The study of Economics is not about money or stock markets but rather about how society approaches scarcity and choice. Resources are finite and thus consumers, businesses and governments must make choices. Businesses must decide how much to produce, what price to sell their products and what wage to pay their workers. Consumers must decide how much to buy at that price and workers must decide how many hours to work at going wage rates. Governments must make decisions about whether and how to intervene in markets through taxes, subsidies and regulations. Governments and central banks also make decisions about taxes, spending and interest rates to affect the level of economic growth, inflation, unemployment and trade. Students will study: Unit 1 - Introduction to Economics Unit 2 - Microeconomics • How do consumers and producers make choices in trying to meet their economic objectives? • When are markets unable to satisfy important economic objectives —and does government intervention help? Unit 3 - Macroeconomics • Why does economic activity vary over time and why does this matter? • How do governments manage their economy and how effective are their policies? Unit 4 - The Global Economy • Who are the winners and losers of the integration of the world’s economies? • Why is economic development uneven?`