Welcome to the world of economics and
welcome to the text of Introduction to
Economics-I, a resource book which is
prepared to be used in the open and distance
education programs of Anadolu University.
The students will find out that this textbook
offers a strong foundation in introductory
economics in an accessible format. The text
has been developed to meet the scope and
sequence of most introductory courses in
economics.
The Introduction to Economics-I textbook
is designed for a one-semester economics
course. It is traditional in coverage of
introductory economics content, especially
in microeconomics’ topics. At the same time,
the book includes a number of innovative
and interactive features designed to enhance
student learning in introductory economics.
Instructors can also customize the book,
adapting it to the approach that works best in
their classroom.
The book is organized into four main parts:
• What is Economics? The first chapters
introduce students with the study of the
main concepts, scope, methodology and
principles of economics, with a focus
on making choices in a world of scarce
resources.
• Supply, Demand and Elasticity, Chapters
2, 4 and 8, introduce and explain the first
analytical model in economics: supply,
demand and equilibrium and also the types
of elasticity concepts before showing
applications in the markets for factors of
production, such as the labor and finance.
• The Fundamentals of Microeconomic
Theory, Chapters 3, 5, 6 and 7 start the
microeconomics portion of economic
theory, presenting the theories of consumer
behavior, production and costs, and the
different models of market structure, such
as the competitive market, monopoly and
the other imperfect competitive market
structures.
• Microeconomic Policy Issues, Chapters
4 and 8 also cover the range of topics in
applied microeconomics, organized around
the concepts of public goods and positive
and negative externalities, taxation and the
issues with regards to welfare economics.
Throughout the textbook of Introduction to
Economics-I, you will find new features that
engage you in economic inquiry by taking
selected topics a step further. The features
include:
• Learning Outcomes,
• Test yourself,
• Your turn questions and
• Important notifications.
I hope you will benefit from the knowledge
and experience that you will acquire from the
Introduction to Economics-I book, not only
during your education in school years but also in
your professional life. I wish you all the success.
