Economics is a social science that helps explain how society can make the best use of scarce resources, and how issues such as unemployment, poverty, and recessions can be tackled by the government. Economics offers an analytical way of thinking which opens your eyes to the way the world works. You are taught a set of academic theories and concepts to use in order to analyze and evaluate some of the most important issues facing our society. For instance, you will understand arguments for and against: - Government use of taxes and regulations to reduce market failures, such as pollution - Allowing drug companies to make large profits from selling life-saving drugs that some cannot afford - The causes of and potential solutions to unemployment and inflation - How developing countries can reduce poverty by accepting aid and/or multi-national investment - Membership of the EU and globalization Economics requires students to develop a range of transferable skills: Critical thinking skills - developing a critical approach to economic models and methods of inquiry Data skills - using and interpreting data presented in a variety of forms Presentation skills - presenting arguments and making judgments based on the evidence available Planning skills - using a variety of source materials to help plan work with constraints in mind