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 the concept of scarcity and the problem of resource allocation. Although economics involves the formulation of theory, it is not a purely theoretical subject: economic theories can be applied to real-world examples. Neither is economics a discrete subject, since economics incorporates elements of history, geography, psychology, sociology, political studies and many other related fields of study. Economics does not exist in a vacuum, because it naturally must consider how economic theory is to be applied in an international context. The scientific approach characterizes the standard methodology of economics. This methodology can be summarized as a progression from problem identification, through hypothesis formulation and testing, arriving finally at a conclusion. Alongside the empirical observations of positive economics, students of the subject are asked to formulate normative questions. Encouraging students to explore such questions forms the central focus of the economics course. INTERNATIONALISM IN THE ECONOMICS COURSE Internationalism can be defined as the ideal or practice of cooperation and understanding among countries. Economics has an important role to play in promoting such international cooperation and mutual understanding because of its focus on global issues. Teachers of the course must aim to promote an awareness in their students of how the impact of economics can both improve cooperation and understanding between countries and, unfortunately, cause extensive damage. If all participants in the global economy are to achieve a better quality of life for their populations, there must be economic cooperation between all countries. This does not mean that developed countries must control the destinies of less-developed countries.

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Instead, it means sharing concepts across cultures, against a background of economic awareness. To achieve this understanding, students must be taught to consider economic theories, ideas and happenings from the points of view of different individuals, nations and cultures in the world economy. Although complete knowledge is impossible, students can search for understanding through a wide range of different aspects of the global economy. Their search may inspire a lifelong interest in the promotion of international understanding. OBJECTIVES Having followed the Diploma Programme course in economics, candidates will be expected to: 1. 2. 3. 4. have an understanding and knowledge of economic concepts and theories apply economic theory to a range of circumstances and a variety of situations analyse information through the use of economic concepts and theories evaluate concepts and theories from different economic perspectives.

AIMS The aims of the economics course at higher level and standard level are to: • • • • • • provide students with a core knowledge of economics encourage students to think critically about economics promote an awareness and understanding of internationalism in economics encourage students' development as independent learners enable students to distinguish between positive and normative economics enable students to recognize their own tendencies for bias.

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SYLLABUS OUTLINE...
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