ECO101 MICROECONOMICS
| Course Code: | 3520101 |
| METU Credit (Theoretical-Laboratory hours/week): | 4 (4.00 - 0.00) |
| ECTS Credit: | 7.0 |
| Department: | Economics |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Assoc.Prof.Dr. EMRE ÖZÇELİK |
| Offered Semester: | Fall and Spring Semesters. |
Course Objectives
At the end of this course, the student will learn:
- the basic theories behind consumer behavior (demand) and producer behavior (supply) constrained by the scarcity of resources.
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the theory of the firm – short run and long run cost/revenue structure and the interaction between markets.
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how markets work under perfect and imperfect competition, including monopoly.
Course Content
This is an introduction to Microeconomics course. The topics to be covered are: the economic problem, demand and supply, competitive markets, monopoly and non-competitive market structures, factor markets and the theory of income distribution.
Course Learning Outcomes
After passing this course students will be able to:
- use graphs of economic relationships as a tool for economic analysis
- use supply and demand analysis to explain the likely impact of changes in economic conditions and policies
- understand the nature of competition in markets
- distinguish between short run and long run decision making
- evaluate the efficiency of competitive market outcomes compared to non-competitive market structures
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | graduate from the program as competent experts in economic theory and policy | ✔ | |||
| 2 | analyze economic and administrative problems by conceptualizing them effectively | ✔ | |||
| 3 | acquire the vocational knowledge and skills that will enable them to produce solutions to political-economic problems by using social-scientific methods | ✔ | |||
| 4 | acquire an inter-disciplinary background that will enable them to keep track of and understand societal and economic developments at both world and country scales | ✔ | |||
| 5 | contribute to scientific and societal life as individuals who are: open to technological and scientific innovations; adaptive to the continuous-learning process; responsive to societal problems; able to produce scientific solutions and proposals, and to share those with the academic world and society when necessary; and capable of internalizing and supporting free thought | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution