"Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life." - Tyler Cowen
What is Economics?
Economics is the study of the allocation of resources. For example, three people have a cake - how do you share the cake? Most people would say to the split the cake into three equal pieces - but maybe one person made the cake, so they should get more. Maybe one person skipped breakfast so they should get more cake...
This is Economics - "the study of sharing"!
What do I study in Economics?
- How to make better choices in life, breaking down complicated real-life problems into easy decisions
- What governments do to improve society by fixing problems, and how this can sometimes go badly wrong
- Why we trade with distant countries like Kenya rather than neighbouring EU countries - is this good for Kenya?
- Why petrol prices are so high despite oil prices falling, and how we stop this.
What skills will I learn in Economics?
- Working as a team, as well as independently
- Problem-solving and finding solutions
- Analytical thinking
- Use mathematics in context of real-life problems