Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change. There are lots of opportunities to talk about today’s economic issues in your lessons. Students can develop communication, critical thinking and analytical skills through tasks based on anything from ways to cut the budget deficit, to weighing up the pros and cons of inflation or being part of free-trade
agreements. Studying Economics will make students well-positioned in an ever-changing world because they have problem solving and analytical skills that allow them to succeed in variety of career paths —Law, Risk management, Actuary, Finance, Foreign affairs, Public administration, Politics, Policy analysis, Health administration, Entrepreneurship, Market analysis, Journalism etc.
What skills will I get with Economics?
- Analysis and evaluation
- Problem-solving
- Communication
- Cultural awareness
- Numeracy skills – required to study figures and statistics and look for trends
- Calculate percentages and percentage changes, including interest on savings
- Calculate averages including cost
- Calculate totals including revenue costs and profit
- Calculate income including gross and net pay
- Construct graphs from data including supply and demand curves
- Interpret and use information from graphs and charts to support and justify economic decisions