Economics is the study of the how we buy and sell goods and services in order to make a living. It studies how individuals, businesses, governments and other organisations within our society choose to use scarce resources to satisfy their numerous needs and wants in a manner that is efficient and sustainable. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services, It introduces accounting concepts such as savings, budgets, income and expenditure, record-keeping, entrepreneurship and how to plan businesses.
Economics examines the choices we make: a new car or college tuition? more hospitals or more highways? more free time or more income from work?
It gives us a way of understanding how to make the best use of natural resources, machinery and people's work efforts.
- Economic pursuits
- Contemporary economic issues
Economics is not a compulsory subject for any programme of study at university. However, it is a useful subject for those interested in pursuing a commercial or social science degree at university.
Should I take this subject?
This subject requires not only rote learning, but also insight and application of knowledge to real life situations. You must be prepared to study hard and consistently. If you have an interest in commerce and entrepreneurship then take this subject. Read up on the Fields of Management and Planning to find out more about careers within this field.