Economic Policy and Principles
Area of Study
Taught In English
None for study options 1 or 2;
For study option 3, successful completion of a course of introductory microeconomics is
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 Credits4
Recommended U.S. Quarter Units0
Hours & Credits
In this module, students are introduced to the techniques of model building and
analytical reasoning used in microeconomics. Some of these techniques are then used as
an input into the analysis of economics at the macroeconomic level. In the early phase of
the module, students are taught about microeconomic models and explore the
application of these models, to current economic issues. Whilst, in the later phase,
students learn about the main macroeconomic aggregates, the basic model of aggregate
demand and supply and the importance of the time horizon in macroeconomics.
Topics covered include:
? The comparative statics of market analysis, shifts in demand and supply,
elasticities, revenues and expenditures. Taxation and subsidies. Price
controls and non-clearing markets.
? Applications to agricultural support systems and minimum wage laws.
? Consumer behaviour
? Costs and outputs
? Market structure
? Factor markets and the theory of derived demand. The determination of
factor incomes in competitive and monopsony markets. Applications to
job subsidies and social security taxes.
? Macroeconomic variables and macroeconomic activity
? Saving, investment and the financial system
? The monetary system
? Money, growth and inflation
? Open economy macroeconomics
? Aggregate demand and aggregate supply
? The influence of fiscal and monetary policy on aggregate demand
? Unemployment vs inflation
Teaching: Lectures and seminars
STUDY OPTION 1:
? A 'seminar portfolio' of two submitted problem sets
? 2 hour Exam
STUDY OPTION 2/3:
Alternative assessment (tbc)
Study Option 1 = Whole Year
Study Option 2 = Autumn
Study Option 3 = Spring/summer
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Some courses may require additional fees.
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.
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.