Introduction to Economics and Learning Objectives
Chapter 1: What is Economics? - Learning Objectives and Introduction
Learning Objectives of Chapter One
Defining the Discipline: One of the primary goals of this chapter is to provide a formal definition of economics. Furthermore, the curriculum aims to clearly distinguish between the two major branches of the field: * Microeconomics: The study of choices made by individuals and businesses, the way these choices interact in markets, and the influence of governments. * Macroeconomics: The study of the performance of the national and global economies.
The Two Big Questions: Students will learn to articulate and explain the two fundamental "big questions" that the field of economics seeks to answer concerning how choices determine what, how, and for whom goods and services are produced, and whether those choices serve the self-interest or the social interest.
The Economic Way of Thinking: This objective involves explaining the core principles and ideas that characterize the unique analytical framework used by economists.
Professional Roles of Economists: The chapter details the dual nature of an economist's work, exploring how they operate in two distinct capacities: * Social Scientists: How they use scientific methods to observe, build models, and test theories about economic behaviour. * Policy Advisers: How they apply economic principles to provide guidance on governmental or corporate policy decisions.
Career Opportunities: The course material will outline the various job opportunities and career paths available to individuals who graduate with a major in economics, highlighting the practical utility of the degree in the labor market.
Foundational Inquiries into the Nature of Economics
The Subject Matter of Economics: The introduction poses several critical questions to challenge common misconceptions about the field. It asks whether the discipline is exclusively concerned with: * Money: Investigating if economics is merely the study of currency and financial assets. * Personal Finance: Questioning if the focus is primarily on how individuals earn money (income) and allocate their resources (spending). * Commerce and Business: Examining if the scope is limited to the operations of business entities and corporate strategy.
Contextualizing the Scope: These questions serve to introduce the idea that while money and business are components of the study, the "Economic Way of Thinking" encompasses a much broader range of human behavior and decision-making processes beyond simple financial transactions.