Course Details Language of Instruction Turkish Level of Course Unit Associate Degree Department / Program Court Office Services Type of Program Formal Education Type of Course Unit Elective Course Delivery Method Face To Face Objectives of the Course There are three fundamental principles of economics. The first principle is that individuals always strive to choose the best option; the second principle is that economic systems tend to reach equilibrium; and the third principle is empiricism, or the requirement that analyses be based on evidence. The aim of this course is to help students understand these three fundamental principles and the logic behind economic thought. Course Content The definition and scope of economics, economic units and the resources of the economy. • The three fundamental principles of economics and its scope. Fundamental concepts of economics: needs, goods and services, utility, economic value, scarcity, production, factors of production, consumption, saving, investment, division of labour, opportunity cost, efficiency, productivity and profitability. The main problems of economics: Scarcity, the science of economics and the solution to the problem of scarcity. Fundamental problems in economies. Demand analysis: The law of demand and factors affecting demand, elasticities and their applications. 1 2 • Supply analysis: The law of supply, the supply function, elasticities and their applications. • Market types and price formation: Demand, supply and market equilibrium under conditions of perfect competition, monopoly and imperfect competition. • Consumer and producer theory: Consumer equilibrium, producer equilibrium and cost analysis. • Short- and long-run production models: Production and costs in the short run; production and costs in the long run. • Firm equilibrium: Revenue, cost and profit functions; money and banking; economic problems; profit maximisation. Course Methods and Techniques The following methods are used: lecture (direct instruction), question-and-answer sessions, discussion, practical exercises and design techniques. Prerequisites and co-requisities None Course Coordinator None Name of Lecturers Instructor Assistants None Work Placement(s) No Recommended or Required Reading Resources Uygulamadan örnekler, akademisyen notları Course Category Social Sciences %40 Field %60