Introduction to The Humanities - Economics
Economics is the study of how different societies allocate scarce resources to satisfy the wants and needs of its members. As with any social science, economics is concerned with human social behaviour: the behaviour of individuals and the interaction among them. Economics is also concerned with how to best manage resource scarcity and addresses the requirements for human survival and economic sustainability.
Economic decisions taken by individuals, groups, businesses and governments have implications for the welfare of individuals, families, communities, countries, regions and geopolitical unions of nations. All people are touched by economic decisions on multiple occasions every day. Economics plays a critical and, often, contested role in local, state, national and international public policy. Life globally is dominated by economic transactions and it is the quality of economic decision making at all levels of society that significantly determines the wellbeing of individuals and nations.
The study of Economics assists students to better understand how wealth is generated and distributed, and to understand:
- microeconomic concepts that explain how businesses and markets operate
- macroeconomic concepts that help to explain how a nation’s economy works.
It enables students to understand the importance of entrepreneurship and enterprise in generating a healthy economy.
Economics provides students with the knowledge and skills to engage with economic matters and to consider the effects of alternative economic decisions on themselves and others. They are then in a better position to:
- act rationally and ethically when making economic and personal financial decisions
- appreciate the complexity of economic decision making
- understand the economic decisions made by others.
Not only can they manage their personal affairs better, they can be more effective and productive members of society as they are capable of making reasonable judgments on public policy issues that have a bearing on their personal prospects and those of the nation.