Microeconomics (Markets, Welfare and Consumer Choice)
Area of Study
Economics, Human Development and Family Studies
Taught In English
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 Credits2
Recommended U.S. Quarter Units3
Hours & Credits
Topics covered include demand and supply analysis, market efficiency and consumer choice theory. Emphasis will be placed on key concepts such as opportunity costs, incentives, efficiency and marginal costs and benefits, and on the use of diagrams as a tool of economics.
On successful completion of the module, students should be able to:
-Illustrate economic situations using diagrams.
-Illustrate the operation of a market using Demand and Supply schedules and diagrams.
-Analyse the effects of market interventions, such as taxes and quotas, on the operation of a market and on consumer and producer welfare.
-Analyse the consumption decisions of individuals based on preferences and constraints.
-Apply the principles of markets and consumer choice in non-economic contexts.
Teaching & Learning methods:
24 lectures, with additional tutorials, private study hours
Continuous Assessment: 20%
University scheduled written examination: 80%
Continuous Assessment detail(s): Tutorial attendance 5%, mid-term multiple choice test 15%
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.
ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.
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.