WHY STUDY ECONOMICS?

WHAT IS ECONOMICS?  It is the study of how we can best allocate resources such as oil or gold or even labour (workforce) to ensure that everyone is as happy as possible.  It is a way of looking at problems in the world and trying to solve them such as dealing with climate change.

IF I TOOK THE SUBJECT, WHAT WOULD I STUDY?  Economics of the Market – this looks at markets such as the oil market and it will explain why certain commodities (i.e. oil and gold) command certain prices.  UK Economic Environment – this looks at issues in the UK economy such as unemployment and poverty. For example, should people get more of less benefits.  International Economic Environment – this looks at the European Union, Developing Countries and Trade. It asks questions such as should we give more or less food aid to developing countries.

ADDED VALUE UNIT  In F3 and F4 you will complete an economic report into an area of your choice. For example, it could look at the economic impact of the Dundee Waterfront or what Dundee could do to address poverty.

WHAT SKILLS WILL ECONOMICS GIVE ME?  The ability to analyse any problem in the world. For example, the importance of the honey bee is an economic issue.  Why are cans of Coca-Cola round yet cartons of milk are square is an economic issue.  It will give you better problem solving skills and enable you to explain problems in a more accurate manner.  Furthermore, economists are amongst the best paid graduates in the UK.

DO I NEED TO BE GOOD AT MATHS?  It helps to be confident with maths. The level of maths for High School economics is not too high though.  Being good at English is important as you will be able to explain yourself more accurately in exams.

WHAT IS LEARNING LIKE IN ECONOMICS?  It is fun!  We try to do as many games as possible to bring economics to life, after all, it is the study of human behaviour.