Faculty of Engineering and Natural Sciences · Industrial Engineering (English 30%) · Undergraduate
Course Objective
Course Description
This course introduces students to the principles of economics, covering both microeconomic and macroeconomic foundations. It provides a comprehensive overview of key economic concepts, including market dynamics, decision-making under scarcity, production, consumption, and distribution, as well as macroeconomic tools for understanding national income, fiscal and monetary policy, and global economic issues. Students will develop the analytical skills necessary to interpret economic phenomena and apply economic reasoning to real-world problems.
Course Content
Course Schedule
Week | Topic | Chapter |
|---|---|---|
Week 1 | Introduction to the course | 1 |
Week 2 | The Scope and Method of Economics | 1 |
Week 3 | The Economic Problem: Scarcity and Choice | 2 |
Week 4 | Demand, Supply, and Market Equilibrium | 3 |
Week 5 | Demand and Supply Applications | 4 |
Week 6 | Introduction to Macroeconomics | 5 |
Week 7 | Measuring National Output and National Income | 6 |
Week 8 | Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation | 7 |
Week 9 | Midterm | Midterm (Ch 1-7) |
Week 10 | Aggregate Expenditure and Equilibrium Output | 8 |
Week 11 | The Government and Fiscal Policy | 9 |
Week 12 | The Money Supply and the Federal Reserve System | 10 |
Week 13 | Money Demand, the Equilibrium Interest Rate, and Monetary Policy | 11 |
Week 14 | Globalization | 12 |
Required Resources
Course Materials
Required Materials
- Case, K. E., Fair, R. C., & Oster, S. M. (2017). Principles of economics (12th ed.). Pearson.
Additional Materials
- Dasgupta, P. (2007). Economics: A very short introduction. Oxford University Press.
Explanations
Grading Scheme
Activity | Grading | Explanation |
|---|---|---|
Quiz | 10% | 10% will be dedicated to an in-class quiz. |
Midterm | 40% | Midterm exam will cover the material from the first half of the semester. |
Final Exam | 50% | Final exam covers all the concepts learned in the given semester. |
TOTAL | 100% |
|
Course Learning Outcomes
- To familiarize with important macroeconomic concepts as economic growth, inflation, interest rate, exchange rate, and unemployment.
- To understand the basic economic concepts such as scarcity, choices and incentives, opportunity cost, and differentiate between positive and normative economics, microeconomics and macroeconomics.
- To differentiate the basic theories of market structure: perfect and imperfect competition, pure monopoly and oligopoly.
- To equip with the macroeconomic concepts such as money, banking, money creation, money supply and demand.
- To apply the laws of demand and supply, elasticity and the concept of market equilibrium.
Core Area Distribution
Teaching Methods
Assessment & Evaluation
ECTS / Workload
| Activity | Quantity | Duration (h) | Total Workload |
|---|---|---|---|
| Course Duration (Including Exam Week) | 14 | 3 | 42 |
| Out of Class Study Period | 14 | 3 | 42 |
| Midterm | 1 | 4 | 4 |
| Quiz | 4 | 3 | 12 |
| Assignment | 0 | 0 | 0 |
| Practice | 0 | 0 | 0 |
| Final | 1 | 25 | 25 |
Course Schedule
| Week | Subject | Preparation |
|---|---|---|
| 1 | Introduction | none |
| 2 | Fundamental Concepts | Chapter 1,2,3 |
| 3 | Supply and Demand | Chapter 4 |
| 4 | Concept of Elasticity, Price Controls | Chapter 5-6 |
| 5 | Consumer and Producer Surplus, Market Efficiency and Government | Chapter 7-8 |
| 6 | The Costs of Production, Perfect Competition 1 | Chapter 13-14 |
| 7 | Review | Yok |
| 8 | The Costs of Production, Perfect Competition 2 | Chapter 13-14 |
| 9 | Midterm | Midterm |
| 10 | The Costs of Production, Perfect Competition 2 | Chapter 13-14 |
| 11 | Consumer Choice | Chapter 21 |
| 12 | National Income and the Cost of Living Measurement | Chapter 23-24 |
| 13 | Unemployment and Inflation 1 | Chapters 28, 30,35 |
| 14 | Unemployment and Inflation 2 | Chapters 28, 30, 35 |
| 15 | Aggregate Demand and Aggregate Supply | Chapter 33 |
| 16 | Final Exam | Final Exam |