and comprehensive way

TEACHING AND LEARNING METHODS:

The course is taught in a lecture and regular attendance is strongly recommended. Students are
expected to read the assigned chapter before attending the class. Study questions will be solved in the
class throughout the semester.

TEXTBOOK:
Principles of Economics, “Case, Karl E.; Fair, Ray C. & Oster, Sharon M.” 11th Ed., Pearson, 2014.

ASSESSMENT:
Midterm Exam 50%
Final Exam 50%
 TENTATIVE COURSE OUTLINE/SCHEDULE (Weekly)
Topics
The Scope and Method of Economics
The Economic Problem: Scarcity and Choice
Demand, Supply and Market Equilibrium
Demand and Supply Applications
Elasticity
Household Behavior and Consumer Choice
The Behavior of Profit-Maximizing Firms
MIDTERM EXAM
Introduction to Macroeconomics
Measuring National Output and National Income
Unemployment, Inflation and Long-Run Growth
Aggregate Expenditure and Equilibrium Output
The Government and Fiscal Policy
The Money Supply
Money Demand and the Equilibrium Interest Rate
FINAL EXAM
Preliminary Preparation
Case, Fair & Oster Chp. 1
Case, Fair & Oster Chp. 2
Case, Fair & Oster Chp. 3
Case, Fair & Oster Chp. 4
Case, Fair & Oster Chp. 5
Case, Fair & Oster Chp. 6
Case, Fair & Oster Chp. 7
Case, Fair and Oster, Chp 20
Case, Fair and Oster, Chp 21
Case, Fair and Oster, Chp 22
Case, Fair and Oster, Chp 23
Case, Fair and Oster, Chp 24
Case, Fair and Oster, Chp 25
Case, Fair and Oster, Chp 26