Economics

Course summary

The basic economic problem is scarcity and Economics can be defined as the study of the allocation of scarce resources between competing uses; it is about the choices we have to make to get the goods and services we need and want. In Economics, we study how markets work, why they sometimes fail and how the government may step in to solve this failure. We also examine the structure of firms in markets and how this structure may help or hinder the allocation of resources. In addition, we look at how the national economy works and how we try to ensure it grows over time to improve economic welfare.