Seoul, South Korea
Area of Study
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 Credits0
Recommended U.S. Quarter Units0
Hours & Credits
Microeconomics teaches us the art of using our resources in the most efficient way, be it money, time or career options. As the word ?micro? suggests, we will be dealing with the process of economic decision making at the level of individuals rather than countries. Addressing some of the students? concerns, advanced knowledge of calculus or linear algebra is not a prerequisite for this course. We are going to make use of some mathematical models, but rather on an intuitive level. The main purpose of this course is to learn how people make economic decisions in their everyday life with the emphasis on real world examples.
There will be one midterm and one final exam (both in English) with equal weights. Attendance enters the final score with the 10% weight. Questions are mostly of multiple-choice or short-answer type.
Chapter 1. Economic models.
Chapter 2. Utility and Choice.
Chapter 3. Individual Demand Curves.
Chapter 4. Market demand and elasticity.
Chapter 5. Uncertainty.
Chapter 6. Game Theory.
Chapter 7. Production.
Chapter 8. Costs.
Chapter 9. Profit maximization and supply.
Chapter 10. Perfect competition.
Chapter 11. Applying the Competitive Model.
Chapter 12. General Equilibrium
Chapter 13. Monopoly.
Chapter 14. Imperfect Competition.
Courses and course hours of instruction are subject to change.