Economics for Engineers

Course Code:

ECON 294

Course Period:

Autumn

Course Type:

Core

Credits:

3

Theoric:

3

Practice:

0

ECTS:

4

Course Language:

English

Course Objectives:

The objective of the course is to teach the general principles of economics.

Course Content:

Topics such as scarcity, opportunity cost, marginalistic approach, supply-demand, market mechanism and their workings are taught. The efficient use of scarce productive resources is the main issue. Therefore, the course starts with the methodology of the science of economics and ends with monetary and fiscal policies, inflation, national income and current account balance

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

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Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
It explains the meaning of economics	1,5,7	1, 2, 3, 12	A, C
It explains the characteristics of consumers, firms and markets.	1,5,7	1, 2, 3, 12	A, C
It explains the features of competitive and monopolistically competitive firms.	1,5,7	1, 2, 3, 12	A, C
It explains the rate of inflation, government policies and trade balance.	1,5,7	1, 2, 3, 12	A, C

Course Flow

Week	Topics	Study Materials
1	MARKETS AND DEMAND CURVE
2	ELASTICITY AND SUPPLY CURVE
3	SHIFTS IN DEMAND AND SUPPLY CURVES
4	UTILITY MAXIMIZATION OF A CONSUMER
5	THE EQUILIBRIUM MARKET BASKET
6	PRODUCTION FUNCTION
7	COST ANALYSIS
8	PERFECT COMPETITION
9	MONOPOLY
10	NATIONAL INCOME
11	THE RATE OF INFLATION
12	THE MONETARY POLICY
13	THE FISCAL POLICY
14	BALANCE OF PAYMENTS

Recommended Sources

Textbook		Pindyck and Rubinfeld, Microeconomics, Prentice Hall International Dornbush, R., Fisher,S. ve Startz, R. Macroeconomics, Irwin McGraw Hill.
Additional Resources

Material Sharing

Documents		DISCUSSION OF CURRENT EVENTS PUBLISHED IN PRESS
Assignments		EXAMPLES FROM THE TEXTBOOK
Exams

Assessment

IN-TERM STUDIES	NUMBER	PERCENTAGE
Mid-terms	1	60
Quizzes (attendance, presentation, etc.)	0	0
Assignments	4	40
	Total	100
Contribution of Final Examination to Overall Grade		60
Contribution of In-Term Studies to Overall Grade		40
	Total	100

Course’s Contribution to Program

No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Students should be able to analyze the developments in the world and Turkish economy and examine how Turkish economy is affected by these changes.				X
2	Students should examine the growth and accumulation of economic thought and critically evaluate it.
3	Students should analyze contemporary subjects in international political economy.
4	Students should possess qualitative and quantitative knowledge and techniques to test different economic theories in order to solve contemporary economic problems.
5	Students should analytically evaluate economic problems and explain logical patterns, assumptions and results of different perspectives.					X
6	Students should be able to use statistics and econometric analysis programs.
7	Students should possess the sufficient knowledge, discipline and responsibility to be able to conduct independent study/ project/research and a comprehensive research and/or project report.					X
8	Students should be able to fulfill their responsibility in teams and projects in businesses as well as being able and capable to act as a leader.
9	Students should be able to design and plan projects to achieve organizational goals and objectives and/or improve organizational performance.
10	Students should be able to critically evaluate the body of knowledge in the fast changing economics arena, and assess self-competency, and direct self-learning efforts accordingly.
11	Students should understand the importance of life-long learning and self-assessment to maintain their personal and professional development.
12	Students should understand that the rapidly-evolving dynamics of national and global environments requires flexible thinking, adaptability, and the ability to formulate innovative solutions to pursue a successful career.
13	Students should be able to effectively communicate in written or oral English with people from diverse backgrounds, and should have the English proficiency to follow and interpret the global dynamics that shape the economics area.
14	Students should be able to clearly and effectively convey their knowledge, ideas, research, and conclusions supported with relevant data, in national/international interdisciplinary academic and professional settings in Turkish or in English.
15	Students should understand the importance of respect for individual and cultural diversity, and should be able to emphatically interact with individuals from diverse cultural backgrounds in social and professional settings.
16	Students should be able to effectively utilize computer, communication and information technologies commonly used in economics.
17	Students should understand the standards of personal, professional and social ethics, evaluate the ethical implications of various practices related to the area of business administration, and have awareness of the importance of ethical behavior in adding value to society.
18	Students should understand the personal, social and ecological dimensions of social responsibility and have the awareness that being socially responsible is an active citizenship duty of each and every individual.
19	Students should know that universality of social rights and social justice are the principle components of contemporary society and that scientific thinking in essential prerequisite for maintaining social advancement and global competitiveness.
20	Students should understand the importance of quality, safety and health management, corporate social responsibility, personal, professional and cross-cultural respect and professional ethics in maintaining organizational sustainability.

ECTS

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)	15	3	45
Hours for off-the-classroom study (Pre-study, practice)	15	3	45
Mid-terms	1	10	10
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	4	5	20
Final Examination	1	10	10
Total Work Load			130
Total Work Load / 25 (s)			5,2
ECTS Credit of the Course			5

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Economics for Engineers

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