Market and Economy
Seoul, South Korea
Area of Study
Taught In English
There are no specific requirements to take this course. But this course is exclusively for the first-year students who will study economics for the first time at college. If not so, you should prove it and get a permit from the professor before class registration.
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
This course is an introduction to fundamental economic concepts and basic economic theory. As the first part of the economics discipline, this course is the study of microeconomics, which addresses the analysis of choices made by individual decision-making units, including consumers, households, and firms. Under the demand-supply framework in the market, we will consider trade-offs and choices and compare costs and benefits of actions. At the firm level, we will explore the production and market structure. Finally, the role of government policy in dealing with public goods and market failure will be examined.
This class aims at making you think like an economist. By understanding essential economic principles and analytical tools, you will be able to perform supply and demand analysis, evaluate firms’ performance and recognize government policy dealing with market failures.
The main textbook is Principles of Economics, 7th Edition by Gregory Mankiw.
Classes will use slides, which will be available on Blackboard.
Courses and course hours of instruction are subject to change.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations
Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.