Subject description

Economics is a 20-credit subject at Stage 2.

Economics is the study of how we exchange scarce resources to satisfy our needs and wants and in doing so we gain insight into human behaviour in a variety of contexts, whether as individuals, firms, governments, or other organisations. An economic system is influenced by the social and political contexts that inform decisions made by the different participants in the economy.

What happens in an economy depends on the choices that millions of people make every day when they interact with each other, with markets, with the government, and with their natural surroundings.

Through the study of Economics, students examine the most significant individual and social problems through the acquisition of analytical and problem-solving skills and the development of a logical, ordered way of looking at issues. These essential life skills promote the ability to balance different narratives, determine what assumptions matter, and build on existing knowledge.

Economics will influence how students understand markets and their importance to the prosperity and sustainability of society, but most importantly, it will develop a long-term perspective and awareness that understanding the economy requires both a solid intellectual framework and openness to new ideas.

In Economics, students explore and analyse a variety of authentic economic contexts to develop, extend, and apply their skills, knowledge, understanding, and capabilities. Students develop an understanding that economic thinking can offer insights into many of the issues faced by society.

In Stage 2 Economics, students use an inquiring, critical, and thoughtful approach to their study and further develop the ability to think like an economist. They apply their economic inquiry skills and their knowledge and understanding of economic concepts, principles, and models to analyse and respond to economic problems.