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Fall 2016-2017
Section 1: Zeynep Burcu Çevik (cevik@metu.edu.tr)
Section 2: Umut Ünal (unalumut@gmail.com)
Section 3: Fatma Utku smihan (fmutku@yahoo.com)
Lecture Hours:
Tuesday 14:40-17:30 (U2) (section 01)
Wednesday 14:40-17:30 (MM-125) (section 02)
Friday 14:40-17:30 (BMB1) (section 03)
Course Assistant:
Nurbanu Huyugüzel (hnurbanu@metu.edu.tr , office: AZ-01)

COURSE DESCRIPTION: This introductory course is designed to provide students with an understanding of how
economies function. The goal of this course is to furnish students with the basic tools and concepts for analyzing
economic events and evaluating policies. There are two parts of the course: microeconomics and macroeconomics. The
first part, microeconomics, is about the behaviors and decisions of the consumers and firms, how they determine the
market price, how they interact. The second part, macroeconomics, looks at the economy as a whole. Understanding the
basic macroeconomic concepts such as determination of aggregate income, open economies, the role of government,
operation of the monetary system, will be the goal of the second part.

TEXTBOOK: The textbook for the course is “Economics-4th edition by R. Glenn Hubbard and Anthony Patrick O'Brien;
Pearson Education Limited, 2013”. Copies are available in the Reserve Sections of the METU Library.

COURSE REQUIREMENTS AND GRADING: There will be a midterm exam (50%, based on microeconomics only)
and a final exam (50 %, based on macroeconomics only). Exams will cover both all the readings assigned and all materials
covered in lectures. Since many of the questions on the exams will come from the lecture material, attendance to the
lectures is strongly recommended but NOT compulsory. Previous experience suggests that students who attended the
classes regularly increased their learning performances and got better grades. You cannot change your registered section
but MAY follow lectures of another section due to lecture coincidence. This depends upon the permission of the
instructor and availability of the classroom.

Any form of dishonest behavior for any part of the course, which includes but not limited to cheating during exams, will
ensure a failing grade for the course and will result in further disciplinary action in line with university regulations.

MAKE-UP POLICY: A student can take a make-up exam if s/he has an official medical report. A student MAY take a
make-up exam if there is an exam coincidence with a must course (but the consent of the lecturer is needed).

COURSE WEBSITE: https://odtuclass.metu.edu.tr

Note that all information and announcements regarding the course will be placed on this website. It is your responsibility
to check this site at regular intervals and be up-to-date with all relevant information.

Chapter Topic
1-2 Introduction to Microeconomics, Demand, Supply, Market and Price
3-4 Demand, Supply, Market and Price, Economic Efficiency, Government Price Setting, and Taxes
6 Elasticity
10 Household Behavior
11-12 Firm Behavior
MIDTERM – November 21, 2016. Monday, 17:40
Chapter Topic
19 GDP: Measuring Total Production and Income
20 Unemployment and Inflation
23 (29) Aggregate Expenditure and Output in the Short Run, Macroeconomics in an Open Economy
25-26 Money Market and Monetary Policy
24 Aggregate Demand
FINAL – January 15, 2017. Sunday, 17:00