A recession is when your neighbour is out of work. A depression is when you’re out of work – HARRY S. TRUMAN

SUMMARY OF THE SUBJECT

Economics is a social science and involves the study of individuals, societies, the concept of scarcity, and the problem of resource allocation. Economic theories are applied to real-world examples which incorporate the branches of history, geography, psychology, sociology, political studies and other related fields.

Theories of economics are applied in an international concept that must consider

what impact economies can have on each other; improve cooperation and understanding between countries; and, infuse economic theories, ideas and happenings from the point of view of different individuals, nations and cultures in the world economy. Students can search for understanding through a wide range of different aspects of the global economy

The standard methodology of economics can be summarized as a progression from problem identification, through hypothesis formulation and testing, arriving finally at a conclusion. This search may inspire a lifelong interest in the promotion of internationalism in the economics course.


AIMS

The aims of the economics course at higher level and standard level are to:

Ø Provide students with a core knowledge of economics
Ø Encourage students to think critically & analytically about economics
Ø Promote an awareness and understanding of internationalism in economics
Ø Encourage students’ development as independent learners
Ø Enable students to distinguish between positive and normative economics
Ø Enable students to recognize their own tendencies for bias


OBJECTIVES

Having followed the diploma programme course in economics, students will be expected to:

1. have an understanding and knowledge of economic concepts and theories
2. apply economic theory to a range of circumstances and a variety of situations
3. analyze information through the use of economic concepts and theories
4. evaluate concepts and theories from different economic perspectives

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