You may not know it but economics is a subject that you are already familiar with. Each day the media keeps you in touch with a wide range of economics issues: unemployment and job creation, inflation, the EU and EMU, Third World issues, taxation and interest rates, government economic policies and the performance of the economy. Economics studies how the scarce resources are best distributed to satisfy our infinite needs and wants.
The study of economics is divided into two sections
- Microeconomics is the study of individual markets i.e. buyers and sellers agree on a price. The price helps decide who gets the goods and services and what factors of production are employed.
- Macroeconomics deals with matters affecting the wealth of the whole community called Gross National Product (GNP). You will study Banking, International Law and Finance, the EU and the role of Government in the economy etc., Other topics covered include; inflation, international trading, the ECHO, the role of the government in controlling economy, and different types and competition and markets. Like Accountancy, it could be some advantage to have this subject if you find yourself taking a third level course in Accountancy / Business at Degree level. Economics is a core subject in all Business courses at Third Level.