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Are you curious about how the world works? Economics has the answer. It is the study of how we can satisfy our infinite wants, with the scarce resources available on earth. Why are there such contrasts between wealth and poverty in our world? How can we keep consuming goods and services while minimising the impact on the environment? What does the government do to improve living standards, reduce prices and reduce unemployment? How have globalisation and trade contributed to the Brexit vote and Trump’s election win?
Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. The economic way of thinking can help us make better choices.