Introduction to Economics
University of the South Pacific
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.
Credits3 - 4
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
OverviewThis course may not be credited towards a major, minor or Diploma in Economics, nor may it be credited together with a pass in EC101 or EC102. The course provides a self-contained, one-semester introduction to economics and is designed specifically for students who wish to familiarise themselves with the basics of economics, but who do not intend to study it to a higher level. This course begins with a discussion of the nature and scope of economics and then proceeds to examine in detail key aspects of microeconomic and macroeconomic theory. Applications of economic theory are discussed in relation to current economic issues in the Pacific Island economies and in the world economy as a whole.Economics as a social science attempts to study ways in which these above mentioned decisions are made efficiently. Economics Theories can be applied to any situation that requires allocation of scarce resources.Economics is a social science often summarised as "the study of how the society manages its scarce resources "Mankiw (2012). Problems of scarcity and choice confront every individual and every society and the management of scarce resources will be as much a problem in the present and beyond as it has been inthe past. In this course you will find a range of economic principles that will allow you to consider and appreciate solutions to resource allocation issues and hopefully contribute to their debates.Introductory Economics covers the two major areas of economics; microeconomics and macroeconomics, together with policy applications. Microeconomics focuses on how consumers andproducers make decisions and how they interact in markets, while Macroeconomics looks at theeconomy as a whole and focuses on issues that affect entire economy like inflation, unemployment, and economic growth. The microeconomics section introduces the basic concepts of demand and supply, and develops them for application in the examination of equilibrium and disequilibrium situations. It then focuses on theories of the behaviour of firms operating in different market structures, analysis of efficiency in resource allocation then to implications on income distribution.The treatment of macroeconomics progresses from the outlining of the basic concepts which comprise the macro framework, starting with the aggregate economic activity and its measurement. It thenconsiders the role of money in modern economies and macroeconomics policies, the key issues in the foreign sector, the techniques of macroeconomic control, inflation, the balance of payments andexchange rates. Finally, aggregate demand and aggregate supply (ADAS) model to understand short-run fluctuations in the goods and money markets, and determining macroeconomic equilibrium. This largelytheoretical treatment is then used to examine a wide range of practical policy issues; for example the macro-economic policy environment in Fiji and other Pacific Islands, role of government and need for government interventions etc.
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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.
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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.