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| ORM2003 | Economy | 2+0+0 | ECTS:3 | | Year / Semester | Fall Semester | | Level of Course | First Cycle | | Status | Elective | | Department | DEPARTMENT of FOREST ENGINEERING | | Prerequisites and co-requisites | None | | Mode of Delivery | Face to face | | Contact Hours | 14 weeks - 2 hours of lectures per week | | Lecturer | Doç. Dr. Mahmut Muhammet BAYRAMOĞLU | | Co-Lecturer | Lect. Canan YILMAZ | | Language of instruction | Turkish | | Professional practise ( internship ) | None | | | | The aim of the course: | | This course covers two distinct areas: microeconomics and macroeconomics. The objective of this course is to teach forestry students the basics of both areas. |
| Learning Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | LO - 1 : | acquire knowledge of the basic concepts including Scarcity, Opportunity Costs, and Production; demonstrate how they affect economic decisions. | 12 | | | LO - 2 : | recognize and interpret a Demand Curve and a Supply Curve, and should be able to identify the underlying determinants of each. | 12,13 | | | LO - 3 : | explain and apply the concepts of Marginal Benefits and Marginal Costs to determine optimal economic decisions for both consumers and firms; and interpret them for forestry. | 6,12 | | | LO - 4 : | identify the differences between a perfectly competitive market and an imperfectly competitive market and the implications of each for economic outcomes. | 12,13 | | | LO - 5 : | acquainted with Factor Markets, GDP, Growth and Development, inflation, | 12,13 | | | LO - 6 : | use Graphs to explain and demonstrate economic concepts. | 3,5,7,8,10,12 | | | CTPO : Contribution to programme outcomes, TOA :Type of assessment (1: written exam, 2: Oral exam, 3: Homework assignment, 4: Laboratory exercise/exam, 5: Seminar / presentation, 6: Term paper), LO : Learning Outcome | | |
| Course orientation: syllabus, examination policy, assignments, course format, textbooks and other resources, Producer equilibrium, Costs of production, Firm supply curve, Elasticity analysis of supply, forest sector case , Course objectives, Choice and scarcity concepts, definition of economics, and methods in economics, Price, Competitive market, Monopoly, Price analysis, Relation of economics with other sciences, basic concepts of economics, Production and scope and types of it, Factor markets, Factor supply and demand, Factor incomes, Conditions affecting economics, population theories, consumer behaviors, GDP analysis and its elements, Savings and Investments, Finding consumer equilibrium, Market Demand CurveWeek 13: Multiplier, Money theories, inflation, employment, Elasticity analysis, Short and long term production and diminishing marginal product, Economic growth and developme |
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