COURSE INFORMATION Course Title: INTRODUCTION TO ECONOMICS I

Code	Course Type	Regular Semester	Theory	Practice	Lab	Credits	ECTS
ECO 101	B	1	3	0	0	3	5

Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature)	NA
Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	Prof.Dr. Abdurrahman IŞIK aisik@epoka.edu.al , 1
Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	NA
Teaching Assistant(s) and Office Hours:	NA
Language:	English
Compulsory/Elective:	Compulsory
Study program: (the study for which this course is offered)	Bachelor in Political Science and International Relations (3 years)
Classroom and Meeting Time:
Code of Ethics:	Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline"
Attendance Requirement:	75%
Course Description:	Introduction to Economics I: This is an introductory microeconomics course. The aim of the course is to develop an understanding of elementary microeconomic analysis and its applications. By the end of the term, the student will have acquired a basic understanding of the main microeconomic topics, including analysis of the consumer, the firm, the economics of public sector and product markets. The material covered as part of this course will help students to organize their ideas about economics.
Course Objectives:	Students know that throughout their lives they will make economic decisions and be influenced by economic forces. They want to understand the economic principles that can help them navigate these forces and guide their decisions. Introduction to Economics is our attempt to satisfy this want.

BASIC CONCEPTS OF THE COURSE

1	Some of the concepts are scarcity, supply & demand, incentives, trade-off and opportunity cost, economic systems, factors of production, production possibilities, marginal analysis, circular flow, and international trade.

COURSE OUTLINE

Week	Topics
1	Introduction
2	Chapter 1 Getting Started & Appendix: Making and Using Graphs => we review definitions and address questions that economics helps answer. We also discuss how people make rational choices and preview the fact that these are the choices that individuals and firms make everyday.
3	Chapter 2 The U.S. and Global Economies & The Economic Problem = > we describe what, how, and for whom goods and services are produced in the United States. Then we examine these same three questions in the global economy. Finally we use the circular flow model to provide a picture of how households and firms interact. We also describe the economic activities of governments in the United States. and Global. we use the production possibilities frontier to illustrate the economic problem and calculate opportunity cost.
4	Chapter 3 Demand and Supply = > we create a tool (the supply-demand graph) to use in examining how a market operates. The chapter explains how to derive demand and supply curves. By combining the supply and demand curves, we see how the market determines market equilibrium. We also see how a change in supply, a change in demand, or a change in both affects the price and quantity in the market equilibrium.
5	Chapter 4 Elasticities of Demand and Supply & Efficiency and Fairness of Markets = > we examine the price elasticity of demand, price elasticity of supply, cross elasticity of demand, and income elasticity of demand. The motivation for studying elasticity focuses on how elasticity can help make quantitative predictions about price and quantity changes. We study the total revenue test, which estimates the price elasticity of demand by observing the change in total revenue that results from a price change. We explore the conditions of market efficiency and whether market outcomes are fair. On the consumer side, we make the distinction between value and price. On the producer side, we make the distinction between cost and price. We mention factors that prevent efficiency from occurring.
6	Chapter 5 Government Actions in Markets & Global Markets in Action = > We use the demand and supply graph to study how the government can influence markets. Taxes, price ceilings, price floors, and price supports can prevent markets from efficiently allocating resources. Examples show how these actions impact consumers and firms, how equilibrium prices and quantities change, and how they create deadweight losses. We examines how global markets work and looks at the effects of government policies such as tariffs and quotas.
7	Chapter 6 Production and Cost = > We defined what economics means in terms of scarcity, opportunity cost, choice, and efficient use of resources. We’ve explored the interactions of supply and demand that bring about the efficient use of resources and the role of government intervention in market efficiency.
8	Chapter 7 Perfect Competition => we look at the demand and marginal revenue curves for firms in different industry structures. By combining cost, demand, and revenue curves, we will see the profit-maximizing operating decisions made by firms.
9	Chapter 8 Monopoly = > we examine another market structure: monopoly. We discuss how monopoly arises and how a monopoly (single-price or price-discriminating) chooses its profit-maximizing output and price. Recognizing that monopoly creates a deadweight loss, we discuss whether monopoly is efficient and fair. The concept of rent seeking is examined and reveals that rent seeking is likely to extract all of the economic profit made by a monopoly. Finally, regulation of natural of monopoly is covered.
10	Chapter 9 Monopolistic Competition and Oligopoly = > we examine two more market structures, monopolistic competition and oligopoly. The profitmaximizing quantity and price for monopolistic competition is discussed. The chapter shows why firms in monopolist competition decide to advertise, use brand names, and develop new products. Then the chapter moves to oligopoly. It explains the oligopolists’ dilemma and then uses game theory to explore the behavior of oligopolists.
11	Chapter 10 GDP: A Measure of Total Production and Income & Appendix: Measuring Real GDP => we define GDP and explain why for the economy, the value of production equals income, which also equals expenditure. We describe how economic statisticians measure GDP. Next we distinguish between nominal GDP and real GDP. Lastly, we explain and describe the uses of real GDP and its limitations as a measure of the standard of living.
12	Chapter 11 Jobs and Unemployment & The CPI and the Cost of Living = > we cover how the unemployment rate is calculated, review labor market indicators, trends and fluctuations in the labor market, explore the types of unemployment, define full employment, explore the influences on the natural unemployment rate, and explain the link between unemployment and real GDP using the output gap. The chapter concludes the descriptive part of the book by discussing and describing how the price level is measured. We will see how price indices are used to measure the cost of living and to calculate the inflation rate.
13	Chapter 12 Money and the Monetary System = > This chapter defines money and describes its functions. It discusses the monetary system and introduces the Federal Reserve System. Then it examines how changes in the quantity of money affect the price level and how money growth brings inflation.
14	Chapter 13 Fiscal Policy and Monetary Policy = > We describe fiscal policy, explain the difference between discretionary and automatic fiscal policy, and discuss the institutional details of fiscal policy. We discuss the multiplier effect on aggregate demand from changes in government expenditure, taxes, and from simultaneous changes in government expenditure and taxes. Then we use the AS-AD model from previous chapters to explore the effects of fiscal policy. The limitations of fiscal policy are discussed. A similar exploration of monetary policy is conducted, including using the AS-AD model to illustrate the effects of monetary policy.

Prerequisite(s):	No
Textbook(s):	Essential Foundation of Economics, Robin BADE, Michael PARKIN, 9th Edition, 2018
Additional Literature:
Laboratory Work:	No
Computer Usage:	Smart Board (If Available)
Others:	No

COURSE LEARNING OUTCOMES

1	Develop the ability to explain core economic terms, concepts, and theories. Explain the function of market and prices as allocative mechanisms. Apply the concept of equilibrium to both microeconomics and macroeconomics. Identify key macroeconomic indicators and measures of economics change, growth, and development. Identify and discuss the key concepts underlying comparative advantage. Identify and explain major types of market failures.
2	Demonstrate the ability to employ the “economic way of thinking.” Discuss the application of marginal analysis. Explain the use of benefit/cost analysis. Explain the contribution of economics to the analysis of non-market social issues.
3	Demonstrate awareness of global, historical, and institutional forces. Assess the role of domestic and international institutions and norms in shaping economies.
4	Apply economic theories and concepts to contemporary social issues, as well as formulation and analysis of policy. Describe how economic trade-offs and social values impact public/private social policy, and the success or failure of policies to achieve intended outcomes.
5	Recognize the role of ethical values in economic decisions. Distinguish between normative and positive economics. Identify the limits of economic analysis. Compare and contract efficiency and equity.

COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES (Blank : no contribution, 1: least contribution ... 5: highest contribution)

No	Program Competencies	Cont.
Bachelor in Political Science and International Relations (3 years) Program
1	Having and using advanced knowledge and comprehension supported by textbooks including actual knowledge in political sciences and international relations literature, materials and the other scientific resources.	3
2	Analyzing data, ideas and concepts of current political issues and international relations, determining complex events and topics, making discussions and developing new suggestions in accordance with researches.	4
3	Having knowledge and thought about actual topics and problems together with their historical, social and cultural aspects.	2
4	Introducing those who are interested in politics and international events with the topics of Political Science and IR and teaching clearly the problems and the types of solutions.	2
5	Improving skills of working together with the main social science disciplines and other disciplines which are related to Political Science and International Relations.	4
6	Improving critical thinking and skills in making research independently.	4
7	Developing solutions about the problems and conflicts which are common in national and international arena.	3
8	Improving skills for leadership and research and analyze capacity of those who is responsible with national and international ones.	3
9	Knowing any foreign language enough to communicate with colleagues and understand actual researches and articles.	1
10	Gaining IT skills to use computer and technology) in order to reach actual knowledge.	3
11	Gaining skills to follow societal, scientific and ethic values during collecting, interpreting, conducting of data related to social and political developments.	3
12	Having consciousness about human rights and environment.	2
13	Gaining the skills to follow actual developments and pursue long-life learning.

COURSE EVALUATION METHOD

Method	Quantity	Percentage
Homework	1	5
Midterm Exam(s)	1	20
Quiz	1	5
Final Exam	1	60
Attendance		5
Other	1	5
	Total Percent:	100%

ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)

Activities	Quantity	Duration(Hours)	Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours)	16	3	48
Hours for off-the-classroom study (Pre-study, practice)	10	2	20
Mid-terms	1	15	15
Assignments	2	7.5	15
Final examination	1	15	15
Other	1	12	12
Total Work Load:			125
Total Work Load/25(h):			5
ECTS Credit of the Course:			5

CONCLUDING REMARKS BY THE COURSE LECTURER

All is well.