ECONOMICS

Why should you Study Economics?

Economics involves and surrounds us all. We face economic problems individually and as a country, because none of us can have all we want - we live in a world of scarcity.

Economics involves you, me, your friends, the country and the world. It is impossible to avoid these issues. They involve choice and scarcity what career, what university, where to live, what price to pay for a pint, how to solve the problems of rising prices and unemployment, plus literally hundreds of other choices.

What is Economics?

Economics is also the study of the way we behave. It obviously concerns money and the things it can buy. How we earn it and how we spend it. How much we earn and why some people earn more than others. Who the 'we' are, i.e. consumers, producers and government. What determines prices, why they vary, why some people have no job, etc. Almost everyday there is a new problem of economic significance.

·       Recession

·       Global Warming

·       Famine in Africa

·       Unemployment

·       Rising House Prices

·       Stock Market Crash

 So, it is in order to understand these issues for ourselves that we study economics.

 Is Economics a Science?

Economics is a social science so it has to be studied in a logical manner. Problems are considered, and simplified, then they are modelled, analysed and solutions are proposed. There are many specialized words used in Economics and they have precise meanings which must be learnt.

Is Economics the same as Business Studies?

It is often thought that Economics is the same thing as Business Studies. The two are related; there is an overlap. Business Studies looks in detail at the ways in which producers can behave efficiently and profitably while Economics also looks at how consumers behave and the role of governments in regulating the whole economy.