Economics

Economics is a social science involving the study of people and their activities relating to production and consumption and exchange. The study covers the behaviour of individuals, their work decisions of what to produce, where to locate and how to market, and the activities of government. A thorough study is also made of major economic issues, i.e. unemployment, inflation, budget deficits, trade imbalances and economic growth.

An understanding of economic issues and effects is a basis for the study of both commerce and society. From the planning of marketing decisions through to developing the Third World, economics impacts upon us all. The economic activities and policies of countries and governments impacts on all in society through inflation, the setting of interest rates and the general nature of a country’s economic activity at home and abroad. Because of its Arts and Commerce orientation it can be studied as a main or supporting subject within either an Arts or Commerce qualification. Economics also forms a core component of many other qualifications, including Agriculture/Horticulture, through to Parks, Recreation and Tourism Management.

Economics plays an important part in all decision making as nothing exists in a vacuum. Therefore, the real importance of Economics is at the very basis of planning and implementing major social or business decisions. Without an appreciation of the prevailing economic climate, both internally and externally, any business project can go seriously awry. An understanding of Economics can play a large part in the decision making process, whether it is to appoint additional staff in an expanding plumbing business, or to purchase a salmon farm in Chile.