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)	Prof.Dr. Abdurrahman IŞIK aisik@epoka.edu.al
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
Language:	English
Compulsory/Elective:	Compulsory
Study program: (the study for which this course is offered)	Bachelor in Business Informatics (3 years)
Classroom and Meeting Time:
Teaching Assistant(s) and Office Hours:	NA
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	scarcity, supply and demand, marginal costs, marginal benefits, and incentives

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 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
7	We examines how global markets work and looks at the effects of government policies such as tariffs and quotas. We use the demand and supply curves to show how exter- nalities affect the efficient use of resources. We see that ex- ternal costs result in overproduction and that external bene- fits result in underproduction. By developing the marginal social cost curve and marginal social benefit curve, we in- corporate these external costs and external benefits into the basic demand-supply graph. Finally, we investigate how the government intervenes in the market to promote efficient use of resources.
8	Chapter 7 Public Goods and Common Resources & Markets with Private Information => We discuss the characteristics of public goods, common re- sources, the free-rider problem, and the tragedy of the com- mons. We see that without government intervention, the ef- ficient amount of public goods will not be produced. We al- so see that the tragedy of the commons leads to overuse of resources and we discuss ways that lead to efficient use of a common resource.
9	Chapter 8 Consumer Choice and Demand, Appendix: Indifference Curves & 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. We’ve discussed the rationale behind the downward-sloping demand curve using marginal utility analysis. we define economic costs and profits. We ex- amine the relationship between inputs, costs, and production. This chapter lays the groundwork for the profit- maximizing decisions that are made by firms, which we study in the next several chapters.
10	Chapter 9 Perfect Competition = > we examine the profit-maximizing decisions made by a perfectly competitive firm in the short run and the long run. To do so, we use the groundwork on firms’ costs laid in the previous chapter.
11	Chapter 10 Monopoly = > we examine another market structure: monopoly. We discuss how monopoly arises and how a mo- nopoly (single-price or price-discriminating) chooses its profit-maximizing output and price. Recognizing that mo- nopoly creates a deadweight loss, we discuss whether mo- nopoly is efficient and fair. The concept of rent seeking is ex- amined 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.
12	Chapter 11 Monopolistic Competition = > In this chapter, we examine another market structure, monopolistic competition. The profit-maximizing quantity and price is discussed. The chapter shows why firms in monopolist competition decide to advertise, use brand names, and innovate.
13	Chapter 12 Oligopoly = > we examine the last of the four market structures, oligopoly. The chapter starts by defining oligopoly. It then describes the range of output seen in oligopoly and develops the concept of game theory. The chapter concludes with a discussion of antitrust law and oligopoly.
14	Chapter 13 Factor Markets & Incomes and Inequality = > we examine how firms and households interact in competitive factor markets to determine the quantity of resources employed. We also examine how prices (wages, rents, interest rates) are determined in these markets. we examine economic inequality, how it is measured, and the factors that create this inequality. The government’s attempts to modify the inequality by redistributing income also are reviewed.

Prerequisite(s):	No
Textbook(s):	Foundation of Economics, Robin BADE, Michael PARKIN, 9th Edition, 2023
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 Business Informatics (3 years) Program
1	Identify activities, tasks, and skills in management, marketing, accounting, finance, and economics.	5
2	Apply key theories to practical problems within the global business context.	4
3	Demonstrate ethical, social, and legal responsibilities in organizations.	5
4	Develop an open minded-attitude through continuous learning and team-work.	4
5	Integrate different skills and approaches to be used in decision making and data management.	5
6	Combine computer skills with managerial skills, in the analysis of large amounts of data.	4
7	Provide solutions to complex information technology problems.	3
8	Recognize, analyze, and suggest various types of information-communication systems/services that are encountered in everyday life and in the business world.	2

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	8	16
Final examination	1	15	15
Other	1	11	11
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.