The Study of Economics

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GROUP 3 ECONOMICS
Standard and Higher Level INTRODUCTION The study of economics from an individual, a firm, a business, governmental and international perspectives are being increasingly important today. In the world of continuing globalization and technological developments, decisions made today by an individual or society can have a multiplier effects on other businesses and countries. Therefore, there is a need for an understanding of human experience and behaviour made in the economic environment and their effects on the physical, political, environmental and social sectors. NATURE OF THE SUBJECT Economics is a dynamic social science, forming part of the study of individuals and societies. The study of economics is essentially about
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Students are encouraged to consider what markets and governments can and cannot do. This section of the syllabus gives them an early opportunity to begin to explain economic phenomena through the use of diagrams, data analysis and the evaluation of economic material. This section is intended to make students aware of the role of economics in real-world situations. Even at this initial stage teachers and students should consider the application of economic theories to developing countries, since development

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