Economics

Course summary

Economics is essentially the study of the allocation of scarce resources. The basics of the price mechanism for allocation of resources is taught in microeconomics, as are the limitations of the market structure. In macroeconomics, the broad picture of the economy is explored: concepts such as inflation, unemployment, economic growth and the balance of payments. Methods of managing the macroeconomy are reviewed and compared. Of increasing importance is the exploration of global economics, looking at methods different countries might use to achieve sustainable economic growth and the potential problems with such strategies. Economists use models to explain and analyse problems and events. Students will learn about different models and how to apply those models.