EconomicsEconomics is a way of thinking about the world. It allows us to make informed decisions about the future by taking into account various factors affecting it.
The Origins of Economics
The roots of the word ‘economics’ originate with the Greek words ‘oikos’ (household) and ‘nomos’ (rules or laws). Greek philosophers such as Aristotle and Xenophon first observed the economic behaviour of estates, which was the economic unit of analysis much like businesses in today’s economies. From the interaction of these units emerged systematic patterns of behaviour that appeared to be laws or norms of behaviour.
What is Economics?
Economics is a way of thinking about the world. It allows us to make informed decisions about the future by taking into account various factors affecting it. Economics is a social science that attempts to explain such phenomena through the use of logical, historical and philosophical analysis. This includes how the world’s major economies are trying to encourage free trade and alleviate poverty in less developed areas of the world such as Sub-Saharan Africa.
What will I learn?
Studying Economics allows a student to learn a variety of skills and knowledge that they can apply to further study, future careers and their personal life. Learning about interest rates, exchange rates, equity markets and economic indicators can help you make better decisions in business and personal finance.
Which subjects can be studied alongside Economics?