Students undertaking this course syllabus develop an understanding of economic terms and principles and of basic economic theory. The following are the syllabus content.
- Basic economic problem: choice and the allocation of resources,
- The allocation of resources: how the market works; market failure,
- The individual as producer, consumer and borrower,
- The private firm as producer and employer,
- Role of government in economy,
- Economic indicators,
- Developed and developing economies: trends in production, population and living standards,
- International aspects.
Candidates beginning this course are not expected to have studied economics previously.