FACULTY OF BUSINESS

Department of Economics

ECON 102 | Course Introduction and Application Information

Course Name
Principles of Macroeconomics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 102
Spring
3
0
3
6

Prerequisites
None
Course Language
English
Course Type
Required
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives The course provides students with a framework of and the ability to evaluate key macroeconomic concepts facing capitalist economies such as unemployment, inflation, and output growth. The course also equips students with some elementary mathematical techniques to solve numerical or algebraic economic problems in applying key macreoconomic concepts. The focus of the course is to teach students models motivated by facts from history, experiments, and data. To use insights on the economy from a wide range of historical, geographical, disciplinary and methodological perspectives is another focus of the course. Students will be well prepared to tackle the issues covered in the more advanced second year course “Macroeconomics".
Learning Outcomes The students who succeeded in this course;
  • Will be able to define key macroeconomic variables such as unemployment and inflation and the measurement of such variables.
  • Will be able to describe how interest rate is determined in money markets and how banks create money
  • Will be able to explain how monetary policy and fiscal policy affect macroeconomic outcomes
  • Will be able to show how technological developments can affect both employment and wages in te long run
  • will be able to follow the impact of exchange rate movements on economic fluctuations
Course Description This course is intended to introduce the students to some basic macroeconomic concepts, with special emphasis on economic growth, inflation and unemployment. Credit market transactions, the determination of interest rates, the functions of money, banks and a nation's central bank are discussed. Current problems of inflation and unemployment are explored and the tools available to the government to deal with these economic problems, and their limitations are analyzed. This course analyzes trends in living standards in the long-run and economic fluctuations in the short-run. The effects of production and distribution of goods and services on environment are discussed. The course also covers the concepts of economic inequality and networked economy.

 



Course Category

Core Courses
X
Major Area Courses
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Banks money, and the credit market The CORE Project, Chapter 10
2 Banks money, and the credit market The CORE Project, Chapter 10
3 Economic fluctuations and unemployment The CORE Project, Chapter 13
4 Economic fluctuations and unemployment The CORE Project, Chapter 13
5 Unemployment and fiscal policy The CORE Project, Chapter 14
6 Unemployment and fiscal policy The CORE Project, Chapter 14
7 Inflation, Unemployment and Monetary Policy The CORE Project, Chapter 15
8 Inflation, Unemployment and Monetary Policy The CORE Project, Chapter 15
9 MIDTERM
10 Technolological Progress, employment, and living standards in the long run; The CORE Project, Chapter 16
11 Technolological Progress, employment, and living standards in the long run The CORE Project, Chapter 16
12 The Great Depression, golden age, and global financial crisis The CORE Project, Chapter 17
13 The Nation and the World Economy The CORE Project, Chapter 18
14 The Nation and the World Economy The CORE Project, Chapter 18
15 Review of the Semester
16 Review of the Semester

 

Course Notes/Textbooks

The Economy 1.0 (by the core team) will be used as the main textbook.

You can access the textbook by using the following link

https://core-econ.org/the-economy/v1/en/

Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
15
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
1
20
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
35
Final Exam
1
35
Total

Weighting of Semester Activities on the Final Grade
17
65
Weighting of End-of-Semester Activities on the Final Grade
1
35
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
 
0
Study Hours Out of Class
16
2
32
Field Work
 
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
1
25
25
Presentation / Jury
 
0
Project
 
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
35
35
Final Exam
1
35
35
    Total
175

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

X
2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

X
3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

X
5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

X
8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

X
11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

X
12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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